Hyundai Vietnam Shipbuilding Co., a unit of South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai, has recently won a contract to build two oil and chemical tankers for an African shipping firm, reports the Korea Economic Daily.
The new order marks a significant milestone for the company, bringing its total orders to 199 vessels. This achievement comes 15 years after the company’s entry into the new business area of shipbuilding industry.
A significant milestone
Established in 1996 as a joint venture between Hyundai Mipo Dockyard Co. and Vietnam’s state-run Shipbuilding Industry Corp., Hyundai Vietnam Shipbuilding became South Korea’s first overseas shipyard. Initially involved in ship repair and renovation, the company has since expanded its operations into shipbuilding in the late 2000s.
Located in the central Vietnamese province of Khanh Hoa, Hyundai Vietnam Shipbuilding employs 5,000 local workers and has already delivered 157 ships since its inaugural delivery of a 56,000-ton bulk carrier in 2009.
With an existing order backlog of 924,000 compensated gross tons (CGTs), accounting for 74.4% of Vietnam’s total backlog of 1.24 million CGTs, the company continues to thrive.
In pursuit of its sales target for this year, Hyundai Vietnam Shipbuilding aims to achieve $543.8 million in revenue by delivering 13 ships. In support of its operations, the company acquired a 700-ton goliath crane in the previous year.
In addition to its business endeavors, Hyundai Vietnam Shipbuilding actively engages in community service activities in local areas. Recognized by the Vietnamese government in 2018, the company has contributed to the twinning of Ulsan Metropolitan City, where its parent company is headquartered, and Khanh Hoa Province in 2002.
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Source: The Korea Economic Daily
