(HD Hyundai)
HD Hyundai Co. is strengthening its presence in Vietnam across both shipbuilding and marine equipment businesses, targeting a system capable of building 23 vessels annually by 2030.
According to UK-based shipping analyst Clarksons Research on Wednesday, global ship deliveries in 2025 totaled 76.82 million gross tons (GT), with Vietnam accounting for 877,576GT, or 1.1 percent of the global total.
Although the share itself is not large, analysts say it is significant because the global shipbuilding industry is heavily concentrated in East Asia, and Vietnam has now established itself as roughly a top-seven shipbuilding nation.
In particular, HD Hyundai Vietnam Shipbuilding (HVS) delivered 710,369 GT, accounting for around 80 percent of Vietnam’s total ship deliveries. The company is therefore seen as maintaining a critical role in the global shipbuilding supply chain.
HVS’s success is viewed as the result of a strategic relocation in response to changing market conditions.
Founded in 1975, HD Hyundai Mipo had long maintained the world’s top position in ship repair and conversion. However, in the late 1990s, it faced mounting pressure from low-cost competitors in China and Singapore.
Hyundai Mipo selected Khanh Hoa Province as its new overseas production base.
Ninh Phuoc was considered an ideal shipyard location due to its vast land area, relatively low typhoon risk, and favorable labor supply conditions. When HVS was established in 1999, it initially focused on ship repair operations but later gradually expanded facilities to support new shipbuilding.
The business transition was carried out in line with market conditions.
Starting in 2007, the company operated both repair/conversion and new shipbuilding businesses simultaneously to build up production capabilities. In 2011, it fully transitioned into a dedicated new shipbuilding yard.
After roughly three years of parallel operations to complete facility restructuring and supply chain development, HVS achieved profitability just three years after fully shifting to new shipbuilding, establishing a successful overseas expansion model for the Korean shipbuilding industry..
Financial performance at the Vietnam hub has shown steady growth.
Sales climbed to $672.25 million in 2025, up from $546.62 million in 2023, while operating profit surged 60 percent over the same period to $20.23 million.
Analysts attribute the gains to improved process efficiency and the transition from a repair-focused facility in Ninh Phuoc to a full-scale newbuilding yard.
The shipbuilding giant plans to raise HVS’s annual capacity from 15 vessels to 23 by 2030. The strategy aims to diversify the unit‘s portfolio beyond its core petrochemical product carriers to include eco-friendly vessels, allowing it to better compete with low-cost rivals in China and Singapore.
HD Hyundai is also strengthening its equipment supply chain. Last year, HD Korea Shipbuilding & Offshore Engineering Co. launched HD Hyundai Eco Vina after acquiring the Vietnamese subsidiary of Doosan Enerbility Co.
The expansion comes as Chairman Chung Ki-sun emphasizes field-centered management, personally inspecting the construction sites in March.
He noted during his visit that the foundation of corporate management and problem-solving lies directly in the field.
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