HD KSOE broadens presence in Vietnam with new strategic acquisition

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