Northern Vietnam port operator logs record revenue in 2024
Hai Phong Port JSC, headquartered in the northern city of Hai Phong, reaped VND2.91 trillion ($114.3 million) in 2024 revenue, an all-time high.
Cargo throughput at ports operated by the company reached approximately 40 million tons in the year, with containerized cargo nearing 2 million TEUs.
The revenue exceeded the year's target of VND2.31 trillion, Hai Phong Port JSC stated at a ceremony to welcome the 1 millionth TEU passing through Tan Vu Port on Thursday.
A port in Hai Phong city, northern Vietnam. Photo courtesy of Hai Phong Port JSC.
In the first nine months of 2024, Hai Phong Port, registered on the Unlisted Public Companies Market (UPCoM) as PHP, acquired a net revenue of VND1.88 trillion ($73.86 million), up 19% year-on-year.
Its pre-tax and after-tax profits both rose by 26%, reaching VND957 billion ($37.6 million) and VND778 billion, respectively.
PHP's revenue in the last quarter of 2024 is estimated at VND1.03 trillion ($40.5 million), marking the highest quarterly result in its history.
In 2024, PHP established two important joint ventures with SITC - a leading shipping company in Asia, and TIL - a subsidiary of the world’s largest shipping company MSC headquartered in Switzerland.
One of them, TIL Hai Phong International Port Co., Ltd. is responsible for operating international container terminals 3 and 4 under the Hai Phong International Gateway Port in Lach Huyen.
The project to build the two terminals was approved by the Prime Minister on October 9, 2019, with Hai Phong Port assigned as the main investor.
The terminals will accommodate vessels ranging from 8,000 to 14,000 TEUs, equivalent to 100,000 to 160,000 DWT, with a projected throughput of 1.1 million TEUs annually. Total investment is nearly VND7 trillion ($300 million).
On December 6, the Hai Phong Economic Zone Authority issued a decision to establish an appraisal council for the environmental impact assessment report of an investment project to build the road connecting terminals 3 to 6 in the Lach Huyen port area.
Previously in March 2024, the city People's Council granted in-principle approval for the project with an investment capital of VND716.5 billion ($28.2 million). The implementation period is from 2023-2027.
This is good news for Hai Phong Port JSC - the investor of terminals 3-4, and Hateco Group JSC - the investor of terminals 5-6. The total length of the route is about 1,832 meters. The road cross-section is 37 m wide, with six lanes, safety strips, median strips, sidewalks, and curbs.
The first section, 900 m, will be built from 2023-2025, with investment of VND309 billion ($12.1 million). The remaining section, 932 m, is scheduled for 2026-2027, with VND500 billion ($19.6 million). As planned, construction will commence in Q4/2024.
In the stock market, PHP closed Friday at VND40,200 ($1.58) per share.
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