HD Hyundai aims to build 23 ships annually in Vietnam

HD Hyundai Vietnam Shipbuilding (HVS) is set to significantly bolster its presence in Vietnam's maritime sector, with ambitious plans to construct 23 vessels annually by 2030. This expansion reflects not only the company's growth but also Vietnam's rising prominence as a global shipbuilding nation. As a key joint venture between South Korea's HD Hyundai and the Vietnam Shipbuilding Industry Corporation (SBIC), HVS has already established itself as a dominant force, contributing approximately 80% of Vietnam's total shipbuilding output.

The success of HVS is a testament to its strategic transformation over the past three years. The company has not only achieved profitability but has also become a model for successful overseas expansion within the South Korean shipbuilding industry. Its revenue figures speak volumes, with a notable increase from $546.62 million in 2023 to $672.25 million in 2025, alongside a 60% surge in operating profit during the same period. This financial growth underpins the confidence in their expansion plans.

While Vietnam's overall share of global shipbuilding output remains modest at 1.1% for 2025, HVS's performance is a significant indicator of the nation's potential. Industry observers recognize the considerable prospects for Vietnam's shipbuilding sector, which is increasingly challenging the traditional dominance of East Asian nations. HVS's trajectory suggests that Vietnam is solidifying its position among the world's top shipbuilding countries, driven by strategic partnerships and a focus on efficiency and profitability.