HD Hyundai Mipo to increase investment in shipbuilding capacity in Vietnam

South Korean shipbuilder HD Hyundai Mipo will invest the equivalent of US$57 million in HD Hyundai Vietnam Shipbuilding to boost the latter's shipbuilding capacity by more than 50 per cent.

The investment is expected to strengthen HD Hyundai Vietnam's production capacity to meet growing demand for large and medium-sized vessels, hence facilitating its entry into the global shipbuilding market.

The amount will be invested into the construction of three new piers and the expansion of existing facilities at HD Hyundai Vietnam, which lies within the Khanh Hoa Province Special Economic and Industrial Zone.

With the aid of this investment, HD Hyundai Vietnam intends to increase its annual shipbuilding output from the current 15 vessels to 23 by 2030.

HD Hyundai Vietnam's pier four will cost approximately US$1.58 million to build. Its completion is scheduled for 2026.

Piers five and six will meanwhile each cost approximately US$4.32 million. Both are scheduled to be completed by 2030.

Once the piers are completed, HD Hyundai Vietnam will be able to build ships of up to 115,000 DWT.