S Korean-backed JV raises shipbuilding investment in central Vietnam to over $351 mln

The ship repair and building project by HD Hyundai Vietnam Shipbuilding Co., Ltd. in the central province of Khanh Hoa has seen its investment capital increase by nearly $60.85 million to over $351 million.

HD Hyundai Vietnam Shipbuilding Co., Ltd. is a joint venture established in 1996 between South Korea’s HD Hyundai and Vietnam Shipbuilding Industry Corporation (SBIC), with its headquarters located in Khanh Hoa.

According to the provincial Economic and Industrial Zone Authority, the project will include construction of three new piers (No. 4, No. 5, and No. 6), increasing the newbuild ship capacity to 115,000 DWT and the overall capacity to 1,440,000 DWT per year.

Pier No. 4 is expected to be completed in 2026, while piers No. 5 and No. 6 are scheduled for completion in 2030.

Earlier, Vice Chairman of the Khanh Hoa People’s Committee Tran Hoa Nam held a meeting with a delegation from HD Hyundai led by Lee Sang Kyun, CEO of HD Hyundai Heavy Industries Co., Ltd.

During the meeting, HD Hyundai’s leadership expressed their intention to focus on building environmentally friendly ships in the future. As such, they proposed expanding the shipyard facility in Khanh Hoa.

Lee Sang Kyun said the company hopes that local authorities will continue to create favorable conditions for HD Hyundai Vietnam Shipbuilding Co., Ltd., facilitating the enterprise’s long-term development.

HD Hyundai committed to utilizing local human resources, contributing to job creation, and improving the living standards of workers in Khanh Hoa, he noted.

Nam noted that after the recent merger between Khanh Hoa and Ninh Thuan to form the new Khanh Hoa, provincial leaders conducted site visits and working sessions with major local businesses, including HD Hyundai Vietnam Shipbuilding Co., Ltd.

The Vice Chairman expressed his wish that HD Hyundai will connect other Korean investors with Khanh Hoa for investment cooperation.

Nam also encouraged HD Hyundai Mipo Dockyard Co., Ltd. and HD Hyundai Vietnam Shipbuilding Co., Ltd. to continue expanding and modernizing the shipyard, enhancing its production capacity and scale.

As of January 31, 2025, HD Hyundai Vietnam Shipbuilding Co., Ltd. had delivered 183 ships, including bulk carriers with capacities up to 87,000 DWT and oil tankers up to 115,000 DWT, to clients in Singapore, the UK, Japan, Greece, Denmark, Italy, and other countries.

In 2024 alone, the company built and delivered 15 new ships and one ship cabin, achieving revenue of $624 million. In 2025, it plans to deliver 16 newly built ships and nine ship cabins, with projected revenue reaching $702 million.