Seoul: The state arms procurement agency has announced plans to introduce a selective bidding process to select a shipbuilder for the country's first homegrown advanced destroyer, officials revealed on Monday. This move marks a significant step forward in the ambitious project aimed at enhancing the nation's naval capabilities.

According to Yonhap News Agency, the Defense Project Promotion Committee finalized the decision during a meeting held on Monday afternoon. The committee determined the method for choosing the winning shipbuilder for the project, which is estimated to be valued at 7 trillion won (approximately US$5 billion). The initiative involves the construction of six advanced destroyers.

The project had encountered delays due to a legal dispute between shipbuilders Hanwha Ocean Co. and HD Hyundai Heavy Industries Co., both of which participated in designing the proposed destroyer. The introduction of the selective bidding process is expected to resolve this impasse and facilitate the project's progression.