Hyundai Vietnam Shipbuilding Reaches 199 Orders in 15 years
HD Hyundai’s shipbuilding subsidiary, Hyundai Vietnam Shipbuilding (HVS), has recently received orders for two petroleum product carriers (PC vessels) from an African shipping company, bringing its cumulative total to 199 ships over 15 years since entering the shipbuilding business.
Founded in 1996 as a joint venture between Hyundai Mipo Dockyard and Vietnam National Shipbuilding Corporation, Hyundai Vietnam Shipbuilding transitioned to the shipbuilding business in the late 2000s after engaging in repair and modification services.
Since then, Hyundai Vietnam Shipbuilding has delivered a total of 157 ships, starting with the 56,000 DWT bulk carrier “E.R. Bergamo” in 2009, and has established itself as the largest shipyard in Southeast Asia through rapid growth. It is also being praised as the most successful case of overseas expansion in the Korean shipbuilding industry.
This accomplishment was achieved by maintaining the same safety and quality management system across all production processes administered by about 60 engineers dispatched from Hyundai Mipo Dockyard.
Hyundai Vietnam Shipbuilding, located in the central province of Khanh Hoa in Vietnam, is approximately 992,000 square meters and employs around 5,000 local Vietnamese workers. The site boasts a 400,000 DWT dock, a 100,000 DWT dock, and a 1.4-km-long quay.
Vietnam, the fifth-largest shipbuilding country in the world, has a collective backlog of 1.24 million CGT, of which Hyundai Vietnam Shipbuilding accounts for 74.4%, or 924,000 CGT. In addition, it delivered 80.5% or 297,000 CGT of the 369,000 CGT of ships delivered by the country in total last year, playing a pivotal role in Vietnam’s shipbuilding industry.
With a sales target of US$543.8 million for this year, Hyundai Vietnam Shipbuilding, which plans to deliver a total of 13 ships, installed a 700-ton Goliath crane last year and plans to continue expanding its facilities and improving productivity to reach a construction system of 20 ships by 2025.
Note: Article by Jasmine Choi (www.businesskorea.co.kr)