HD Hyundai Vietnam Shipbuilding Expands Output
HD Hyundai Vietnam Shipbuilding recently marked its 30th anniversary with a grand event held on October 15 at Ninh Hoa Square in Khanh Hoa Province, central Vietnam. The event was attended by approximately 7,000 people, including employees and government officials, showcasing the company’s significant milestone in the shipbuilding industry.
Expanding Production Capacity for Future Growth
As one of Vietnam’s leading shipbuilders, HD Hyundai Vietnam Shipbuilding has been instrumental in transforming the country’s shipbuilding landscape. The company, responsible for about 70% of Vietnam’s total ship orders, is now looking to solidify its position as a global production base. Since its establishment in 1996 as the Korean shipbuilding industry’s first overseas operation, the company has evolved from a ship repair yard to Southeast Asia’s largest newbuilding shipyard.
During the anniversary event, HD Hyundai Vietnam Shipbuilding shared its mid- to long-term growth vision, with a primary focus on expanding its production capacity. The shipyard currently operates two docks on a vast 1 million-square-meter site, with plans to build a system capable of constructing 23 ships annually by 2030 and up to 30 ships in the future. To support this expansion, the company will invest a total of $100 million in enhancing its docks, quay walls, and production facilities.
Building a Strong Foundation for Success
In addition to its investment in production capacity, HD Hyundai Vietnam Shipbuilding has secured its business continuity through a 20-year lease extension agreement with Vietnamese authorities, ensuring stable operations until 2066. This strategic move, coupled with significant facility investments, is expected to strengthen the company’s competitiveness in the global market and further enhance its order-winning capabilities.
Furthermore, the company’s contribution to the local economy is noteworthy, with revenue reaching approximately $674.33 million last year, accounting for 8.2% of Khanh Hoa Province’s gross regional domestic product (GRDP). HD Hyundai Vietnam Shipbuilding has also created around 5,100 jobs, fostering close ties with the local community and playing a crucial role in driving economic growth.
A Legacy of Cooperation and Community Support
As Ju Won-ho, President of HD Hyundai Heavy Industries, reflected on the past 30 years as a history of cooperation between the two countries, the company also demonstrated its commitment to regional development by donating VND 500 million to Khanh Hoa Province. With a strong legacy of success and a clear vision for the future, HD Hyundai Vietnam Shipbuilding continues to set new standards in the shipbuilding industry, showcasing innovation, growth, and community engagement.
