Vietnam’s Port Operators Showcase Remarkable Growth in Q2 2025
By An Kiet, Chau Anh
Sun, August 10, 2025 | 10:21 am GMT+7
The maritime landscape in Vietnam is witnessing a robust phase of prosperity, especially evident in the quarterly financial reports from various port operators throughout the nation. Many have reported significant net profit increases for Q2 2025, indicating a promising trajectory for the sector.
Prominent Players in the Industry
One standout is Vietnam Container Shipping JSC (Viconship), based in Hai Phong. This major player has not only met but exceeded expectations with a 12.55% increase in net revenue year-on-year, amounting to VND 807 billion ($30.77 million). More impressively, their net profit surged by 62.51% to VND 148.7 billion ($5.67 million). In the first half of the year, Viconship’s revenue stood at nearly VND 1.5 trillion ($57.2 million), marking a 15% increase. This momentum placed them at about 54% of their annual revenue target and 79% of their profit goal, signaling a strong performance since the start of their data tracking in 2009.
Success Across Affiliates
The success was echoed across Viconship’s subsidiaries. Vip Greenport JSC (UPCoM: VGR) noted a striking Q2 profit increase of 35%, reaching VND 125.2 billion ($4.77 million). In the same period, Hai An Transport & Stevedoring JSC (HoSE: HAH)—in which Viconship holds a 13.5% stake—saw its Q2 revenue soar by 34% to VND 1.27 trillion ($48.42 million), with a record net profit explosion of 227.3%, hitting VND 414.3 billion ($15.8 million).
Notable Performances beyond Viconship
Not only did Viconship thrive, but Saigon Port JSC (UPCoM: SGP) in Ho Chi Minh City also exhibited remarkable growth, with a Q2 net profit increase of 49.58% to VND 106.8 billion ($4.07 million). This growth was attributed to various factors, including a rise in bank deposit interest, favorable exchange rate differences, and higher associated profits, particularly from SP-SSA International Terminal (SSIT).
Similarly, Gemadept Corporation (HoSE: GMD) celebrated substantial gains, reporting a 26.7% increase in revenue to VND 1.5 trillion ($57.2 million) alongside a 39.1% rise in net profit—to VND 581.54 billion ($22.17 million)—for the same quarter. Remarkably, excluding returns from a significant divestment, their net profit climbed 44.8%.
Mixed Outcomes among Competitors
However, the story isn’t universally rosy. The Port of Hai Phong JSC (UPCoM: PHP) and Vietnam Maritime Corporation (UPCoM: MVN) experienced significant declines in Q2 net profit, at 18.22% and 46.76%, respectively. MVN holds a 92.56% stake in PHP, complicating the landscape of success in the sector.
Navigating Future Growth Strategies
The current growth trajectory in Vietnam’s port sector coincides with global industry shifts towards larger container vessels. Acknowledging this trend, the Ministry of Construction has initiated development plans for three major port clusters—Hai Phong, Da Nang, and HCMC—projecting substantial increases in handling capacity by 2030.
Vietnam plans to elevate its port infrastructure to meet the demands of modern shipping, which includes constructing expressways to link deep-water ports with industrial zones. This infrastructure enhancement is crucial for alleviating transport bottlenecks, thereby providing cost savings for clients and increasing operational efficiency.
The Role of International Trade in Port Demand
Key analysts predict that steady improvements in port infrastructure and increased deep-water handling capacity will position Vietnam favorably in the global maritime sector. Expectations also indicate a potential rise in container handling fees, owing to rising demand fueled by trade and foreign direct investment (FDI).
The latest data from the National Statistics Office highlights a healthy increase in trade, with July figures reaching an impressive $82.27 billion—an 8% month-on-month uptick. This consistent growth in trade continues to elevate demand for cargo transshipment through Vietnamese ports.
Moreover, FDI inflows in 2025 reflect optimism, showing a 27.3% increase to $24.09 billion in the first seven months. The diverse sources of this investment bode well for the country’s logistics and manufacturing sectors, as they engage more deeply with international trade frameworks.
A Bright Horizon for Vietnam’s Shipping Sector
With a plethora of investments expected in port infrastructure to accommodate an array of shipping lines, it is clear that Vietnam is rapidly cementing its status as a pivotal link in global supply chains. Industry players, buoyed by advantageous geography and improving operational capabilities, are set to navigate deeper waters as they steer towards an even more prosperous future.