(C) HD Hyundai Heavy Industries (HD HHI)
SEOUL — HD Hyundai Heavy Industries (HD HHI) is on the verge of reaching a historic milestone of exporting 20 naval vessels, following a new contract to build additional corvettes for the Philippine Department of National Defense.
On December 26, HD HHI announced that it had signed a contract to construct two 3,200-ton corvettes for the Philippines. The deal is valued at 844.7 billion KRW ($650 million), with the vessels scheduled for delivery by the second half of 2029.
This latest achievement is deeply rooted in the operational success of previous deliveries. The Philippine Navy currently operates the 2,600-ton "Jose Rizal-class" frigates and the 3,200-ton "Miguel Malvar-class" corvettes, both built by HD HHI. The reliable performance and advanced technology demonstrated by these existing vessels played a decisive role in securing the follow-up order.
The Philippines is currently accelerating its naval modernization program, known as the "Horizon Project." The newly ordered corvettes will share the same technical specifications as the Miguel Malvar-class delivered earlier this year. This uniformity ensures high compatibility with the command-and-control systems and operational frameworks already in place within the Philippine Navy, significantly reducing training and maintenance burdens.
With this contract, the total number of vessels HD HHI has exported to the Philippines rises to 12. Globally, the company’s cumulative naval export record has now reached 20 vessels. Industry analysts attribute this steady growth to the company’s recent merger with HD Hyundai Mipo. By integrating Mipo’s specialized docks, facilities, and human resources, HD HHI has drastically enhanced its naval shipbuilding capacity and cost competitiveness.
"This contract is a testament to the ironclad strategic partnership between South Korea and the Philippines, as well as a confirmation of HD HHI’s superior technology and project management capabilities," said Joo Won-ho, CEO of HD HHI’s Naval & Special Ship Business Unit. "We remain committed to being a trusted core partner for the Philippine Navy's long-term maritime security."
As the global demand for naval modernization rises, HD HHI plans to leverage this momentum to expand its presence in the Southeast Asian and European markets, positioning South Korea as a leading global powerhouse in naval defense exports.
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