Hyundai Vietnam shipbuilder gets $140 mln order for two petrochemical carriers
The Hyundai Vietnam Shipbuilding Company will build two petrochemical carriers for its parent company HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) for delivery by June 2026.
Per a stock exchange filing Wednesday, HD KSOE says the 176.2 billion-won ($140 million) order has been placed by an unnamed shipping company located in Bermuda.
Hyundai Vietnam Shipbuilding Company is a joint venture established in the south-central coastal province of Khanh Hoa in 1996 between HD KSOE subsidiary Hyundai Mipo Dockyard and Vietnam’s state-run Shipbuilding Industry Corp.
The first South Korean-invested overseas shipyard began operations in 1999 and has received a total of 199 orders to date, of which 160 have been delivered, according to Hyundai Vietnam Shipbuilding president Lee Jong Chan.
An oil and chemical carrier built by Hyundai Vietnam Shipbuilding Co. Photo courtesy of the firm.
The first vessel delivered was the 56,000 DWT bulk carrier “E.R. Bergamo” in 2009. Hyundai Vietnam Shipbuilding has since solidified its position as the largest shipyard in Southeast Asia.
Last month, the company secured an order for two oil and chemical tankers from an undisclosed Africa-based shipping company. The deal’s financial details have also not been disclosed.
The $350-million shipyard now employs around 5,000 local workers.
In related news, Hanwha Ocean, another major South Korean shipbuilder, signed an MoU on July 22 with the Vietnamese Ministry of Industry and Trade (MoIT) and domestic corporation Green Peace Holdings to train Vietnamese shipbuilders for the Korean firm to employ.
Vietnam ranks fifth in the global shipbuilding industry with an order backlog of 1.24 million Compensated Gross Tonnage (CGT, an indicator of the amount of work that is necessary to build a given ship); and Hyundai Vietnam Shipbuilding accounts for 74.4% of this figure, equivalent to 924,000 CGT, according to www.offshore-energy.biz, a global news platform in the maritime and offshore world.
With a sales target of $543.8 million and plans to deliver a total of 13 ships this year, Hyundai Vietnam Shipbuilding installed a 700-ton Goliath crane last year and aims to further expand facilities and enhance productivity to achieve a construction capacity of 20 ships a year by 2025.
“This achievement was made possible through the continuous transfer of technology and knowhow from Hyundai Mipo Shipbuilding, as well as the high educational aspirations and diligence of the local Vietnamese workers,” the news platform quoted Lee as saying Wednesday.
Hyundai Vietnam Shipbuilding accounts for 40% of Khanh Hoa province’s annual export value, according to provincial data.
- Related News
- Read More
S Korean firms pledge nearly $2 bln in new investments in Indonesia
South Korea's companies will increase their investment in Indonesia by $1.7 billion, Indonesian Economic Minister Airlangga Hartarto said on Monday after attending a meeting between a Korean business association and President Prabowo Subianto.
Southeast Asia - Thu, May 1, 2025 | 10:01 pm GMT+7
Malaysia develops sustainable semiconductor ecosystem
The Malaysian Investment Development Authority (MIDA), the Federation of Malaysian Manufacturing (FMM), and Bintang Capital Partners (Bintang Capital) on Monday announced a landmark MoU signed recently regarding the establishment of Bintang Semiconductor Impact Fund I (BSIF I).
Southeast Asia - Thu, May 1, 2025 | 9:59 pm GMT+7
Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR
The Centre for Economic and Business Research (CEBR), in its report World Economic League Table 2022, forecasts that Vietnam will become the second-largest economy in Southeast Asia after Indonesia and the 20th-largest economy in the world by 2036.
Southeast Asia - Thu, May 1, 2025 | 9:42 pm GMT+7
Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time
Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.
Companies - Thu, May 1, 2025 | 3:44 pm GMT+7
Work starts on expressway connecting Vietnam's Central Highlands with southeastern region
Construction on Tuesday began on the first component of Gia Nghia town (the Central Highlands province of Dak Nong)-Chon Thanh town (the southeastern province of Binh Phuoc) section of the North-South Expressway.
Infrastructure - Thu, May 1, 2025 | 2:46 pm GMT+7
Final sections of central Vietnam’s longest sea-crossing bridge joined
Authorities of Hue city in central Vietnam on Wednesday held a ceremony to celebrate the joining of the final sections of Thuan An sea-crossing bridge, a landmark infrastructure project with significant implications for local development and tourism.
Infrastructure - Thu, May 1, 2025 | 2:35 pm GMT+7
Lach Huyen port will achieve 70% of year's target in worst-case scenario: exec
Lach Huyen deep-water port, the largest of its kind in northern Vietnam, would see its cargo volume decline by 30-50% if the U.S. maintains its 46% reciprocal tariff on Vietnam and the U.S.-China trade tensions escalate, said CEO of Port of Hai Phong JSC (Hai Phong Port) Nguyen Tuong Anh.
Companies - Thu, May 1, 2025 | 12:24 pm GMT+7
Taiwan electronics firm Lite-On to invest extra $25 mln for expansion in Vietnam
Taiwan-based Lite-On Technology Corporation, a world leader in optoelectronics and power management solutions, will invest an additional $25 million in Vietnam as part of its expansion plan in the Southeast Asian country.
Industries - Thu, May 1, 2025 | 12:13 pm GMT+7
Petrovietnam on track to restart $1.5 bln thermal power plant project in southern Vietnam
State-owned energy giant Petrovietnam is on track to resume the Long Phu 1 thermal power project, located in the Mekong Delta province of Soc Trang, after six years of suspension.
Energy - Thu, May 1, 2025 | 12:10 pm GMT+7
Vietnam's steel industry will see 'turning points': Hoa Phat CEO
The U.S. imposition of tariffs will not directly affect Vietnam's steel industry, while the industry is expected to record turning points as demand for infrastructure development surges, said Nguyen Viet Thang, CEO of Hoa Phat Group.
Companies - Thu, May 1, 2025 | 8:17 am GMT+7
Vietnam's leading property developer Novaland sets sights on strong recovery in 2025
Novaland, Vietnam's leading property developer, is setting its sights on a strong recovery in 2025, with plans to issue nearly 7,000 land-use right certificates and accelerate handovers in the fourth quarter.
Companies - Wed, April 30, 2025 | 3:12 pm GMT+7
Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit
Eximbank, among the leading mid-sized banks in Vietnam, targets a consolidated pre-tax profit of VND5.2 trillion ($200 million), an increase of VND1 billion or 23.8% compared to 2024, marking the bank's record-high profit.
Banking - Wed, April 30, 2025 | 1:19 pm GMT+7
Japan's IHW eyes 2.5 ha, world-class hospital project in northern Vietnam
Japan's International Healthcare and Welfare Group (IHW) is keen on building a 2.5-hectare, world-class hospital in the capital city's North Hanoi Smart City area.
Industries - Wed, April 30, 2025 | 12:37 pm GMT+7
Vietnam's military-run telco giant Viettel builds one of Southeast Asia’s largest data centers
Military Industry and Telecoms Group (Viettel) has broken ground on a state-of-the-art data center in Ho Chi Minh City, set to become one of the largest in Southeast Asia and the first in Vietnam to have such a hyperscale capacity.
Industries - Wed, April 30, 2025 | 11:28 am GMT+7
Grand military parade, procession to celebrate Vietnam's 50th anniversary of National Reunification
A spectacular military parade and civilian procession took place along Le Duan Boulevard in District 1, Ho Chi Minh City on Wednesday to celebrate Vietnam's 50th anniversary of the Liberation of the South and National Reunification (April 30, 1975 - April 30, 2025).
Politics - Wed, April 30, 2025 | 11:05 am GMT+7
Vietnam PM requests more aircraft, LNG, agi import contracts with US in May
Prime Minister Pham Minh Chinh has requested relevant Vietnamese authorities to urgently negotiate and sign contracts in May for import of goods from the U.S., such as LNG, aircraft, medicine, and agricultural products, to ensure a sustainable trade balance.
Economy - Wed, April 30, 2025 | 10:25 am GMT+7
