Vietnam seaport firms report strong profits in 2024
Many seaport companies in Vietnam have logged significant profit increases for 2024 compared to the previous year.

Hai Phong Port in Hai Phong city, northern Vietnam. Photo courtesy of Hai Phong Port JSC.
The volume of cargo passing through Vietnam's seaport system reached 864.4 million tons last year, up 14% from 2023, while the container throughput surged 21% to 29.9 million TEUs, according to the Vietnam Maritime Administration. The number of vessels passing through Vietnam's seaports hit 102,670, a rise of 2% year-on-year.
The volume of cargo handled by Vietnamese-owned ships was estimated at 140.9 million tons, up 3% from 2023. Container cargo reached 3.04 million TEUs, up 11%.
The fleet of Vietnamese-flagged vessels handled nearly 100% of the cargo on domestic maritime transport routes, excluding specialized ships like LPG and bulk cement carriers.
Financial statements for Q4/2024 revealed that several seaport companies have reported significant profit growth. Apart from the surging demand for maritime transport, securities broker Mirae Asset highlighted other factors impacting the financial results of the seaport sector.
These include the Ministry of Transport’s Circular 39, which adjusts the seaport service pricing framework, providing companies with better room to raise prices; the 10-15% year-on-year increase in transport rates; and a sharp rise in chartering rates.
At its recent conference to launch tasks for 2025, Vietnam Maritime Corporation (VIMC), registered on the Unlisted Public Companies Market (UPCoM) as MVN, announced that its maritime transport volume in 2024 totaled 20 million tons, exceeding its target by 22%. The company’s port system processed 145 million tons of cargo, up 27% from the previous year, with container throughput exceeding 6.2 million TEUs.
VIMC’s total revenue reached over VND24.81 trillion ($979.8 million), surpassing its target by 35%. Its consolidated pre-tax profit hit VND3.51 trillion ($138.6 million), a 65% hike from the previous year, marking its highest profit reported in the last three years. The company’s revenue and profit results exceeded its respective yearly targets by nearly 84.5% and 28.6%.
For Q4 alone, VIMC’s revenue reached over VND12.45 trillion ($491.66 million), 3.66 times higher than the same period in 2024. Its profit hit VND869 billion ($34.32 million), up 1.63 times.
VIMC’s subsidiary, Hai Phong Port JSC (UPCoM: PHP), also reported a strong profit increase in 2024. During a ceremony marking the 1 millionth TEU passing through Tan Vu Port in late December, PHP's leadership announced that in 2024, the total cargo throughput across the firm’s entire port system grew steadily, reaching approximately 40 million tons, with container throughput close to 2 million TEUs.
PHP’s revenue for 2024 reached VND2.91 trillion ($114.3 million), an all-time high and far exceeding the target of VND2.31 trillion.
In the first nine months of 2024, Hai Phong Port reaped 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 nearly 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.
For VIP Greenport JSC (UPCoM: VGR), despite a 19% decrease in net profit to VND87 billion ($3.44 million) in Q4/2024, the company’s overall results for the year were impressive.
Its revenue reached VND1.09 trillion ($43 million), up 22% compared to the same period last year. Its net profit for the year was VND340.7 billion ($13.45 million), a year-on-year rise of 25.5%. These are the highest revenue and profit figures for VGR since it registered its shares on the UPCoM.
VGR is a subsidiary of Vietnam Container Shipping Joint Stock Corporation (Viconship), which owns 74.35% of its capital. VGR owns VIP Greenport, which has two terminals with a total length of 400 meters. The average loading and unloading productivity is 28 moves per hour per device, while the container yard can accommodate 12,000 TEUs.
Other listed seaport companies also reported strong profit growth for 2024, such as Da Nang Port JSC with a net profit of VND301.3 billion ($11.9 million), up 9.44% year-on-year, and Dong Nai Port JSC with VND347.3 billion, up 18%.
Prospects for seaport stocks
Despite facing challenges due to global economic and political instability, Mirae Asset expects the volume of cargo passing through seaports nationwide in 2025 to remain positive, thanks to increasing public investment in transportation connectivity and seaport infrastructure.
The completion of projects to upgrade the Ha Nam and Cai Mep maritime routes has improved the capacity of ports in the region, attracting more new partners.
According to the inland waterway infrastructure development master plan for 2021-2030, with a vision to 2050, the Prime Minister has approved plans for seven central-level waterway routes connecting Hai Phong with neighboring localities.
Additionally, the Ministry of Transport recently gave in-principle approval to the dredging of the remaining sections of the upper routes of the Nam Dinh Vu port in Hai Phong city.
The broker also notes that changes in ship alliances starting in February 2025 will impact the reorganization of service routes and the selection of destination ports, leading to a redistribution of cargo between ports based on partner shipping companies.
Moreover, the new alliances are expected to create greater competition, particularly in the initial phase. Spot freight rates could slightly decrease in the short term due to the competitive efforts of shipping companies to attract partners.
Seaport companies are projected to continue their growth trajectory in the medium to long term, driven by sustainable growth potential in cargo volume and stable freight rate growth of 5-10% per year, especially after the adjustment of ceiling and floor prices under Circular 39.
“Investors may consider investing in stocks of seaport firms with strong financial structures that are implementing capacity expansion projects at strategic locations,” it advised.
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