Global Shipbuilding Giant Acquires Vietnam’s Dung Quất Plant in $210 Million Deal to Transform Seawater into Fresh Water for the Middle East

In August 2025, HD Hyundai Group, through its subsidiary HD Korea Shipbuilding & Offshore Engineering (HD KSOE), announced a $210 million M&A deal to acquire the entire Doosan Vina plant in Dung Quat Economic Zone from its owner, Doosan Enerbility.

This plant specializes in manufacturing equipment for power plants, cranes for seaports, seawater desalination systems, crude oil processing equipment, and steel modules and structures for industrial projects. Notably, it supplies equipment to the Jebel Ali plant, which desalinates seawater for Dubai.

The transaction marks not only a change in ownership of one of Vietnam’s largest heavy industrial facilities but also reflects a strategic shift for two leading South Korean conglomerates.

As the buyer, HD Hyundai is a cornerstone “chaebol” in South Korea and maintains its position as the world’s largest shipbuilder by scale.

South Korean media view this acquisition as a strategic move by HD Hyundai to align with the shift toward clean energy in the maritime industry.

A HD KSOE official emphasized this goal in a statement to The Korea Economic Daily: “By expanding our production capacity for environmentally friendly equipment, we will broaden our portfolio of globally competitive clean energy vessels and maximize profitability.”

For the seller, Doosan Enerbility’s divestment from Doosan Vina is part of a large-scale restructuring plan. According to Chosun Biz, the conglomerate is exiting traditional sectors like power plant equipment and seawater desalination to focus on future businesses such as SMR nuclear reactors, gas turbines, and hydrogen energy.

Established in November 2006 in Dung Quat Economic Zone, Quang Ngai Province, Doosan Vina is one of Vietnam’s largest FDI projects in heavy industry. Its 110-hectare complex and dedicated port enable the manufacturing and transport of oversized, heavy products.

Doosan Vina’s capabilities are demonstrated by its completion of 398 projects totaling over 580,000 tons, with a total order value exceeding $3 billion and exports to 35 countries.

Doosan Vina’s 2,000-ton desalination equipment exported to the Kingdom of Bahrain. Source: TTXVN

Specifically, the company has supplied equipment equivalent to 20,000 MW for thermal power plants in countries like India, Brazil, and Saudi Arabia, as well as key projects in Vietnam.

Additionally, Doosan Vina has provided 105 cranes to major ports worldwide, including PSA (Singapore) and JNPT (India), and produced 140 modules and over 155,000 tons of steel structures for global petrochemical and power projects.

Notably, the company manufactures massive desalination systems for Middle Eastern water plants, capable of producing 776 million liters of clean water daily.

Another significant achievement is Doosan Vina’s expertise in nuclear energy. As Southeast Asia’s first company to receive ASME nuclear certification, it supplied nuclear power equipment to South Korea’s Shin Kori Nuclear Power Plant in 2016.

Financially, after peaking in 2022 with revenue of 543 billion won and net profit of 130 billion won, Doosan Vina’s performance declined sharply in 2023, with revenue falling to 499 billion won and net profit to 40 billion won.

This trend continued in 2024, with The Korea Economic Daily reporting revenue of approximately 457.3 billion won (around 8.7 trillion VND) and operating profit of 31.6 billion won (over 600 billion VND), reflecting a slowdown after completing major projects and aligning with the parent company’s strategic shift.

In terms of scale, as of 2023, Doosan Vina’s total assets reached 570 billion won (approximately 10.8 trillion VND), making it Doosan’s fourth-largest overseas subsidiary.