HD Hyundai Vietnam Shipbuilding, HD Hyundai’s overseas production base, is set to expand its production capacity to 15 vessels per year from the current maximum of 12 vessels. According to HD Hyundai, it plans to further expand its annual capacity to 23 vessels by 2030.
It is the largest and most advanced shipyard in Vietnam. As the production programs of Asian shipbuilding powers such as China and South Korea are saturated in the next three years, shipowners are gradually turning their attention to Vietnam.
The shipyard covers an area of about 992,000 square meters, owns a 400,000-ton slipway and a 100,000-ton slipway with the largest 700-ton gantry crane and a quay shoreline length of 1.4 km. HD Hyundai Vietnam Shipbuilding was initially engaged in the business of ship repairing and retrofitting, then entered into the newbuilding business after 2008, and exited the ship repairing business after 2011, and completely shifted to the newbuilding business.
HD Hyundai Vietnam is said to be “the first and most successful case of overseas expansion of the Korean shipbuilding industry”. Currently, it focuses on building bulk carriers and tankers of 50,000 DWT to 80,000 DWT. By the end of 2023, it had accumulated orders for more than 204 vessels and delivered more than 180 newbuildings.
The shipyards of HD Hyundai are receiving a flurry of orders as newbuilding prices reach their highest point since their peak in 2008. The group’s local shipyards in South Korea are expanding significantly to cope with increasing demand.
