Viconship locks in 30% shareholder payout for 2024 with dividends, bonus shares

Viconship, a leading seaport operator and service provider in Vietnam, has approved a 30% total payout for shareholders, comprising an 8% dividend for 2024 and a 22% share bonus issuance.

At the 2025 AGM, held on April 25 in Quang Ninh province, shareholders also approved a significant upward revision of the company’s 2025 profit target and elect a new board of directors for the 2025-2030 term.

Viconship, listed on the Ho Chi Minh Stock Exchange (HoSE) as VSC, raised its 2025 pre-tax profit target to VND400 billion ($15.25 million), up 32% from the original plan, while maintaining its revenue goal at VND2.79 trillion. A dividend of 10% has been proposed for 2025.

Minimal impact from U.S. tariff threats

The AGM took place amid rising trade tensions following the U.S. announcement of potential reciprocal tariffs of up to 46% on certain Vietnamese exports. Although the tariff implementation has been delayed by 90 days, shareholder concerns remained.

Addressing these concerns, Viconship’s leadership clarified that U.S.-bound cargo accounts for only 3.9% of total throughput, meaning the impact of potential tariffs is minimal. The company’s core operations remain centered on intra-Asia routes. Proactive response plans are already in place to mitigate potential risks from global trade disruptions.

Expanding logistics chain investment

To further diversify and strengthen its business, Viconship plans to accelerate its expansion in logistics, particularly warehousing and domestic shipping. It will also deepen cooperation with Asian shipping lines and optimize operations at the Nam Hai Dinh Vu and VIP Green ports in Hai Phong city.

In recent years, Viconship has been investing in industry peers to consolidate its logistics value chain. At the end of 2024, it increased its stake in Vietnam's shipping major Vinaship (HoSE: VNA) to 40%, serving as an associate. In April 2025, the company and its subsidiaries also became major shareholders of Hai An Transport & Stevedoring (HoSE: HAH), Vietnam’s largest container fleet operator, with a combined stake of nearly 6.5%.

Positive performance in Q1

Kicking off the year 2025 on a strong note, Viconship recorded over VND682 billion ($26 million) in Q1 net revenue, a 16% increase year-on-year. Pre-tax profit surged 50% to VND135 billion ($5.15 million), driven by reduced financial costs and higher financial income.

In 2024, the company posted its best-ever performance, with net revenue and pre-tax profit reaching VND2.79 trillion and nearly VND525 billion, up 28% and 98% respectively compared to 2023.

Given the robust performance, Viconship will distribute an 8% dividend for 2024, including 5% in cash and 3% in shares, replacing the original plan of a 7.5% share-only dividend. With approximately 300 million floating shares, the company expects to spend about VND150 billion ($5.72 million) on the cash dividend and issue nearly 9 million new shares.

Additionally, a 22% bonus share issuance will be carried out from retained earnings (shareholders will receive 22 new shares for every 100 held), totaling nearly 65.9 million shares. The distribution is expected to take place in Q2-Q3/2025, pending regulatory approval. Upon completion, Viconship’s charter capital will increase to VND3.74 trillion ($142.6 million).

On the stock market, VSC has surged more than 46% over the past two weeks, rising from below VND14,000 to VND20,500 ($0.78) per share, marking their highest level since July 2024.

New board of directors elected

At the AGM, shareholders also voted in a new five-member board of directors for the 2025-2030 term, including one independent member. Four incumbent members were re-elected, including chairman Nguyen Duc Dung, Ninh Van Hien, Ta Cong Thong, and Tran Phuong Anh. The new comer is Nguyen Xuan Dung, who boasts extensive experience in banking and finance.

The supervisory board for the new term includes Nghiem Thuy Duong, Doan Lan Anh, and Phan Trung Hieu.