Maritime giant VIMC plans $527 mln for Can Gio transshipment port, accelerates capital expansion

State-controlled Vietnam Maritime Corp (VIMC) has outlined plans to invest nearly VND13.8 trillion ($527.45 million) to co-develop the Can Gio international transshipment port, one of the country’s most ambitious port projects, as it seeks to expand capacity and capture long-term growth in regional logistics.

According to documents prepared for its 2026 AGM, VIMC (UPCoM: MVN) will partner with its subsidiary Saigon Port Corp and Terminal Investment Limited Holding (TIL) – an affiliate of global shipping group MSC, to establish a project company for the development.

VIMC is expected to hold a 36% stake, while Saigon Port will own 15% and TIL 49%.

VIMC’s equity contribution will be deployed in two phases. The company plans to invest more than VND4.1 trillion ($155.66 million) by 2030, with the remaining VND9.6 trillion ($364.46 million) to be injected between 2030 and 2045.

The Can Gio international transshipment port project is estimated to require VND113.5 trillion ($4.35 billion) in investment capital and is designed to compete with regional hubs in Singapore and Malaysia.

Located in Can Gio in Ho Chi Minh City, the port is designed to handle ultra-large container vessels of up to 250,000 DWT. The project will feature a total berth length of around 7.2 kilometers and a designed capacity of 16.9 million TEU annually across an area of 571 hectares.

The consortium submitted its application in early March and is awaiting regulatory approval, following prior in-principle endorsement from the prime minister in January. VIMC estimates a payback period of roughly 24 years, reflecting the long gestation typical of large-scale port infrastructure.

For 2026, the company targets consolidated revenue of VND22.2 trillion ($842.29 million), up about 8% year-on-year, and net profit of VND2.59 trillion ($98.29 million), down 2%.

The outlook is clouded by global uncertainties. VIMC said geopolitical tensions in the Middle East have driven up marine fuel prices, while freight rates have yet to fully adjust, weighing on shipping margins. Cost pressures are also spreading across the logistics value chain, with fuel expenses at some units rising 40-50%, pushing up outsourcing and service costs.

The company said it is preparing flexible operating scenarios to respond to market volatility, noting that geopolitical disruptions could reshape global trade routes and directly impact port throughput.

Over the longer term, VIMC remains optimistic about growth prospects, particularly as logistics demand in Asia continues to expand and major shipping lines increasingly invest in port infrastructure.

To support its investment pipeline, VIMC plans a significant capital increase. In 2026, the company aims to raise charter capital to about VND14.64 trillion ($555.73 million) through stock dividends and new share issuance to public and strategic investors, reducing state ownership from roughly 99.4% to 89.6%.

Further capital raising is planned for 2027-2028, lifting charter capital to over VND25.4 trillion ($964.31 million) and lowering state ownership to around 76.5%. By 2028-2030, VIMC expects capital to reach approximately VND30 trillion ($1.14 billion), with the state’s stake declining to about 65%.

The phased dilution reflects a broader push to attract private capital and strategic partners as VIMC scales up investment in large, capital-intensive infrastructure projects.