Viconship accelerates in H1: Revenue, profit reach new highs

Viconship, a leading seaport operator and service provider in Vietnam, recorded nearly VND813 billion ($31 million) in revenue and VND180 billion ($6.86 million) in pre-tax profit in the second quarter of 2025, up over 13% and 59% year-over-year respectively.

For the first six months of 2025, its cumulative revenue reached nearly VND1.5 trillion ($57.14 million), and pre-tax profit stood at VND315 billion ($12 million), up 15% and 55% respectively compared to the same period last year.

These are Viconship’s highest half-year revenue and profit figures since it began delivering periodic financial statements in 2009.

With these results, Viconship, listed on the Ho Chi Minh Stock Exchange as VSC, has completed nearly 54% and 79% of its full-year revenue and profit targets. For 2025, the company aims for record revenue of VND2.79 trillion and pre-tax profit of VND400 billion.

Alongside its business growth, Viconship has also strengthened its capital base by completing a stock issuance for dividend and bonus shares at a total rate of 25%, raising its charter capital to over VND3.7 trillion ($141 million). In mid-July, shareholders received a 5% cash dividend, bringing the total 2024 dividend payout to 30%, in line with the plan approved at the AGM.

Strengthening logistics chain, expanding investments

Recently, Viconship has continued to expand its operational ecosystem, with a focus on reinforcing its logistics services chain and exploring new development avenues.

A notable move includes increasing its stake in Hai An Transport and Stevedoring JSC (HoSE: HAH) to over 15.3%. At Hai An’s AGM in late June, Viconship chairman and CEO were elected to its board of directors.

This growing connection between the two firms is expected to create synergies. While Viconship operates several major seaports in Hai Phong city such as Green Port, VIP Green Port, and Nam Hai Dinh Vu - accounting for about 30% of the regional market share, Hai An owns Vietnam’s largest container fleet with a total capacity of 26,500 TEUs (67% market share) and is expanding by an additional 13,000 TEUs.

Hai An is also extending its international shipping routes to destinations such as India, Southern China, and South Korea, with plans for 9-10 weekly sailings. This expansion creates room for collaboration in infrastructure and services between the two companies, especially given their shared partnerships with major global shipping lines.

In addition to its core logistics business, Viconship is also venturing into real estate investments. In May 2025, the company approved the acquisition of a 65% stake in Harbour City Co., Ltd - a newly established firm operating in the real estate sector.

The acquisition aims to develop a new urban area at the Cat Bi Airport intersection in Hai Phong, on a land plot of approximately 6,000 square meters. This move marks Viconship’s first step in diversifying its investment portfolio beyond logistics.