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SCMP Reporter

HYUNDAI Mipo Dockyard (HMD) of South Korea plans to build a ship-repair facility in Vietnam.

  The yard, to be built as a joint venture with a state-owned company, is expected to be located at Danang.

  The size of the yard and the scale of investment are yet to be finalised but could top US$100 million.

  Company officials said a feasibility study was under way and a blueprint was expected to be ready before the end of the year.

  Ulsan-based HMD is the world's largest ship-repair facility, handling about 400 vessels a year.

  HMD general manager M.S. Byun said the group had also looked at the possibility of setting up repair facilities in the Mediterranean and the Caribbean but settled on Vietnam.

  'The Mediterranean and the Caribbean are too far from our home base and we have no experience of operating in other countries,' he said. 'We feel more comfortable in operating in an Asian country and confident in dealing with an Asian culture.'   The growing competition from repair yards in China, Singapore and the Philippines has not affected HMD's business.

  Mr Byun said owners evaluated and selected the repair yard on the basis of geographical location (trading route), price, quality, reliability and work time.

  Singapore yards, well-located geographically for the tanker trade, had enjoyed some advantage in terms of tanker repairs, while HMD had concentrated on dry cargo vessels.

  However, for tanker repair jobs of more than US$1 million, HMD had held its own against the Singaporeans.

  'Our strength lies in quality work, lower price and less work time compared with other repair yards in the region,' Mr Byun said.

  Some mainland Chinese yards had offered attractive terms because of their lower labour costs.

  Mr Byun said that HMD would face competition from Chinese and other yards in the region.

  To compensate HMD is moving into areas of sophisticated work, such as offshore facility conversion, building of special-purpose and value added vessels, such as fast ferries, and anti-pollution equipment engineering.

  HMD's business from its shipbuilding affiliate Hyundai Heavy Industries increased this year, from 10 to 14 per cent.

  HMD has suffered due to the won's appreciation over the past year but has been able to absorb the currency loss by improving productivity.

  However, he said the yen's appreciation over the past year had been insubstantial.



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Hyundai

HMD plans repair yard in Vietnam