Ample room for Vietnam port stocks to grow in 2025: analysts

By Kha Moc, Hai Yen
Wed, February 26, 2025 | 8:20 am GMT+7

Vietnam port stocks have ample room for growth in 2025 on potential increases in cargo output through seaports, said analysts.

Notably, the completion of the Ha Nam and Cai Mep waterway upgrade projects, located in Ha Nam and Ba Ria-Vung Tau provinces respectively, has enhanced the vessel accommodation capacity of local ports.

According to the inland waterway infrastructure plan for 2021-2030, with a vision to 2050, the Prime Minister has approved the development of seven centrally-managed waterways connecting the northern port city of Hai Phong with neighboring localities.

Lach Huyen deep-water seaport in Haiphong city, northern Vietnam. Photo courtesy of Hateco.

Lach Huyen deep-water seaport in Haiphong city, northern Vietnam. Photo courtesy of Hateco.

Further boosting the sector, on January 16, 2025, the Prime Minister gave an in-principle approval to Saigon Port and MSC’s subsidiary Terminal Investment Limited Holding S.A to develop the Can Gio international transshipment port project with a total investment of at least VND50 trillion ($1.96 billion).

Seaport stocks may also benefit from proposed increases in loading and unloading service fees, particularly at deep-water ports. While the Ministry of Transport raised such fees by 10%, many port operators argue that the new rates remain insufficient to offset investment and operational costs at Vietnamese ports.

The Vietnam Ship Agents and Brokers Association (Visaba) also considered that if fees for container loading and unloading at deep-watere ports such as Cai Mep-Thi Vai (Ba Ria-Vung Tau province) and Lach Huyen (Hai Phong city) are increased, this could create favorable conditions for publicly listed port operators.

VNDirect Securities also noted that MSC’s aggressive expansion in Asia, particularly in Vietnam, is set to boost maritime trade in the region. This expansion is likely to create new service routes, increase cargo traffic, and strengthen Vietnam’s position as a key logistics hub.

However, competition among seaport enterprises is expected to intensify in 2025, particularly in the northern city of Hai Phong, where capacity expansion may outpace demand, ABS Securities remarked.

Similarly, Vietcombank Securities highlighted Hai Phong as a “hot spot” attracting major players in Vietnam’s seaport sector, including Tan Cang, VIMC, Gemadept, Hateco, Viconship, and PHP.

VCBS warned that the Hai Phong port cluster will face significant competitive pressure in 2025-2026, as supply is projected to outnumber the current capacity by 34%.

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