Gemadept completes shipping, logistics restructuring with CJ Logistics
Gemadept (HoSE: GMD) has completed a series of transactions with South Korea’s CJ Logistics, taking full ownership of its shipping business while exiting their logistics joint venture, as both companies sharpen their strategic focus.
The transactions, completed on June 30, follow share transfer agreements signed on May 20-21 between Gemadept and CJ Logistics Hong Kong Holdings.
Gemadept acquired the remaining 49% stake in CJ Gemadept Shipping Holding Co., which has subsequently been renamed Gemadept Shipping Holding Co. Following the acquisition, the company has become a wholly owned subsidiary of Gemadept.
At the same time, Gemadept completed the sale of its 49.1% stake in CJ Gemadept Logistics Holding Co. to CJ Logistics Hong Kong Holdings, ending its ownership in the logistics venture.
Separately, Gemadept acquired a 49% equity stake in Mekong Logistics JSC. Combined with a voting proxy agreement from another shareholder, the Vietnamese firm now controls 50.9% of the company’s voting rights, making Mekong Logistics a subsidiary.
The restructuring is part of a broader cooperation agreement between Gemadept and CJ Logistics aimed at allowing each company to concentrate resources on its core businesses and competitive strengths.
Nam Dinh Vu Port of Gemadept in Hai Phong city, northern Vietnam. Photo courtesy of the company.
Following the transactions, Gemadept said it will strengthen its maritime-focused business model built around four core segments: port operations, port logistics, shipping, and maritime value-added services.
CJ Logistics, meanwhile, will continue to focus on logistics and supply chain management.
Despite unwinding parts of their joint venture structure, the two companies said they will maintain their strategic partnership and continue cooperating to serve customers, business partners, and shareholders.
For 2026, Gemadept targets net revenue of VND6.5 trillion ($246.92 million), up 9% from its 2025 record, with a stretch goal of VND6.8 trillion. Pre-tax profit is projected at VND2.8 trillion ($106.36 million), up 11%, with a target of VND3 trillion - a record high.
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