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
What makes Viet Ha Brewery attractive to investors?
Despite posting relatively modest business results, Viet Ha Investment and Trading JSC has attracted strong investor interest thanks to its large cash holdings, extensive land bank and a portfolio of real estate projects in Hanoi.
Companies - Tue, May 19, 2026 | 9:13 pm GMT+7
Hanoi commences work on $6.3 bln highway corridor, $199 mln waste-to-power projects
Hanoi on Tuesday broke ground on two major infrastructure projects worth a combined VND167.25 trillion ($6.35 billion), underscoring the capital’s push to modernize transport networks and expand environmental infrastructure amid rapid urbanization.
Infrastructure - Tue, May 19, 2026 | 8:34 pm GMT+7
VSIP gets nod to develop $26 mln industrial park phase 2 in central Vietnam
Nghe An province authorities have approved VSIP as the investor for the second phase of Tho Loc Industrial Park, with an estimated investment of VND688 billion ($26 million).
Industrial real estate - Tue, May 19, 2026 | 4:18 pm GMT+7
Geleximco plans $300 mln high-tech livestock, tea cultivation project in northern Vietnam
Geleximco is seeking approval to invest $300 million in a large-scale high-tech livestock and tea cultivation project in Vietnam’s northern mountainous province of Tuyen Quang, marking the conglomerate’s potential entry into the country’s rapidly expanding livestock sector.
Industries - Tue, May 19, 2026 | 2:39 pm GMT+7
Underground space emerges as Hanoi’s ‘new growth axis’
As land availability in Hanoi’s urban core becomes increasingly constrained, the Vietnamese capital is beginning to look underground for future expansion rather than continuing the outward urban sprawl that has defined its growth for decades.
Economy - Tue, May 19, 2026 | 2:12 pm GMT+7
Brokerage exec explains prolonged net selling trend by foreign investors
The Vietnamese stock market has continued to record net selling by foreign investors though FTSE Russell on April 7 confirmed the reclassification from frontier to secondary emerging status, effective from September 21, 2026.
Finance - Tue, May 19, 2026 | 12:39 pm GMT+7
Brokerage VNDirect set to return to growth path after 2024 cyberattack: chairwoman
Pham Minh Huong, chairwoman of VNDirect Securities, said the brokerage has spent the past two years rebuilding its technology, operations and governance systems to adapt to a changing market environment, particularly following a cyberattack in 2024.
Companies - Tue, May 19, 2026 | 11:27 am GMT+7
Vietnam’s private sector entering ‘a new bright phase’: report
Vietnam’s private sector has moved beyond a defensive phase and is preparing for a new period of expansion despite persistent challenges, according to a report by the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Tue, May 19, 2026 | 10:54 am GMT+7
Surging fuel prices put pressure on Vietnam’s aviation, logistics industries
Global fuel prices remain elevated amid ongoing geopolitical instability, placing direct pressure on Vietnam’s aviation and maritime transport businesses.
Economy - Tue, May 19, 2026 | 8:00 am GMT+7
State-controlled stocks rally, lift VN-Index to record high
A broad rally in Vietnamese state-controlled stocks including VCB (Vietcombank), BID (BIDV bank), PLX (Petrolimex), BSR (Binh Son Refining and Petrochemical JSC), and GAS (PV Gas) helped push the benchmark VN-Index to a record high on Monday, despite lingering concerns over weakening market breadth and slowing momentum.
Finance - Mon, May 18, 2026 | 8:31 pm GMT+7
Work begins on $2.25 bln LNG power project in central Vietnam
A consortium consisting PV Power - a subsidiary of state-owned Petrovietnam, Nghe An Sugar Co. Ltd. and South Korea’s SK Innovation has broken ground on the $2.25 billion Quynh Lap LNG-fired power project, located in Nghe An province, central Vietnam.
Energy - Mon, May 18, 2026 | 6:52 pm GMT+7
Foreigners eligible to buy housing at extra 6 projects in HCMC
Ho Chi Minh City authorities have added six more residential developments to the list of housing projects eligible for ownership by foreign individuals and organizations, as Vietnam’s largest economic hub seeks to attract additional international investment into its property market.
Real Estate - Mon, May 18, 2026 | 5:52 pm GMT+7
Masan’s WinCommerce speeds up northern Vietnam expansion as April revenue jump 27%
WinCommerce, the retail arm of Vietnamese conglomerate Masan Group (HoSE: MSN), reported strong sales growth in April as the company accelerated store expansion across northern and central regions.
Companies - Mon, May 18, 2026 | 4:18 pm GMT+7
Vietnam pushes to build groundwork for domestic high-speed rail technology capability by 2028
Vietnam is accelerating efforts to develop homegrown technological capabilities for its planned high-speed railway network as the government seeks to reduce dependence on foreign contractors and turn the multi-billion-dollar infrastructure program into a catalyst for industrial upgrading.
Investing - Mon, May 18, 2026 | 3:59 pm GMT+7
Hoa Phat Group's member company emerges at 120 mln-ton iron ore mine after Chinese partner exits
A new entity backed by a member company of Hoa Phat Group and Dai Quang Minh Real Estate Investment Corporation's chairman Tran Dang Khoa has replaced the Chinese partner in the joint venture operating Quy Xa iron ore mine in northern Vietnam.
Industries - Mon, May 18, 2026 | 2:27 pm GMT+7
Central Vietnam province okays Hong Kong-invested $12 mln wood processing project
A VND315.6 billion ($12 million) wood manufacturing plant project, invested by Lehome International Co., Ltd. from Hong Kong, has received an investment registration certificate, contributing to increased FDI inflows into Gia Lai province’s industrial sector.
Industries - Mon, May 18, 2026 | 12:24 pm GMT+7
