Major seaport operator Viconship triples 2025 profit target

Vietnam Container Corporation (Viconship), one of the country's leading seaport operators, has tripled its 2025 pre-tax profit target to VND1,250 billion ($47.46 million), up from the previous VND400 billion.

The upward revision was approved at the company's (HoSE: VSC) recent extraordinary general meeting of shareholders (EGM).

The eight-month business performance exceeded the original target. In addition, the seaport industry is expected to post strong growth in Q4/2025 and early 2026, company leaders told the EGM.

Viconship has also partnered with Hai An Transport & Stevedoring JSC (HoSE: HAH) to get several vessels operated at Viconship's Nam Hai Dinh Vu Port in Hai Phong city, which will likely boost the port’s profits, they added.

The leaders said the future competition with Vingroup's $14.2 billion Nam Do Son port and logistics center is both a challenge and an opportunity.

The Hai Phong Economic Zone Authority is seeking opinion from the Ministry of Construction about whether the VND373,841 billion ($14.19 billion) port and logistics project proposed by Vingroup complies with the sectoral planning and the national seaport development plan.

Under a document sent to the ministry, the Nam Do Son project will be the largest project of its kind in Vietnam. It will be located in Kien Hai commune and Nam Do Son ward, with a total land area of over 4,319 hectares.

Hai Phong is emerging as northern Vietnam’s logistics hub, thanks to its extensive network of river ports and deep-water ports, creating favorable conditions for the growth of the logistics and maritime transport sectors.

“The river port model remains well-suited for intra-Asia domestic customers. Maintaining a stable cargo flow from major shipping lines will help sustain volume growth. We are confident in our outlook for sustainable expansion in the coming years,” a Viconship leader emphasized.

In the first half of 2025, Viconship recorded VND1,489 billion ($56.53 million) in revenue, up 14.2% year-on-year, and VND311.96 billion ($11.84 million) in pre-tax profit, an increase of 53.7% - equivalent to 78% of the old target and 25% of the new one. Gross profit margin slightly decreased from 32.6% to 32.3%.

A notable highlight is the tightening partnership with Hai An, Vietnam's largest container fleet operator. The two companies have jointly established Hai An Green Shipping Lines Co., Ltd., with a charter capital of VND1,000 billion ($37.97 million), in which Viconship holds 60% and Hai An 40%.

Previously, Viconship had raised its ownership in Hai An Transport and Stevedoring Joint Stock Company to 15.31% and appointed Nguyen Xuan Dung and Ta Cong Thong as board representatives at Hai An.

On the Ho Chi Minh Stock Exchange, Viconship shares (VSC) closed Friday at VND27,300 ($1.04) apiece.