HD Hyundai is expanding its shipbuilding and marine equipment operations in Vietnam, with a target to raise HD Hyundai Vietnam Shipbuilding’s annual capacity to 23 vessels by 2030.
According to Clarksons Research, global ship deliveries reached 76.8 million GT in 2025. Vietnam accounted for 877,576 GT, or 1.1% of the total. Although the share remains limited, Vietnam is regarded as roughly a top-seven shipbuilding nation.
HD Hyundai Vietnam Shipbuilding delivered 710,369 GT in 2025, representing about 80% of Vietnam’s total ship deliveries. The yard is therefore playing a significant role in the country’s shipbuilding output.
The yard’s development traces back to HD Hyundai Mipo’s move to Vietnam as competition from lower-cost yards in China and Singapore increased in the late 1990s. Khanh Hoa Province was selected as an overseas production base, with Ninh Phuoc offering large land availability, lower typhoon risk and favorable labor conditions.
Established in 1999, HD Hyundai Vietnam Shipbuilding began with ship repair work before gradually expanding into newbuilding. From 2007, the yard operated repair, conversion and newbuilding work in parallel. In 2011, it completed its shift into a dedicated newbuilding yard.
The Vietnam operation has continued to improve financially. Sales rose from $546.6 million in 2023 to $672.3 million in 2025. Operating profit increased 60% over the same period to $20.2 million. The gains were linked to stronger process efficiency and the move from repair work to full-scale newbuilding.
HD Hyundai plans to increase annual output at the yard from 15 vessels to 23 by 2030. The company also aims to expand beyond petrochemical product carriers into eco-friendly vessels, while improving its ability to compete with lower-cost shipbuilders.
The group is also building its local marine equipment supply chain. Last year, HD Korea Shipbuilding & Offshore Engineering launched HD Hyundai Eco Vina after acquiring the Vietnamese subsidiary of Doosan Enerbility.
Chairman Chung Ki-sun inspected construction sites in March as part of field-focused management. During the visit, he said corporate management and problem-solving should be grounded in the field.
