Vietnam Maritime Corporation: Navigating Growth in 2025
By My Ha, Minh Hue
Wed, February 5, 2025 | 3:20 pm GMT+7
Vietnam Maritime Corporation (VIMC) stands on the brink of remarkable growth in 2025, a trajectory propelled by significant developments in the maritime sector and the government’s pivotal approval of the Can Gio mega-port project in Ho Chi Minh City. Following a tremendously successful 2024, VIMC’s prospects shine bright as the company carves its path to becoming a key player in Southeast Asia’s logistics landscape.
An illustration of the Can Gio International Transshipment Port in Ho Chi Minh City, southern Vietnam. Photo courtesy of VIMC.
VIMC Stock Soars Amid Market Volatility
As the Year of the Dragon came to a close, VIMC’s stock (UPCom:MVN) surged dramatically from approximately VND32,000 to VND76,900 ($3.05) per share. This impressive uptick—over 140% in just three months—occurred against the backdrop of a sluggish market and exceeded previous historical highs from June 2024. The excitement surrounding the stock was closely tied to the anticipated developments from the Can Gio International Transshipment Port project, marking a new chapter in Vietnam’s port operations.
High Expectations for the Can Gio Mega Port
On January 16, 2025, a significant milestone was reached when Deputy Prime Minister Tran Hong Ha granted in-principle approval for the Can Gio project. Envisioned to cover 571 hectares on Go Con Cho Islet, the port has a projected investment of no less than VND50 trillion ($1.99 billion). This strategic initiative will not only enhance Vietnam’s maritime capabilities but also position the nation as a competitive player in the global shipping arena.
Can Gio International Transshipment Port is meant to handle vessels with a capacity of up to 24,000 TEU (Twenty-foot Equivalent Unit), aiming to solidify Ho Chi Minh City’s status as a leading transshipment hub in Southeast Asia, rivalling powerhouses like Singapore and Malaysia. Predicted to be the largest port in Vietnam, the groundbreaking ceremony is anticipated on May 30, 2025, pending final approvals.
Project Leadership and Investment Strategies
The Can Gio mega-port project is spearheaded by a collaboration between Saigon Newport Corporation, a member of VIMC, and Terminal Investment Limited Holding S.A, a subsidiary of MSC—the world’s second-largest shipping company. Saigon Newport estimates that the project will require about $5.3 billion in total investment, targeting a capacity of 16.9 million TEUs. This infrastructure is expected to address around 25% of Vietnam’s seaport traffic needs by 2030.
Nguyen Canh Tinh, CEO of VIMC, underscored the strategic significance of the Can Gio port, stating it will enhance Vietnam’s maritime industry, reduce shipping times, and cut domestic logistics costs. This advancement opens new doors for Vietnam to integrate more deeply into the global supply chain.
Profitability on the Rise
In conjunction with these developments, VIMC recorded impressive profit margins in 2024. The corporation handled 20 million tons of cargo, exceeding its target by 22%. In the seaport sector, throughput reached an astounding 145 million tons—a 26% increase from the previous year—demonstrating the company’s pivotal role in Vietnam’s trade infrastructure.
VIMC reported a record revenue exceeding VND17 trillion ($675.14 million), representing a robust 33% increase compared to 2023. The surge was largely propelled by port operations and maritime services, which alone generated VND7.63 trillion in revenue—a year-over-year increase of 19%. Shipment revenues also climbed to VND4.52 trillion, while robust sales figures rose to VND4.31 trillion, signifying a dramatic recovery from previous financial figures.
Additionally, various ventures reported extraordinary profits, approaching VND1.34 trillion ($53.2 million) in earnings—nearly quadrupling the profits of the previous year. The corporation’s focus on selective asset sales generated VND722 billion in profits, substantially higher than the VND83.6 billion from 2023.
Innovating Maritime Services
Despite experiencing a decline in fleet capacity, VIMC successfully exceeded its shipping targets through strategic vessel chartering and expanding its operational footprint. With VIMC Lines—its subsidiary—launching new routes connecting Malaysia, Singapore, and Indonesia, the firm is poised to enhance its market presence significantly.
In addition to progress on the Can Gio port, VIMC is close to completing container terminals No. 3 and No. 4 at Lach Huyen Port in Hai Phong. These terminals are advancing towards operational readiness, with construction ongoing and preparations scheduled for early 2025.
Future Endeavors
Looking forward, VIMC plans to prioritize ongoing projects such as Lach Huyen Port, Lien Chieu Port, and the Can Gio International Transshipment Port in 2025. The corporation is strategically aligning itself with international shipping leaders to rapidly develop its national fleet, enabling the export of Vietnamese goods without relying on transshipment through third countries.
On the Unlisted Public Companies Market (UPCoM), MVN closed at VND80,800 ($3.21) per share recently, indicating investor confidence amid ambitious growth plans for the future. As VIMC charts its course, the coming years promise a transformative impact not just for the corporation, but for the entirety of Vietnam’s maritime sector.