HD KSOE broadens presence in Vietnam with new strategic acquisition

August 25, 2025, by Sara Kosmajac

South Korean HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company of HD Hyundai’s shipbuilding division, has decided to expand its footprint in Southeast Asia by acquiring Doosan Vina, an arm of Vietnam-based Doosan Enerbility.

As disclosed, HD KSOE signed a stock purchase agreement with Doosan Enerbility on August 20. The deal involves the South Korean vessel construction giant purchasing a 100% stake in Doosan Vina, with the total transaction estimated at around KRW 290 billion (roughly $207 million).

The transaction is anticipated to not only ‘secure’ HD KSOE’s position in this part of Asia but, more importantly, also help the company expand the line-up of environmentally friendly vessels.

The 2006-founded Doosan Vina, which is located in central Vietnam, specializes in the production of port cranes, liquefied natural gas (LNG) plant modules, and thermal power plant boilers.

According to representatives from HD KSOE, the plan is to continue the existing business operations at Doosan Vina, and, additionally, use the site as a manufacturing base for independent cargo tanks and as a hub for port crane business across the region.

As noted, independent cargo tanks are a key piece of equipment for eco-friendly ships, such as those powered by liquefied natural gas, liquefied petroleum gas (LPG) carriers, as well as liquefied carbon dioxide (LCO2) carriers, the demand for which has been growing due to strengthening environmental regulations as set by the International Maritime Organization (IMO).

Reflecting on this deal, an official from HD KSOE highlighted: “This deal was able to be finalized as it fulfills the interests of both companies, backed by the government’s cooperation and support.”

Vessels fueled by LNG, in particular, are an area where HD KSOE maintains a significant presence. Since the beginning of this year, the company has clinched multiple large-scale LNG-related orders. At the end of January, for instance, HD KSOE confirmed that French container shipping and logistics giant CMA CGM booked twelve LNG dual-fuel 18,000 TEU containerships at HD Hyundai Heavy Industries (HD HHI).

The contract was valued at KRW 3.7 trillion (about $2.57 billion), while the units are planned to be delivered by the end of December 2028.

In June, HD KSOE bagged a whopping KRW 2.4 trillion (circa $1.76 billion) contract to build eight dual-fuel liquefied natural gas-powered boxships for an undisclosed owner based in Asia, with delivery dates set for 2028.

More recently, namely in July 2025, Greek shipowner Capital commissioned the South Korean shipbuilder to build a new pair of dual-fuel LNG container vessels. The units are scheduled for handovers in 2027.

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