Kangnam has been designated as a defense industry shipyard by the Korean Ministry of National Defense since 1975. Kangnam works closely with Korean Navy and other defense research organization to design, develop, construct and continuously upgrade Mine Counter measure vessels.(MCMV).
Kangnam is a leading player with advanced technology in FRP (Fiber Reinforced Plastic) shipbuilding as well as various platforms and subsystems of mine counter measure vessels: Mine sweepers and mine hunters. Kangnam also constructs high-speed patrol boats with over 1,000 ships operating with the Korean Navy and Maritime Police.
The largest and the most powerful minesweeper (MCMV) in the world, being built by Kangnam, is currently under commission of the Korean Navy. Kangnam is currently working on the next generation minesweeper. Kangnam has made various kinds of fast attack and patrol boats for the Korean Coast Guard and Maritime Police. Kangnam makes fast attack aluminum vessels as well as steels vessels in the patrol, tug, barge categories. Kangnam continues to research and develop new technologies in advanced defense weapons laying the groundwork for future growth of the defense industry and enhancing capabilities of global naval forces.
Kangnam has a ship repair division capable of repairing 150 ships per year with modern infrastructure consisting of 7 slipways and related equipment. Steel Structure division was established in 1995 for construction of a variety of ship structures like steel construction equipment (hatch cover, various steel blocks, car decks, etc.) with a capacity to produce 50,000 tons per year.
Kangnam is part of the Kangnam Group, with nine affiliated companies being established players in composite materials (carbon and glass), resins, automotive, marine and construction business. The shipyard is able to develop and deliver cutting edge technology with high cost- competitiveness drawing from the consolidated expertise and capabilities within the group. Kangnam has a stable and solid financial standing, with no financial debts and proven growth year on year. The group philosophy stresses on financial prudence and stability as an important factor for credibility with clients.
Kangnam is well integrated with the thriving globally competitive local supply chain as well as the leading international component and sub-system suppliers. Kangnam helps clients with assurance of high quality maintenance, supplies as well as transfer capability to manage and build locally.
In May 2014 India's first major defence hard-ware import from East Asia is in jeopardy after the defence ministry flagged irregularities in a Rs 2,300 crore deal to buy eight mine counter-measure vessels from South Korea. The ministry found that the South Korean shipyard may have hired middlemen to facilitate the contract. Employing middlemen in defence deals is banned. In January 2018 India terminated a long-pending $5 billion deal to locally build a dozen minesweepers in technical collaboration with Kangnam Corporation of South Korea on the grounds of high costs and compliance issues.