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Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Trump's curbs on China's shipbuilding edge spur S Korean investments in Asean
Agencies As the US seeks to curb China's shipbuilding dominance, South Korea is looking to capitalise by expanding its overseas footprint through shipyard investments in the Philippines and Vietnam. Analysts said South Korean shipbuilders may view the move as a way to tackle constraints that have diminished their competitiveness against China, such as limited capacity, labour shortages and tensions with domestic trade unions. Shifting operations to Southeast Asia, where labour costs are lower, could strengthen their edge, said Du Yu, General Manager of Drewry's China office. 'But it takes time to improve workers' technical skills,' she cautioned, noting that the strategy could be a viable solution for Korean shipbuilders but would not yield results overnight. HD Hyundai plans to revive a previously bankrupt shipyard in the Philippines through a 10-year lease, with operations set to launch in January 2026, The Manila Times reported on Wednesday. The Korean conglomerate will invest a total of US$550 million to build up to 10 vessels annually and hire 7,000 workers in total, according to the Korean company Hanjin Heavy Industries first launched the shipyard in Subic Bay in 2006. But operations ceased in 2019 when the company filed for bankruptcy later that year after defaulting on significant loans. On Tuesday, HD Hyundai's shipbuilding division, HD Korea Shipbuilding & Offshore Engineering, also signed a memorandum of understanding with Vietnam Maritime Corporation, the Southeast Asian country's largest state-owned shipping company. The collaboration will focus on developing Vietnam's shipbuilding industry, upgrading and expanding the company's fleet, transferring technology and providing human resources training, according to a press release from the Vietnamese company. In May, Hyundai Vietnam Shipbuilding, announced plans to invest an additional US$100 million to increase its shipbuilding capacity by 50 per cent, aiming to build up to 23 ships per year by 2030.
South China Morning Post
4 days ago
- Business
- South China Morning Post
Trump's curbs on China's shipbuilding edge spur South Korean investments in Asean
As the US seeks to curb China's shipbuilding dominance, South Korea is looking to capitalise by expanding its overseas footprint through shipyard investments in the Philippines and Vietnam. Advertisement Analysts said South Korean shipbuilders may view the move as a way to tackle constraints that have diminished their competitiveness against China, such as limited capacity, labour shortages and tensions with domestic trade unions. Shifting operations to Southeast Asia, where labour costs are lower, could strengthen their edge, said Du Yu, General Manager of Drewry's China office. 'But it takes time to improve workers' technical skills,' she cautioned, noting that the strategy could be a viable solution for Korean shipbuilders but would not yield results overnight. HD Hyundai plans to revive a previously bankrupt shipyard in the Philippines through a 10-year lease, with operations set to launch in January 2026, The Manila Times reported on Wednesday. Advertisement The Korean conglomerate will invest a total of US$550 million to build up to 10 vessels annually and hire 7,000 workers in total, according to the report.
