Bright prospects for maritime giant VIMC with Can Gio super port

By My Ha, Minh Hue
Wed, February 5, 2025 | 3:20 pm GMT+7

Vietnam Maritime Corporation (VIMC) is poised for strong growth in 2025 following a highly successful 2024, driven by the government's in-principle approval of its Can Gio mega-port project in Ho Chi Minh City and a substantial increase in profits.

An illustration of the Can Gio International Transshipment Port in Ho Chi Minh City, southern Vietnam. Photo courtesy of VIMC.

An illustration of the Can Gio International Transshipment Port in Ho Chi Minh City, southern Vietnam. Photo courtesy of VIMC.

In the final months of the Year of the Dragon, despite a sluggish market, VIMC’s stock (UPCom:MVN) saw a dramatic rise, climbing from around VND32,000 to VND76,900 ($3.05) per share, more than doubled in just three months and surpassing its historical peak recorded in June 2024.

High expectations for Can Gio mega port

The impressive increase in the MVN stock came as the Can Gio International Transshipment Port project reached a key milestone. On January 16, 2025, Deputy Prime Minister Tran Hong Ha granted an in-principle approval to the project. The port will span 571 hectares on Go Con Cho Islet in Can Gio district, with an investment of no less than VND50 trillion ($1.99 billion).

In 2024, MVN experienced two significant stock price jumps, in May-June and later in the year, both tied to the Can Gio project. The first hike occurred when the project was incorporated into the revised national seaport system development plan for 2021-2030, with a vision for 2050. Can Gio was named one of three priority port projects in the updated plan, alongside Lach Huyen International Gateway Port in the northern city of Hai Phong and Cai Mep-Thi Vai Port in the southern province of Ba Ria-Vung Tau.

Designed to handle international container transshipment, Can Gio port will accommodate vessels with a capacity of up to 24,000 TEU (250,000 tons) or even larger. The groundbreaking ceremony is scheduled for May 30, 2025, pending government approval. Once completed, Can Gio will be the largest port in Vietnam, and Ho Chi Minh City aims to position it as a key transshipment hub in Southeast Asia, alongside major ports in Singapore and Malaysia.

The project is being spearheaded by a consortium of Saigon Newport Corporation (a VIMC member) and Terminal Investment Limited Holding S.A, a subsidiary of MSC, one of the world's largest shipping companies. Saigon Newport estimates the project’s total investment at $5.3 billion, with an expected capacity of 16.9 million TEUs. This will meet approximately 25% of Vietnam’s seaport traffic demand by 2030.

Nguyen Canh Tinh, CEO of VIMC, emphasized that the Can Gio port will significantly elevate Vietnam’s maritime industry, enabling it to compete with major global ports. With its strategic location, the port will not only reduce shipping times and domestic logistics costs but also open substantial opportunities for Vietnam to deepen its integration into the global supply chain.

Soaring profits

In addition to the positive developments surrounding the Can Gio super port, VIMC had a highly successful year. In 2024, the VIMC fleet handled 20 million tons of cargo, exceeding the year's target by 22%. In the seaport sector, throughput was estimated at 145 million tons, a 26% increase from the previous year, surpassing the year's plan by 17%.

The corporation reported a record revenue of over VND17 trillion ($675.14 million), a 33% increase compared to 2023. The primary driver was port operations and maritime services, which generated VND7.63 trillion in revenue, up 19% year-on-year. Shipping activities saw a slight increase to VND4.52 trillion, while sales revenue soared to VND4.31 trillion, more than 2.4 times the previous year's figure.

Additionally, other activities recorded an exceptional profit of more than VND1.34 trillion ($53.2 million), nearly four times the previous year's figure. During the year, VIMC earned VND722 billion from asset sales, compared to only VND83.6 billion in 2023. As a result, the company posted an after-tax profit of VND2.6 trillion ($103.26 million), an increase of 53%.

Despite a decline in fleet capacity, the CEO of VIMC noted that the company exceeded its shipping targets by increasing vessel chartering in various forms. In 2024, VIMC Lines, a subsidiary, expanded its operations and developed new services connecting Malaysia, Singapore, and Indonesia.

Along with progress on the Can Gio International Transshipment Port, the company is also nearing completion of container terminals No. 3 and No. 4 at Lach Huyen Port in Hai Phong. The construction of these terminals is progressing with tenders, equipment installations, and preparations for operations, scheduled for the first quarter of 2025.

Tinh stated that in 2025, VIMC would focus on implementing development projects such as Lach Huyen Port, Lien Chieu Port, and the Can Gio International Transshipment Port.

The firm also aims to rapidly develop the national fleet by forming partnerships with some of the largest shipping companies globally. This approach will allow VIMC to leverage its partners’ customer bases and markets while expanding its shipping network and enhancing its competitiveness.

The corporation plans to build a strong fleet not only to meet domestic transportation needs but also to serve international routes. This is a crucial step in ensuring that Vietnamese goods can reach global markets directly, without needing to be transshipped through other countries.

On the Unlisted Public Companies Market (UPCoM), MVN closed Tuesday at VND80,800 ($3.21) per share.

Comments (0)
  • Read More
Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".

Economy - Sat, July 12, 2025 | 11:32 am GMT+7

Mergers of Vietnamese provinces unlock new property development opportunities

Mergers of Vietnamese provinces unlock new property development opportunities

The merging of Vietnamese localities is expected to create a strong "boost" for the real estate market as expanded planning space, synchronized infrastructure, and new land reserves are key factors driving the market's transformation.

Real Estate - Sat, July 12, 2025 | 11:00 am GMT+7

Measures proposed for Thailand to minimize US tariff impacts

Measures proposed for Thailand to minimize US tariff impacts

Financial and banking experts in Thailand have warned that the U.S.'s proposed 36% tariff on Thai goods is likely to severely undermine Thailand's export competitiveness.

Southeast Asia - Sat, July 12, 2025 | 9:06 am GMT+7

Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam

Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam

Pacific Construction Group (PCG), one of China’s leading construction firms, has expressed interest in developing a VND10 trillion ($383 million) underwater road tunnel in Quang Ninh, a coastal province in northern Vietnam.

Infrastructure - Sat, July 12, 2025 | 8:04 am GMT+7

Vingroup stocks pull VN-Index up for sixth consecutive session

Vingroup stocks pull VN-Index up for sixth consecutive session

VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.

Finance - Fri, July 11, 2025 | 7:20 pm GMT+7

Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province

Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province

Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.

Industries - Fri, July 11, 2025 | 5:27 pm GMT+7

Vietnam halts use of German ODA loans for HCMC metro line

Vietnam halts use of German ODA loans for HCMC metro line

The Government has approved a proposal by Ho Chi Minh City to stop borrowing official development assistance (ODA) loans from Germany’s KfW development bank for Metro Line No. 2 and instead use domestic funds to avoid further delays.

Economy - Fri, July 11, 2025 | 3:25 pm GMT+7

Seventeen housing projects foreigners allowed to buy in HCMC

Seventeen housing projects foreigners allowed to buy in HCMC

Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.

Real Estate - Fri, July 11, 2025 | 3:17 pm GMT+7

Auto enterprises to enjoy preferential import tariff policies

Auto enterprises to enjoy preferential import tariff policies

The Government has issued a decree amending and supplementing Decree No. 26/2023/ND-CP on the export and preferential import tariff schedules, as well as the lists of goods subject to absolute tax, mixed tax, and out-of-quota import duties.

Companies - Fri, July 11, 2025 | 2:13 pm GMT+7

Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024

Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024

Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.

Companies - Fri, July 11, 2025 | 2:09 pm GMT+7

JPMorgan upgrades Vietnam stocks to overweight following US tariff deal

JPMorgan upgrades Vietnam stocks to overweight following US tariff deal

JPMorgan Chase has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.

Economy - Fri, July 11, 2025 | 11:38 am GMT+7

Vietnam government bond issuance surges nearly 70% in June

Vietnam government bond issuance surges nearly 70% in June

The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.

Finance - Fri, July 11, 2025 | 9:30 am GMT+7

Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam

Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam

The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.

Companies - Fri, July 11, 2025 | 9:18 am GMT+7

Vietnam-US tariff agreement: A strategic turning point toward deeper integration

Vietnam-US tariff agreement: A strategic turning point toward deeper integration

The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.

Opinion - Fri, July 11, 2025 | 9:00 am GMT+7

Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province

Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province

China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.

Companies - Fri, July 11, 2025 | 8:00 am GMT+7

Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced

Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced

U.S. chip maker Intel has invested over $1.5 billion in its nearly 20 years in Vietnam and exported more than 4 billion products, contributing over $100 billion to Vietnam’s export revenue.

Industries - Thu, July 10, 2025 | 10:05 pm GMT+7