'30th Anniversary' HD Hyundai Vietnam Shipbuilding & Marine Engineering expands annual construction capacity to 23 ships

HD Hyundai Vietnam Shipbuilding & Marine Engineering celebrates its 30th anniversary by establishing a production system to build 23 ships per year by 2030.

(Ulsan = Yonhap News) Reporter Jang Ji-hyun = HD Hyundai Vietnam Shipbuilding & Marine Engineering celebrates its 30th anniversary by establishing a production system to build 23 ships per year by 2030.

HD Hyundai Vietnam Shipbuilding & Marine Engineering announced on the 16th that it held an event commemorating its 30th anniversary on the 15th at Ninh Hoa Square in Khanh Hoa Province, central Vietnam, with over 7,000 people in attendance, including executives, employees of partner companies, and local residents.

Attending the event were Wonho Joo, CEO of HD Hyundai Heavy Industries, representatives of local partners, and officials from the Vietnamese government and related organizations.

HD Hyundai Vietnam Shipbuilding & Marine Engineering announced its growth strategy at the vision declaration ceremony on this day to build a construction system of 23 ships per year by 2030 and 30 ships per year in the mid- to long-term.

To this end, in April, an agreement was reached with Vietnamese authorities to extend the lease period for production sites by 20 years until 2066.

In addition, a total of $100 million is being invested to expand docks and quay walls and expand production facilities.

On this day, the company also delivered 500 million dong (about 26 million won) in local development funds as a thank you for growing together with the local community.

HD Hyundai Vietnam Shipbuilding is HD Hyundai's first overseas business site in the shipbuilding industry, and was established in 1996 as a joint venture between HD Hyundai and Vietnam State Shipbuilding Corporation.

Equipped with two docks and a 1.5 km long quay wall on a site of approximately 1 million m2, it accounts for approximately 70% of Vietnam's total ship orders and over 80% of delivery performance. Last year's sales were $674.33 million and the number of employees was about 5,100.

President Joo Won-ho said, “The past 30 years of HD Hyundai Vietnam Shipbuilding are not just a growth process for one company, but a history of cooperation between the two countries.” He added, “We will continue to contribute to the development of Vietnam’s shipbuilding and marine industry and further develop the economic cooperation and trust relationship between the two countries.”