Containers being loaded on a vessel at the VIP Green Port. — Photo vipgreenport.com.vn
The Vietnamese logistics sector is poised for transformative growth, with Vietnam Container Shipping JSC (Viconship) emerging as a standout player.
As trade dynamics shift under the potential policy changes of the president-elect, the company is well-positioned to capitalise on increased regional supply chain realignments.
Viconship has completed divesting from its associated entity, PTSC Đình Vũ, in the third quarter, generating over VNĐ88 billion. This move reflects its focus on optimising operations across its three strategic ports: VIMC Đình Vũ, Nam Hải Đình Vũ Port and VIP Green.
Together, these ports form a seamless 1,500-metre dock system, eliminating operational inefficiencies such as relocating vessels during peak seasons - a challenge that historically accounted for up to 27 per cent of annual revenue.
This operational consolidation positions Viconship as the largest player in the Hải Phòng port cluster, managing four ports with a total capacity exceeding 2 million TEUs and commanding a 30 per cent market share.
In October, Viconship made another move, increasing its stake in Vinaship from 2.46 per cent to 40.01 per cent through a VNĐ345 billion acquisition, becoming Vinaship’s second-largest shareholder. This acquisition complements Viconship’s logistics ecosystem, leveraging Vinaship’s fleet of five vessels with a combined transport capacity of 96,000 DWT.
This strategic investment aligns with Viconship’s vision of offering a comprehensive logistics service portfolio, reinforcing its competitive edge and enabling it to seize future growth opportunities.
According to DSC Securities, Viconship stands to benefit significantly if President Trump implements a 60 – 100 per cent tariff on Chinese imports. Such a policy would likely drive manufacturers to relocate production to Việt Nam, strengthening the nation’s role as a regional manufacturing hub.
Hải Phòng, as the primary maritime gateway for northern Việt Nam’s industrial zones, is expected to see increased trade flows.
In Q3 alone, Viconship’s ports recorded double-digit growth in cargo throughput, underscoring the rising demand for its services.
In the first nine months of 2024, Viconship reported net revenue of over VNĐ2 trillion (US$79.2 million) and profit before tax of VNĐ306 billion, representing year-over-year increases of 29 per cent and 79 per cent, respectively.
These figures indicate the company has achieved 96 per cent of its annual profit target.
Despite its strong positioning, Viconship faces mounting competition.
In Q1/2025, Port of Hải Phòng JSC will begin operations at Terminals 3 and 4 of Lạch Huyện Deep-Sea Port and Gemadept is set to break ground on Phase 3 of Nam Đình Vũ Port in the fourth quarter of 2024, with a target of beginning operations by December 2025.
These developments will increase capacity in the Hải Phòng cluster, compelling Viconship to innovate and enhance operational efficiencies to maintain its market leadership.
On the stock market, shares of Viconship closed Tuesday at VNĐ16,050 per share, up 0.63 per cent. —
VNS