Vietnam's maritime heavyweight VIMC to expand container port services, bulk cargo transport

Vietnam Maritime Corporation (VIMC) will increase revenue and profit via expanding operations in areas such as container port services, bulk cargo transport, and shipping of agricultural products and steel, leveraging existing infrastructure and fleet advantages.

CEO Nguyen Canh Tinh made the statement at the company’s 2025 AGM on Wednesday.

He said that in 2025, a pivotal transition year between the two strategic phases of 2020-2025 and 2025-2030, VIMC aims to achieve at least 100% of the set targets, with pre-tax profit of VND3.08 trillion ($118 million) on consolidated revenue of VND20.8 trillion ($796.86 million).

To realize this, the company, formerly known as Vinalines, will optimize asset utilization, increase productivity at ports, reduce vessel turnaround times, improve container operations, and tighten cost management for fleet operations.

It will continue upgrading infrastructure and acquire new container ships, bulk carriers, and oil tankers aligned with market trends to ensure high investment efficiency, Tinh told the AGM.

VIMC will also promote sustainable development and digital transformation, strengthen operational discipline, streamline processes, build a smart logistics ecosystem, and enhance competitiveness.

"These efforts will lay a solid foundation for VIMC to make a breakthrough in the coming decade and affirm its leading role in Vietnam’s maritime and logistics services sector," he added.

2020-2025: From crisis to strategic reinvestment

Looking back on 2024, the CEO said that although the global economy continued to face numerous post-pandemic challenges, VIMC made strong efforts to restore growth and exceeded key business performance targets.

Specifically, the parent company VIMC achieved VND3.16 trillion ($121 million) in revenue, or 131% of the plan, and VND1.35 trillion ($51.72 million) in pre-tax profit, or 145% of the target.

The consolidated revenue of the entire corporation hit VND19.24 trillion ($737.1 million) or 143% of the target, with pre-tax profit of VND3.15 trillion ($120.68 million), 15% higher than the plan. These outcomes demonstrated VIMC’s effective governance and operational management over the past year, Tinh noted.

As a major highlight during the 2020-2025 period, at the end of 2023, VIMC fully cleared its accumulated losses and, for the first time since the restructuring period, resumed dividend payments.

This milestone marked a significant turnaround, reflecting the company’s strong recovery and improved financial stability.

According to Tinh, the board of directors proactively identified challenges, aligned closely with shareholder resolutions, developed annual action programs, and pushed for decisive implementation. As a result, the giant not only stabilized operations but also consistently outperformed its plans year after year.

VIMC is listed on the Unlisted Public Companies Market (UPCoM) as MVN, which closed Wedneday at VND59,100 ($2.26) per share.

The VIMC's AGM on Thursday elected a new leadership team. Notably, CEO Nguyen Canh Tinh was elected as chairman of the board of directors, while chairman Le Anh Son was elected as general director, replacing Tinh.