Vietnam climbs to fourth in global shipbuilding as demand surges

Vietnam has risen to fourth place globally in commercial shipbuilding capacity in 2024. The country now hosts 88 seagoing shipbuilding firms and 411 inland waterway vessel builders, with nearly 120 capable of handling vessels over 1,000 DWT. This growth comes as the global industry enters a new phase driven by fleet renewal and stricter environmental rules. The global shipbuilding market is expected to expand to around US$195 billion by 2030. Over 60 percent of new demand between 2024 and 2033 will come from replacing old ships and meeting tougher emissions standards. Vietnam currently holds about 1 percent of global output but has a chance to increase its role.

Vietnam’s merchant fleet will need 4-5 million DWT of new and replacement vessels by 2030. Experts suggest the country should focus on segments matching its strengths, like ship repair, retrofitting, and upgrading vessels for lower emissions. The shift towards greener shipping and diversified supply chains offers Vietnam a rare opportunity to revive its industry. Vietnam’s long-term success in shipbuilding hinges on its ability to join the global move toward low-carbon shipping. The country’s existing capacity and industrial base position it well for growth. Meeting these demands could secure its place in the evolving maritime sector.