Vietnam’s largest container fleet operator Hai An expects growth after 'handshake' with Viconship

The combination of two Vietnamese giants, Hai An and Viconship, in the field of transportation and seaports in Hai Phong city is expected to open up many opportunities for both sides.

The "handshake" is even more meaningful in the context that this industry is being affected by the story of "reciprocal tax". Hai Phong is a port hub in northern Vietnam.

Behind the price hikes of HAH shares

In the stock market, Hai An Transport and Stevedoring JSC (HoSE: HAH) is a notable stock as it has risen by neary 43.38% since the beginning of 2025, far exceeding the increase of VN-Index by nearly 3.5%.

HAH is also among the 16 stocks with strongest growth on the Ho Chi Minh Stock Exchange (HoSE). According to experts, the rise of HAH shares is partly due to its ambitious business plan.

According to documents set to be presented at its 2025 AGM, the board of directors plans to achieve revenue of VND4,556 billion ($174.1 million) and profit after tax of VND865 billion ($33.05 million) this year.

The targets have been adjusted to increase compared to the initial figures set in mid-February 2025 (total revenue of VND4,243 billion and profit after tax of VND702 billion).

If the targets are fulfilled, they will be the highest revenue and profit in HAH's history.

The attractiveness of HAH shares also comes from the dividend of up to 40%, with 10% paid in cash and 30% in shares.

Although these targets are very high, they are considered to be completely reasonable.

HAH's Q1 business results were positive, with net revenue of VND1,169 billion ($44.66 million) and after-tax profit of the parent company of VND233 billion, up 66% and 293% respectively year-on-year, completing 26% and 27% of the year's plans.

Another driving force of HAH share gains is the appearance of a large shareholder group related to Vietnam Container Shipping Joint Stock Corporation (Viconship - HoSE: VSC), a leading seaport operator and service provider in Vietnam

In April 2025, Viconship became a major shareholder at Hai An when the company successfully purchased nearly 1.78 million HAH shares, thereby increasing its ownership ratio to 5.399%. To date, the Viconship group owns nearly 19.9 million HAH shares, equivalent to a 15.307% stake.

"Formidable" strength of the two heavyweights

Given the global uncertainties, notably the story of reciprocal taxes, analysts assess that the alliance between Hai An and Viconship will help the two giants become stronger.

An industry expert commented: “In the maritime transport industry, the most important factor for a company is long-term relationships that its leaders have built with customers which are major shipping lines in the world. This is one of the notable strengths of Hai An.”

With the foundation and relationships built by generations of leaders, Hai An, established in 2009, has gradually perfected its closed operating model through seaport services, ship exploitation, and other services like dry ports, CFS warehouses, and shipping agents.

Pursuing a development strategy focusing on ship operations, continuously expanding and rejuvenating its fleet, and participating in regional shipping routes, in the period 2021-2023, Hai An has invested in purchasing and building nine more ships, in addition to the seven ships operating from before 2021.

As of end-August 2024, Hai An had owned 15 ships, with a total capacity of 23,000 TEU, equivalent to 31% of the domestic container capacity market share.

In September 2024, the firm decided to invest in an additional old Panamax ship with a capacity of 3,500-5,000 TEU, so as to participate in more distant regional shipping routes.

ACBS Securities experts expect that this strategy, along with the completion of the delivery of new vessels, would help Hai An reach its profit peak in the 2024-2025 period in the context of positive container output and vessel rental rates.

Meanwhile, Viconship is known for many notable M&A deals in the past two years. In 2023, the company spent nearly VND1,005 billion ($38.4 million) on a 35% stake at Nam Hai Dinh Vu Port Company Limited, thereby owning the Nam Hai Dinh Vu port project which is located on a prime site at the mouth of Cam River in Hai Phong.

In June 2024, Viconship purchased an additional 28.33% stake of Nam Hai Dinh Vu Port from Huy Hoang Import-Export Metal Trading Company Limited. In October 2024, the giant increased its ownership at Vinaship Shipping JSC to 40.1%.

At its 2025 AGM, Viconship's board of directors said it would promote logistics (warehousing, domestic transportation), cooperate more closely with Asian shipping lines, and optimize the operating capacity at Nam Hai Dinh Vu Port and VIP Green.

Sharing with local media before Hai An's 2025 AGM, scheduled to be held on June 26, Hai An's chairman Vu Thanh Hai said that in recent years, Viconship has expanded its investment in businesses in the same industry to complete its supply chain. "Viconship's ecosystem will efficiently supplement Hai An's core activities."

The "handshake" between the two shipping giants is expected to create opportunities for mutual development as their business categories complement each other.

If Hai An has experience and advantages in an international business network, the infrastructure in the ecosystem related to Viconship will complement this alliance to "take root" deeper in the domestic market.

This will be the basis for both sides to consolidate their core business activities and further participate in the global shipping industry's value chain.

With such a vision, Hai said that representatives of both sides had a number of discussions to share views and plans for the upcoming AGM. Hai An has proactively carried out a number of necessary procedures for Viconship to conveniently participate in the AGM as a major shareholder, he added.

On the HoSE, Hai An's HAH shares closed Monday at VND69,500 ($2.66) apiece, while the tally for Vinconship's VSC shares was VND16,150 ($0.62).