Korea industrial giant Doosan's Vietnam unit earns $100 mln profit in 2022

Doosan Enerbility Vietnam Co., Ltd., the Vietnamese unit under South Korean industrial giant Doosan, earned a net profit of KRW129.72 billion ($100.6 million) in 2022, doubling year-on-year, according to Doosan Corporation’s consolidated financial statements.

Last year, Doosan Enerbility Vietnam recorded sales revenue of KRW543.33 billion ($421.22 million), up 39.5% year-on-year.

The firm’s total assets rose 6.1% to KRW619.05 billion ($479.3 million) by the end of last year, while its liabilities dropped 35.4% to KRW201.35 billion ($156.1 million).

Doosan entered Vietnam in 2006 with a $300 million factory within the Dung Quat Economic Zone in the central coastal province of Quang Ngai, covering 100 hectares. It then put into operation the Doosan Vina Dung Quat port in 2010, dedicated to serving imports and exports of materials and products for the factory.

Formerly known as Doosan Vina, the firm changed its name to Doosan Enerbility Vietnam in 2022 as its parent company changed from Doosan Heavy Industries & Construction to Doosan Enerbility towards a combined goal of energy and sustainability.

Doosan Vietnam specializes in manufacturing power plant equipment, cargo container cranes, desalination plants, fired heaters, modules, and steel structures. The first products were shipped in 2009. It will expand the operation to offshore wind power products.

To date, Doosan Vietnam has built and provided 580,000 tons of equipment worth over $3 billion to 35 countries across the world. Its latest completed project was in April with the delivery of 26 modules weighing 2,039 tons to a project in Singapore for a latex distillation factory that produces medical gloves.

In November 2022, Doosan Vietnam signed a memorandum of understanding to supply substructures for offshore wind turbines to Danish energy giant Orsted. Accordingly, the two companies will take charge in leading the development of an offshore wind foundations supply chain in Vietnam for Orsted’s projects in Southeast Asia, Asia Pacific and Europe.

Besides, Doosan said it would invest an additional $120 million in its Vietnam subsidiary Doosan Electro-Materials Vietnam in the northern province of Hai Duong to expand production. The firm’s Hai Duong factory, with an investment of $39 million, received its investment certificate in May 2020 and entered operation in September 2022.

The plant can manufacture 50 million flexible printed circuit boards (FPCB) annually with a revenue of $26 million from its import-export and product distribution activities.