HD Hyundai (KRX:329180)chairman Chung Ki-sun met with Philippine Defense Secretary Gilberto C. Teodoro Jr. in Seoul to discuss expanding bilateral cooperation in shipbuilding and defense.

The parties reviewed a decade of successful naval projects, starting with a 2016 frigate contract, and agreed to broaden efforts toward Philippine Navy modernization and local industry growth.

A key milestone was the recent start of operations at HD Hyundai's Subic shipyard, which has already launched its first vessel and plans to deliver it next year, according to a statement on Tuesday.

Having secured orders for 12 Philippine vessels and delivered 6 so far, HD Hyundai plans to leverage its accumulated expertise to continue cooperating on subsequent frigate projects.