On March 25th, Hyundai Mipo Shipbuilding, the shipbuilding subsidiary of HD Hyundai Group, the largest shipbuilding group in South Korea, announced that it has officially changed its name to HD Hyundai Mipo and the joint venture with Vietnam National Shipping Lines has changed its name to HD Hyundai Vietnam Shipbuilding. The Group will establish a brand image through a unified name to enhance its external influence.
It is understood that HD Hyundai Vietnam Shipbuilding, located in Khanh Hoa Province in central Vietnam, was established in 1996 as a joint venture between Hyundai Mipo Shipbuilding (now renamed as HD Hyundai Mipo) and Vietnam National Shipping Lines. The shipyard covers an area of about 992,000 square meters, with a 400,000-ton dock and a 100,000-ton dock, and 1.4 kilometers of quay shoreline, and was initially engaged in ship repair and conversion business, and gradually transitioned to newbuilding business in the late 2000s.
The shipbuilder, which is the first overseas expansion and most successful case of the Korean shipbuilding industry, is currently focusing on building bulk carriers and tankers of 50,000 dwt to 80,000 dwt. By the end of 2023, its cumulative order book exceeds 204 vessels.
With a good order and delivery record, HD Hyundai Vietnam Shipbuilding plans to aim for an annual capacity of 20 vessels by 2025 by continuously expanding its production facilities and increasing productivity. So far this year, HD Hyundai Vietnam Shipbuilding has received orders for 4 product tankers with a total value of KRW 371.3 billion, which are expected to be delivered by June 2027 to the shipowners.
HD Hyundai Vietnam Shipbuilding related personnel said, ” The name change of the company confirms the overall image and vision of HD Hyundai Group. In the future, we will continue to carry on the Hyundai spirit and promote HD Hyundai Vietnam Shipbuilding to further develop into a leading company in the shipbuilding industry.”
In addition to Hyundai Mipo Shipbuilding and its joint venture Hyundai Vietnam Shipbuilding, Hyundai Samho Heavy Industries, another shipbuilding subsidiary of HD Hyundai Group, changed its name to “HD Hyundai Samho” on March 25th. In addition, at the Annual General Meeting of Shareholders to be held in March 2023, HD Hyundai Group’s intermediate holding company for shipbuilding business, Korea Shipbuilding & Offshore Engineering, and its shipbuilding subsidiary, Hyundai Heavy Industries, will be renamed as HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Heavy Industries, respectively, with the addition of the “HD” logo in front of the names of their existing companies.
With the addition of the “HD” logo to all of HD Hyundai’s shipyards in Korea and Vietnam, “HD Hyundai” will be reborn as a complete entity.
At the end of 2022, to celebrate its 50th anniversary, Hyundai Heavy Industries Group announced that it had changed its name to HD Hyundai Group and showcased the group’s three core visions: shipbuilding and offshore engineering ( achieving the unlimited potential of the oceans), energy (creating a sustainable energy ecosystem of the future), and industrial machinery ( supplying industrial solutions that transcend the constraints of time and space).