HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding institutional sector, said on the 19th that it has completed the acquisition process for Doosan Enerbility's Vietnam subsidiary Doosan Enerbility Vietnam (Doosan Vina) and finalized the acquisition of HD Hyundai Eco Vina.
HD Korea Shipbuilding & Offshore Engineering signed a contract in Aug. to purchase the entire stake for a total of 290 billion won from Doosan Enerbility. HD Korea Shipbuilding & Offshore Engineering said that, with support from the Ministry of Trade, Industry and Energy and the Embassy of the Republic of Korea in Vietnam, it was able to swiftly wrap up negotiations with the Vietnamese government on incentives—the final hurdle in the acquisition—and obtain local permits and approvals.
Located 120 kilometers south of Da Nang in central Vietnam, HD Hyundai Eco Vina will be used as a base for an eco-friendly standalone tank manufacturing site and for the port crane business in Asia. Since its establishment in 2006, it has produced thermal power plant boilers, port cranes, and LNG plant modules.
The launch of HD Hyundai Eco Vina is part of the restructuring of the shipbuilding institutional sector that HD Hyundai is pursuing. HD Hyundai is pushing a range of measures to strengthen business competitiveness, including the launch of integrated HD Hyundai Heavy Industries, expansion of overseas yards, and the establishment of a global headquarters entity for overseas operations.
An HD Korea Shipbuilding & Offshore Engineering official said, "With the launch of HD Hyundai Eco Vina, we can stably maintain the supply chain for core equipment for eco-friendly ships," and added, "We will also be able to demonstrate competitiveness in the port crane market, which is emerging as a future growth driver."