[2025 MADEX] Hanwha and HD Hyundai Face Off as Top Executives Take the Lead (Comprehensive)

Kim Dongkwan Highlights the Spirit of 'Serving the Nation Through Business'
Jung Kiseon Presents a Future Vision for Maritime Defense
Competition Beyond KDDX: Eyeing the U.S. Market

"Artificial intelligence (AI) will analyze the battlefield in real time, and autonomous unmanned systems will be deployed in actual combat. This is the core of future naval warfare."

The scene at the '2025 International Maritime Defense Industry Exhibition (MADEX)', which opened on the 28th at BEXCO in Busan, was quite literally a battleground for 'future naval power.' The scale was unprecedented, with over 200 domestic and international defense companies from 14 countries participating, making it the largest event ever. Each participating company showcased next-generation technologies such as autonomous navigation, AI combat command, and unmanned surface vessels, demonstrating their determination to lead the future of maritime power.

The integrated booth of Hanwha, LIG Nex1, and HD Hyundai installed at the '2025 International Maritime Defense Industry Exhibition (MADEX)' opened on the 28th at BEXCO in Busan. Photo by Seongpil Cho

This year's MADEX was, in every sense, also a battleground between Hanwha and HD Hyundai. The heads of these two groups, considered the two pillars of the shipbuilding and defense industry, visited the event in person, engaging in an invisible show of strength as they unveiled weapons for the future navy. On this day, Kim Dongkwan, Vice Chairman of Hanwha Group, and Jung Kiseon, Senior Vice Chairman of HD Hyundai, visited the exhibition hall in succession, with a time gap of 30 minutes. This was interpreted as an effort to strengthen networking with officials from the United States and other countries and to secure an early lead in the market.

Kim Dongkwan Emphasizes the Spirit of 'Serving the Nation Through Business'

At a 'cocktail reception' attended by more than 100 people, including domestic and international military and defense industry officials and foreign government delegations, Vice Chairman Kim stated, "We are doing our utmost to contribute to the national economy with the spirit of serving the nation through business (saneopboguk)." He added, "In an increasingly competitive global business environment at the national level, Hanwha is deeply reflecting on the founding spirit of serving the nation through business. As a representative Korean company, we are doing our best to contribute to the national economy and enhance the nation's prestige."

The Hanwha exhibition hall showcased a network-centric future naval operation system, including a 35-meter-class combat unmanned surface vessel, an 8,200-ton-class next-generation destroyer, and a satellite communication-based command and control system. The company highlighted the synergy of its three defense affiliates (Hanwha Ocean, Hanwha Systems, and Hanwha Aerospace), while also presenting an integrated maritime solution based on AI-driven autonomous systems and combined manned-unmanned forces.

Dongkwan Kim, Vice Chairman of Hanwha Group (third from the left in the middle row), is attending the '2025 International Maritime Defense Industry Exhibition (MADEX 2025)' held at BEXCO in Busan on the 28th and touring the site. Photo by Seongpil Cho

Yang Yongmo, Chief of Naval Operations, who attended the event, said, "Through Hanwha's integrated exhibition hall and reception, I could feel the synergy among the three defense companies. Just as Hanwha has greatly contributed to strengthening the Republic of Korea Navy's capabilities so far, I hope the company will continue to play a role in building a strong maritime force, focusing on manned-unmanned power, artificial intelligence (AI), and reducing troop numbers."

Jung Kiseon Presents Future Vision for Maritime Defense

At a joint reception event with LIG Nex1, Jung Kiseon, Senior Vice Chairman of HD Hyundai, said, "HD Hyundai is securing world-class capabilities in AI-based unmanned and electrification technologies. We will develop advanced warships to support global maritime security." Referring to the HD Hyundai promotional video shown at the event, he added, "General Na Daeyong, who designed the Turtle Ship, was an inspiration to Chairman Chung Ju-yung regarding shipbuilding. Carrying on that legacy, HD Hyundai will contribute to global maritime security by developing warships incorporating advanced technologies."

Senior Vice Chairman Jung said, "Starting with the Ulsan, Korea's first combat ship, HD Hyundai has built a total of 106 warships to date, 18 of which have been exported overseas. Our growth into a leading shipbuilding nation was made possible by a long-standing commitment to shipbuilding technology." He continued, "Our recent contributions to overseas defense exports to countries like Peru and the Philippines are also the fruits of our efforts. We will continue to work hard as a united Korean team."

At this year's MADEX, HD Hyundai, together with LIG Nex1, set up a 218-square-meter integrated exhibition hall and showcased unmanned surface vessels. The company also unveiled, for the first time, export-oriented frigates and AI-based next-generation unmanned combat ships. LIG Nex1 demonstrated unmanned surface vessel systems, including stealth designs and multifunctional radar.

Jung Kiseon, Senior Vice Chairman of HD Hyundai, is making a toast during the reception at the opening of 'MADEX 2025, the 2025 International Maritime Defense Industry Exhibition,' held on the 28th at BEXCO in Busan. Photo by Cho Sungpil

Competition Beyond KDDX: Eyeing the U.S. Market

The rivalry between the two groups extends beyond the exhibition halls to the bidding war for the Korean Next-Generation Destroyer (KDDX) project. The KDDX project is a large-scale national initiative involving six ships and a total investment of 7.8 trillion won by 2030. With HD Hyundai Heavy Industries and Hanwha Ocean having even filed lawsuits and complaints against each other ahead of the bidding, the exhibition was filled with a subtle sense of tension. Hanwha highlighted its strengths in integrated command, unmanned systems, and battlefield networks, while HD Hyundai emphasized its proven platform, based on the highest number of warships built and exported domestically. A defense industry official commented, "This year's MADEX is not just a technology showcase, but a clash of company philosophies. Hanwha is leveraging integration and strategy, while HD Hyundai is relying on performance and tradition."

On this day, both Hanwha and HD Hyundai also turned their attention to the U.S. market. Recently, the U.S. Congress introduced a bill that would allow U.S. Navy ships to be built overseas, in addition to maintenance, repair, and overhaul (MRO) work. If this bill passes, shipyards in NATO member countries or Indo-Pacific countries with mutual defense treaties with the United States will be able to build U.S. Navy ships.

The U.S. Navy needs 355 ships to maintain readiness, but currently operates only 291. With an annual shipbuilding capacity of just 1.6 ships, the United States would need to roughly double its production capabilities to achieve the Navy's goals. An industry official said, "Various regulations in the U.S. defense and shipbuilding sectors are changing. This could present mid- to long-term opportunities for both Hanwha and HD Hyundai."