Gemadept, CMA CGM start work on phase 2 of flagship port in HCMC

Vietnam’s leading port and logistics operator Gemadept (HoSE: GMD) and its strategic French partner CMA CGM have broken ground on phase two of the Gemalink deep-water port in Ho Chi Minh City, as cargo volumes and vessel sizes continue to expand.

The ceremony, held on Friday, marks a key milestone in Gemadept’s 2026-2030 strategy, which centers on three core pillars: port operations, integrated port-logistics services, and maritime and inland waterway transport.

Once completed, Gemalink phase two, with total investment of VND6 trilion ($227.83 million) will lift the port’s total capacity to more than three million TEUs per year, enabling it to better handle growing throughput and accommodate next-generation ultra-large container vessels.

Located within the Cai Mep-Thi Vai, one of Southeast Asia’s most important deep-water port clusters, Gemalink has emerged as a critical node in global shipping networks. The port is among 19 worldwide capable of receiving container ships of up to 250,000 DWT, equivalent to roughly 24,000 TEUs.

Cai Mep-Thi Vai is located in the former Ba Ria-Vung Tau province, which is now part of HCMC following an administrative merger last July.

Since commencing operations in 2021, the port has handled 2,018 vessel calls through 2025, with nearly 70% of those involving large ships ranging from 160,000 to over 230,000 tons. Total throughput reached 6.5 million TEUs over the period, supported by consistent double-digit annual growth.

The expansion comes as global shipping lines increasingly deploy larger, more fuel-efficient vessels - many powered by cleaner energy technologies - typically in the 160,000 to 250,000-ton range.

Gemadept said the phase two expansion is expected to be completed and operational by the fourth quarter of 2027. Together with phase one, the port will be positioned to meet sustained growth in Vietnam’s import-export volumes while capturing transshipment cargo from neighboring countries.

Cargo throughput in the Cai Mep-Thi Vai area has been growing at an average rate exceeding 10% annually.

On the Ho Chi Minh Stock Exchange (HoSE), GMD shares closed at VND74,600 ($2.83) each on Friday.