HD Hyundai Vietnam to Invest US$100 Million to Expand Shipbuilding Capacity

HD Hyundai Vietnam Shipbuilding (HVS), which accounts for around 70% of Vietnam's shipbuilding orders, announced a US$100 million investment to expand its production capacity. The goal is to reach 23 vessels built per year by 2030, up from the current 15, and to reach up to 30 units annually in the medium to long term. The announcement was made during an event marking the shipyard's 30th anniversary.

The funds will be allocated to expanding drydocks and berths, as well as increasing production facilities, in order to maximize shipbuilding efficiency. The shipyard occupies a site of approximately one million square meters in Khanh Hoa province, and has two drydocks -one with capacity for 400,000 DWT and the other for 200,000 DWT- along with around 1.5 kilometers of quay.

HVS confirmed that the site's land tenure has been extended to 2066, after the Khanh Hoa Economic Zone and Industrial Park Management Board issued an amended investment registration on April 16 that extended the lease by an additional 20 years.

Founded in 1996 as the first overseas operation of Korea's shipbuilding industry, the shipyard began as a repair facility and moved into newbuilding construction in 2008, becoming Vietnam's largest newbuilding shipyard. By the end of September 2026 it had delivered a total of 207 vessels, including 140 product/chemical tankers (product carriers) and 67 bulk carriers, representing more than 80% of the country's total ship deliveries.

The anniversary event was held on October 15 in Khanh Hoa, attended by around 7,000 people, including employees and government officials. HVS reported revenues of about US$674.33 million last year, equivalent to 8.2% of Khanh Hoa's regional gross output, and generated around 5,100 jobs. At the event, Ju Won-ho, president of HD Hyundai Heavy Industries, highlighted the cooperation between the two countries, and the company donated 500 million VND to the province as a regional development fund.

The US$100 million investment plan and the target of 23 vessels per year had been announced in advance in May 2025 by Shipbuilding Industry Corporation, the Vietnamese partner in the joint venture. HD Hyundai Mipo subsequently committed US$57 million for the construction of three new berths and the expansion of existing facilities, with the same 2030 capacity target. The shipyard also began building dual-fuel LNG vessels: in July it cut first steel on two 115,000 DWT LR2 tankers ordered by British shipping company Union Maritime, with delivery scheduled between August and November 2027.