South Korea’s HD Hyundai is stepping up its presence in Vietnam as part of a wider effort to boost competitiveness against Chinese shipyards. According to maritime-executive, the group’s shipbuilding arm, HD Korea Shipbuilding & Offshore Engineering (KSOE), has agreed to buy Doosan Vina, a Vietnamese subsidiary of Doosan Enerbility, for $207 million.
Founded in 2006 and located near Da Nang, Doosan Vina manufactures tanks for LNG projects, port cranes, boilers for power plants, and other heavy industrial equipment. KSOE sees growing demand for LNG-related infrastructure and cleaner shipping technologies as key drivers behind the deal.
The move comes alongside Hyundai’s ongoing expansion in Vietnamese shipbuilding. The company first entered the market in 1996 with a repair yard and shifted fully into newbuilds by 2011, focusing mainly on product tankers and bulk carriers.
