Vietnam's shipping major Vinaship to pay first cash dividends after 14 years

By Tuong Nhu, Minh Hue
Mon, July 7, 2025 | 4:36 pm GMT+7

Vinaship, a major shipping firm in Vietnam, plans to pay cash dividends for the first time in the past 14 years, at a total of approximately VND20.4 billion ($779,670).

 A vessel of Vinaship. Photo courtesy of the company.

A vessel of Vinaship. Photo courtesy of the company.

The company, registered on the Unlisted Public Companies Market (UPCoM) as VNA, announced that July 15 is set to be the final registration date for compiling a list of shareholders eligible for a 6% cash dividend.

Shareholders holding one share will receive VND600 (over $0.02). The payment date is set for October 20. Currently, the firm has nearly 34 million floating shares.

In its history of trading on the stock exchange, Vinaship paid a 20% cash dividend in 2008 and 2010. However, from 2011 to 2023, the company suspended dividend payouts due to financial constraints. In 2024, it planned to issue a 70% share dividend, but is now able to pay cash dividends.

Seeking shareholder approval to sell another vessel

In the 2021-2022 period, amid soaring freight rates due to supply chain disruptions caused by the Covid-19 pandemic, similar to many other transport companies, Vinaship benefitted significantly, recording surging revenue and profit, which greatly improved its financial situation.

Specifically, its revenue during this period reached between VND853 billion and VND1.05 trillion ($40.12 million), while after-tax profit ranged from VND178 billion to VND252 billion ($9.63 million), far exceeding the previous years' few dozen billion VND (VND10 billion = $382,241). However, in 2023-2024, its revenue declined to around VND600 billion, and profit dropped to between VND36-66 billion.

In Q1/2025, the company reported a 5% decrease in revenue, down to VND127.4 billion ($4.87 million), with after-tax profit of only VND83 million ($3,172).

Vinaship explained that its dry cargo fleet primarily operates on Southeast Asian and Northeast Asian routes, using a combination of chartered trips and fixed-rate contracts, with main goods being cement, clinker, coal, rice, and fertilizers.

The fleet's operations and business results in Q1 were affected by the prolonged Lunar New Year holiday, which limited commercial activities, reduced transport demand, and caused a sharp drop in freight rates.

Additionally, the operational time of the Vinaship Unity vessel was affected because it underwent scheduled repairs from late 2024 until January 15, 2025. Moreover, there were no significant profits or other income during this period.

This year, Vinaship aims to earn VND745 billion ($28.7 million) in revenue and VND117.5 billion ($4.49 million) in pre-tax profit. The company also plans to sell the Vinaship Pearl vessel, IMO number 9114488, a dry cargo ship with a capacity of 24,241 DWT, built in 1996.

Recently, it announced an intention to seek shareholder approval to sell one more ship in 2025. This vessel is Vinaship Sea, with a capacity of 27,841 DWT, built in 1998 in Japan.

In 2024, the company sold two vessels, Vinaship Star and Vinaship Diamond, for VND129 billion or $4.93 million (excluding VAT). In contrast, it purchased the Vinaship Unity for VND293.2 billion, with delivery scheduled for December 2, 2024.

Vinaship's leadership has planned to invest in two dry cargo vessels this year, with an estimated total cost of approximately $13 million per ship. The plan is expected to be implemented from Q1/2025 until the 2026 AGM.

Risk of being removed from public company status

At this year's AGM, Vinaship shareholders approved an important motion to move its stock listing from the UPCoM to the Ho Chi Minh Stock Exchange (HoSE).

However, according to a report from the board of directors on May 14, the shareholder structure of Vinaship is quite concentrated. Vietnam Maritime Corporation holds 51% of the shares, while Vietnam Container Shipping Joint Stock Company (Viconship) 40.01%. Other shareholders own only 8.99%.

With this shareholder structure, the company does not meet the requirement of having at least 10% of shares with voting rights held by non-major shareholders, as stipulated for public companies.

The board has stated that it will report this situation to the two major shareholders to find appropriate solutions, ensuring compliance with legal regulations.

In the stock market, VNA closed Monday at VND19,200 ($0.73) per share.

Comments (0)
  • Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7

Tool for wood traceability management debuts in Vietnam

Tool for wood traceability management debuts in Vietnam

The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.

Companies - Mon, September 15, 2025 | 10:00 pm GMT+7

Sun Group, US Embassy foster aviation-hospitality cooperation

Sun Group, US Embassy foster aviation-hospitality cooperation

Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.

Companies - Mon, September 15, 2025 | 9:54 pm GMT+7

Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.

Companies - Mon, September 15, 2025 | 8:10 pm GMT+7

Central Vietnam to have new airport Mang Den

Central Vietnam to have new airport Mang Den

Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.

Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7

Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital

Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital

The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.

Economy - Mon, September 15, 2025 | 2:20 pm GMT+7

Agribank introduces sizable $4.17 bln preferential credit package

Agribank introduces sizable $4.17 bln preferential credit package

Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.

Companies - Mon, September 15, 2025 | 1:32 pm GMT+7

'Precious space' in Vietnam's monetary policy

'Precious space' in Vietnam's monetary policy

The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.

Economy - Mon, September 15, 2025 | 10:15 am GMT+7

Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS

Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS

The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).

Banking - Mon, September 15, 2025 | 8:04 am GMT+7

Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026

Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026

A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.

Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7