On December 30, 2025, PetroVietnam Shipbuilding and Mechanical (PVSM), a subsidiary of Vietnam National Industry – Energy Group (PetroVietnam), formally signed an outsourcing contract with South Korea’s shipbuilding giant Samsung Heavy Industries for the construction of three 157,000 DWT Suezmax oil tankers. The signing ceremony took place at PVSM’s headquarters.
It is understood that the three Suezmax tankers outsourced by Samsung Heavy Industries to PVSM Shipyard are owned by British shipping company Zodiac Maritime. The newbuilds will operate on conventional fuel, with each vessel costing approximately $79 million. Measuring 274 meters in length, 48 meters in width, and 23.3 meters in height, the vessels will be constructed to global unrestricted navigation standards and are expected to fully comply with stringent international technical specifications and environmental regulations.
According to the contract, the total construction period for the three Suezmax tankers being built by PVSM Shipyard is approximately 40 months, with formal commencement scheduled for October 2026. Prior to this, the project will undergo a 10-month phase for design and material procurement, followed by a construction and delivery phase lasting approximately 30 months.
As early as May 2025, Samsung Heavy Industries established a partnership with PetroVietnam in the shipbuilding sector, with both parties planning to undertake modern ship model development and shipbuilding projects. With the recent outsourcing of three Suezmax-class oil tankers, Samsung Heavy Industries is not merely acting as a contractor but will be deeply involved in the entire process from design and construction to product acceptance, while also directly implementing technical supervision.
For PVSM Shipyard, this outsourcing project not only provides an opportunity to master modern shipbuilding techniques but also offers a chance to enhance corporate management standards. It is said that this could become a pivotal moment for Vietnam’s shipbuilding industry to deeply integrate into the global supply chain, and is expected to create a significant number of local jobs.
PVSM Shipyard stated that the outsourcing order from Samsung Heavy Industries represents a core shipbuilding project secured amid the shipyard’s highest operating revenue in nearly a decade (15 trillion VND/approximately $0.57 billion) and demonstrates robust recovery momentum following restructuring. It emphasized that securing this order will play a pivotal role in propelling the shipyard’s operations back on track.
Data indicates that PVSM is a core shipbuilding enterprise under Vietnam National Industry and Energy Group, headquartered in Quang Ninh Province, Vietnam. It is one of Vietnam’s key comprehensive shipbuilding industrial bases.
PVSM originated from Dung Quat Shipyard, established around 2000. It delivered one Aframax product tanker in 2012 but subsequently faced operational difficulties, ultimately declaring bankruptcy. Around 2024, PVSM was restructured under the Vietnam National Industry and Energy Group. Securing this outsourcing contract from Samsung Heavy Industries marks a milestone in PVSM’s development journey.
Regarding the collaboration between Samsung Heavy Industries and PVSM, Vietnamese industry insiders commented: “This partnership with Samsung Heavy Industries signifies that Vietnam’s shipbuilding industry is transitioning from merely accepting low-cost orders to the technology-intensive large commercial vessel sector. Strategic collaboration models between South Korean shipbuilders and Southeast Asian production bases are expected to become more active in the future.”
Currently, Samsung Heavy Industries is focusing on transforming its Geoje Shipyard into a technology R&D center under its global operational strategy, concentrating on building high-value-added vessels such as LNG carriers, eco-friendly container ships, and FLNG units.
For oil tanker projects, Samsung Heavy Industries adopts a “take orders first, subcontract later” model, utilizing secondary subcontracting through overseas shipyards to fulfill orders, with Chinese shipyards serving as the primary outsourcing partners. For instance, Samsung Heavy Industries has outsourced eight Suezmax tankers to PaxOcean Engineering Zhoushan Co.Ltd (POEZ). Samsung Heavy Industries handles new vessel design, performance bonds, and procurement of equipment and materials, while POEZ is responsible for the construction work.
To reduce its reliance on outsourcing to Chinese shipyards, Samsung Heavy Industries is gradually shifting its outsourcing partners to Vietnamese and domestic Korean shipyards. HSG Sungdong Shipbuilding, a mid-sized Korean shipbuilder, has already secured four outsourcing orders from Samsung Heavy Industries for 2025.