Gemadept eyes integrated maritime group expansion

Gemadept is shifting strategy toward becoming an integrated maritime logistics group, as the company embarks on a new expansion cycle focused on shipping and inland waterway transport.

Pivot to maritime logistics

At the company's 2026 annual general meeting on Wednesday, chairman Do Van Nhan said the global maritime and logistics sector had undergone significant volatility in recent years, from pandemic-related supply chain disruptions to geopolitical tensions in Eastern Europe and the Red Sea.

Despite these challenges, Gemadept (HoSE: GMD) maintained strong growth, with compound annual growth in pre-tax profit of 38% during 2021-2025.

For the 2026-2030 period, the company aims to “move further offshore,” transitioning from a port-centric model to a maritime-centric one, focusing on capturing more value across the ocean logistics chain.

Alongside its port network, Gemadept plans to invest heavily in ocean-going vessels and river barges to modernize its transport capacity.

In 2025, the company completed investment in Phase 3 of the Nam Dinh Vu port, bringing the entire port cluster into full operation. In 2026, it will continue developing Phase 2 of the Gemalink port project with total investment of $250 million, adding 1.25 million TEU of annual capacity and raising total design capacity to 2.75 million TEU.

On the transport side, Gemadept added six barges in 2025, each with capacity of 198 TEU, bringing its fleet to 36 vessels. It plans further investments in 2026 to strengthen inland waterway transport, targeting profit contributions of more than VND1 trillion ($37.99 million) from this segment as a key pillar of its strategy.

At the same time, the company is seeking partners to divest or co-invest in a forestry project in Cambodia covering about 30,000 hectares, as it refocuses on core port and logistics operations.

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.

Share bonus and rebranding

Shareholders approved a plan to issue bonus shares at a ratio of 2:1, meaning investors will receive one new share for every two held, funded from share premium.

Board chairman and CEO Nguyen Thanh Binh said the move both rewards shareholders and strengthens the company’s capital base for future expansion. Charter capital is expected to rise to nearly VND6.5 trillion ($246.9 million) after the issuance.

The capital increase is intended to enhance financial capacity, improve competitiveness, and support large-scale maritime infrastructure investments.

In addition, following stronger-than-expected 2025 results - revenue of nearly VND5.96 trillion ($226.25 million) and pre-tax profit of over VND2.52 trillion ($95.76 million), exceeding targets by 23% and 40% respectively - the company will maintain a cash dividend of 22%, or VND2,200 ($0.08) per share.

The total payout ratio of 72% includes 22% in cash and 50% in shares, close to its highest historical level of 70% in 2016 (20% in cash and 50% in shares).

The bonus share issuance will be implemented after completion of the company’s 2025 employee stock purchase plan.

Shareholders also approved a plan to rename the company as Gemadept Corporation, reflecting a shift in operational model and governance as it seeks to become a more deeply integrated player across the maritime transport value chain, beyond traditional port operations.

On the Ho Chi Minh Stock Exchange, GMD shares closed Tuesday at VND77,600 ($2.95) apiece.