Vietnam's Vosco plans $104 mln tanker building in S Korea as part of long-term fleet expansion
Vietnam Ocean Shipping JSC (Vosco) plans to invest up to $104 million to build two new medium-range (MR) tankers, as the state-controlled firm accelerates fleet renewal despite weaker earnings and cash flow pressures.
Under the plan, Vosco (HoSE: VOS) will commission two 50,000-DWT vessels at South Korean shipyards, with deliveries scheduled for June and August 2028. Each vessel is capped at $52 million, and the company is expected to finance up to 75% of the cost through debt, using the ships themselves and other assets as collateral. Loan tenors are projected at seven years.
A Vosco-owned container vessel. Photo courtesy of the firm.
The investment marks a key step in Vosco’s longer-term strategy to expand its fleet capacity to one million DWT by 2030, up from around 670,000 DWT across 18 vessels at the end of 2025.
The expansion comes as the company navigates a more challenging financial backdrop. In 2025, Vosco reported revenue of VND3.1 trillion ($117.86 million), down 44.3% year-on-year, while net profit fell 9.1% to VND304.7 billion ($11.57 million).
Earnings were partially supported by one-off gains from vessel disposals. In Q4/2025, Vosco gains VND223 billion ($8.47 million) from the sale of the 53,552 DWT vessel Vosco Unity, built in 2004. However, this was lower than the roughly VND400 billion ($15.19 million) gain recorded in 2024 from the sale of the Dai Minh vessel, contributing to the overall decline in profitability.
Operationally, the company faced headwinds from extended dry-docking and maintenance cycles across several ships, including Vosco Sky, Vosco Starlight, and Fortune Freighter, which reduced revenue generation while fixed operating costs persisted.
Cash flow also deteriorated, with operating cash flow turning negative at VND129.6 billion ($4.92 million), compared with a positive VND68.5 billion ($2.6 million) a year earlier.
VOS shares were traded at VND12,800 ($0.49) each on Wednesday afternoon.
- Related News
- Read More
Vietnam's Vosco plans $104 mln tanker building in S Korea as part of long-term fleet expansion
Vietnam Ocean Shipping JSC (Vosco) plans to invest up to $104 million to build two new medium-range (MR) tankers, as the state-controlled firm accelerates fleet renewal despite weaker earnings and cash flow pressures.
Companies - Wed, April 15, 2026 | 2:39 pm GMT+7
From property broker to developer: Is Khai Hoan Land Group ready?
Khai Hoan Land Group (HoSE: KHG) has set relatively ambitious targets for 2026, aiming for net revenue of VND1.25 trillion ($47.48 million) and net profit of VND123 billion ($4.67 million), roughly doubling year-on-year, as it seeks to transition from a brokerage-focused model to a property developer.
Real Estate - Wed, April 15, 2026 | 1:27 pm GMT+7
Vietnam-flagged vessel transits Strait of Hormuz, Vietnamese shipping firms seek support from authorities
The successful transit of the NV Sunshine through the Strait of Hormuz to load cargo in the UAE has raised strong expectations for subsequent voyages.
Economy - Wed, April 15, 2026 | 12:20 pm GMT+7
Novaland says revenue, profit inflection point to come from 2027
Major Vietnamese developer Novaland said it expects a meaningful pickup in revenue and profit from 2027, as 2026 will only see limited recognition despite the resumption of sales.
Companies - Wed, April 15, 2026 | 8:17 am GMT+7
Vietnam's central bank to continue easing bias on interest rates
State Bank of Vietnam said it will continue steering interest rates lower to support economic growth, while maintaining a careful balance with inflation control.
Banking - Tue, April 14, 2026 | 9:16 pm GMT+7
Vinhomes targets record $1.9 bln profit, bets on transit-oriented development strategy
Vinhomes, a subsidiary of conglomerate Vingroup (HoSE: VIC), has outlined a record-breaking 2026 business plan, targeting net profit of VND50 trillion ($1.9 billion), up 18.7% year-on-year, as Vietnam’s largest listed developer positions for a selective recovery in the property market.
Companies - Tue, April 14, 2026 | 4:55 pm GMT+7
Hanoi eyes mega underground reservoir system to tackle flooding
Hanoi is planning an ambitious underground infrastructure network, including a massive “super reservoir” system, as part of a 100-year urban development vision aimed at tackling chronic flooding.
Infrastructure - Tue, April 14, 2026 | 4:33 pm GMT+7
GG Power launches internationally standard energy storage battery plant
GG Power, a wholly Vietnamese-owned firm, has debuted a battery energy storage system (BESS) manufacturing plant in Hung Yen province, marking a milestone in the country’s push into high-tech energy industries.
Industries - Tue, April 14, 2026 | 11:47 am GMT+7
Firms need legal clarity, non-criminalization of business risks to invest boldly: lawyer
Businesses will only commit to large-scale investments and long-term strategies when the legal framework is transparent and consistent, without mechanical criminalization of business risks, said a lawyer at Baker & McKenzie.
Economy - Tue, April 14, 2026 | 8:58 am GMT+7
Generational transition must strengthen, not just transfer, leadership: SHB bank vice chairman
Do Quang Vinh, vice chairman of Vietnamese private bank SHB, said generational transition in Vietnamese companies should focus on strengthening capabilities rather than simply transferring authority, as firms enter a new phase of development.
Companies - Mon, April 13, 2026 | 10:33 pm GMT+7
Vietnam’s textile giant Vinatex posts 31% profit jump in Q1, braces for potential trade risks
Vietnam National Textile and Garment Group (UPCoM: VGT) reported Q1 profit rising 31% year-on-year, as improved yarn margins and stable garment orders helped offset a volatile global backdrop.
Companies - Mon, April 13, 2026 | 5:07 pm GMT+7
Private sector – 'one most important growth driver': legislator
After 40 years of Doi moi (reform), Vietnam's private sector has surged to become "one most important growth driver", helping build a more autonomous, self-reliant and resilient economy, says Phan Duc Hieu, a member of the National Assembly's Economic and Financial Committee.
Economy - Mon, April 13, 2026 | 4:37 pm GMT+7
Vietnam conglomerate Thaco’s 2025 profit jumps 65% to $251 mln
Vietnamese conglomerate Thaco posted strong earnings growth in 2025, with net profit from its core operations surging over 65% on the back of its real estate segment, according to newly released disclosures from Singapore-based shareholder Jardine Matheson.
Companies - Mon, April 13, 2026 | 2:58 pm GMT+7
Vietnamese private economic groups: Achievements, efforts and paradoxes
If we place Vietnam's private sector in the context of the region and the world, a clear paradox emerges: numerous but not yet strong, dynamic but not yet profound, making significant contributions but maintaining a modest position in the global value chain, writes Dau Anh Tuan, deputy secretary general of the Vietnam Federation of Commerce and Industry (VCCI).
Economy - Mon, April 13, 2026 | 1:57 pm GMT+7
Dung Quat oil refinery operator BSR posts strong Q1 profit amid energy market volatility
Binh Son Refining and Petrochemical JSC (HoSE: BSR), the operator of Vietnam’s first oil refinery Dung Quat, reported estimated Q1 net profit of nearly VND3.35 trillion ($127.1 million), more than eight times higher than a year earlier, despite global energy market disruptions linked to Middle East tensions.
Companies - Mon, April 13, 2026 | 11:57 am GMT+7
