HD Hyundai Vietnam Shipbuilding Co., Ltd. has begun construction of a fourth pier at its Khanh Hoa shipyard, the facility’s first port infrastructure expansion in three decades, as the company moves to raise annual production capacity to 23 vessels by 2030. The 280-meter pier, carrying an investment of approximately VND350 billion ($13.3 million), is scheduled for completion within 12 months.
Key Facts At A Glance
- Groundbreaking ceremony held April 9, 2026 at Dong Ninh Hoa ward, Khanh Hoa province
- New pier measures 280 meters in length at a total investment of approximately VND350 billion ($13.3 million)
- Completion targeted within 12 months; full quay length will reach 1,630 meters upon delivery
- First pier expansion undertaken at the yard since its founding 30 years ago
- 2026 production plan: lay the keel for 17 ships, deliver 12, total installation volume approximately 160,000 tons
- Long-term target: 23 vessels per year by 2030, up from a current operating rate of approximately 15 vessels
- HVS employs more than 5,000 workers; base salaries set to rise 10% in 2026 under a new management-union agreement
- Piers five and six, each costing approximately $4.32 million, are planned for completion by 2030
Expanding The Region’s Largest Shipyard
HD Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), located in Khanh Hoa province in central Vietnam, held a groundbreaking ceremony on April 9, 2026 for the construction of its fourth pier at Dong Ninh Hoa ward. Speaking at the ceremony, HVS CEO Jin Sang Ho described the project as the first expansion of the facility’s pier system since the yard was established in 1996, framing it as the beginning of a new phase of development.
The new pier stretches 280 meters and will serve dual functions: a dedicated docking area and a staging zone for materials, improving logistics flow and reducing congestion across the production line. Upon completion, the facility’s total quay length will extend to 1,630 meters. The 12-month construction schedule positions the pier for operational use by the second quarter of 2027.
HVS is a joint venture originally established between what was then Hyundai Mipo Shipbuilding and Vietnam’s state shipbuilding group. Its South Korean parent, HD Hyundai Mipo, completed a merger with HD Hyundai Heavy Industries effective December 1, 2025, consolidating into a single business unit within the HD Korea Shipbuilding and Offshore Engineering (HD KSOE) group. HVS operates under the enlarged combined entity and is the largest shipyard in Vietnam, with a cumulative delivery record exceeding 200 vessels.
Capacity Roadmap To 2030
The April 9 groundbreaking is the first of three planned pier additions in a phased capacity expansion program. Piers five and six, each carrying an estimated investment of approximately $4.32 million, are targeted for completion by 2030. The full three-pier program is designed to support HVS’s stated objective of building 23 vessels per year by 2030, up from a current output rate of approximately 15 vessels annually.
For 2026, HVS plans to lay the keel for 17 ships and complete delivery of 12, with total installation volume projected at approximately 160,000 tons. The year also marks the company’s 30th anniversary, which HVS is marking with the slogan “30 Years of Strength, the Future of the Ocean.”
Vessel Mix And Green Innovation
HVS builds primarily in the 50,000 to 115,000 deadweight tonnage range, with product tankers, chemical tankers, and bulk carriers forming the core of its order book. In March 2024, HVS and Union Maritime of the United Kingdom signed a contract to build two 115,000 DWT dual-fuel LNG tankers, each equipped with Windwing sail-shaped devices designed to supplement propulsion using wind energy. Construction of those two vessels is scheduled to begin in the second half of 2026, representing HVS’s entry into wind-assisted propulsion technology.
The company has described this order as consistent with a broader push toward environmentally compatible shipbuilding, which it frames as a competitive differentiator as international shipping regulations tighten under International Maritime Organization decarbonization mandates.
Korea’s Flagship Vietnam Operation
South Korea is one of the largest foreign investors in Khanh Hoa province, with 27 registered projects, the majority concentrated in the shipbuilding sector. HVS is described by HD KSOE as the group’s most successful overseas expansion, and the Vietnam yard is positioned as a lower-cost complement to the group’s Korean production network, particularly for mid-range commercial tonnage where Chinese yards compete aggressively on price.
The pier expansion also comes as HD Hyundai Group pursues an accelerated global capacity strategy. In August 2025, HD KSOE announced plans to establish an overseas investment holding company in Singapore to centralize management of its international yards, including HVS, HD Hyundai Philippines, and a planned additional Vietnam facility referred to internally as HD Hyundai Vina.