Vietnam Maritime Corp. Charts a Bold Growth Course
Steady Revenue Growth on the Horizon
Vietnam Maritime Corp., previously recognized as Vinalines, has set an ambitious trajectory for revenue over the next decade. By 2035, the company aims to generate
$3 billion in revenue, marking more than a threefold increase from its 2025 goal of
$800 million.
Expanding the Fleet
A fleet expansion is at the core of Vietnam Maritime Corp.'s growth strategy. The company currently operates
48 ships, inclusive of seven container vessels. Over the next five years, the fleet is expected to grow at an annual rate of
20%, ensuring they stay ahead in meeting global shipping demands.
Modernizing Infrastructure
To support its fleet and enhance operational efficiency, Vietnam Maritime is upgrading its port facilities to accommodate larger vessels. The company holds stakes in
16 seaport operators managing over
80 wharves, which make up approximately
26% of Vietnam’s total dock infrastructure. Additionally, efforts are underway to expand global shipping routes.
Planned Seaport Investments
Vietnam plans considerable investments in its seaport system—about
$13.8 billion by 2030. Among the projects is a
$4.5 billion transit port initiative in Can Gio, which aims to solidify the nation as a key player in global trade logistics.
Strategic Partnerships Amid Privatization
As part of its strategy to adapt to the evolving market landscape, Vietnam Maritime seeks a strategic partner with substantial maritime experience. The company also plans to reduce the government’s stake from
nearly 100% to
65% later this year.
Positioning for Resilience Against Trade Policies
Vietnam's export-driven economy, making up about
85% of its GDP, faces potential headwinds from global trade shifts, particularly from U.S. tariffs. With a
$100 billion trade surplus with the U.S. in 2023, Vietnam's economic outlook is intricately tied to navigating these challenges effectively.
Consistent Growth in Port Traffic
Container traffic through Vietnamese ports is forecasted to grow at a steady annual rate of
4%. This reflects global trade patterns but also underscores Vietnam's strategic role as a major Southeast Asian trade hub.
Impressive Financial Turnaround
Vietnam Maritime Corp. demonstrated strong financial performance in 2024 with a pretax profit of
3.5 trillion dong, a
65% increase from the prior year. Total revenue grew by
30%, reaching
18.2 trillion dong. This remarkable growth highlights the company’s resilience and operational efficiency.
Recovery from 2013 Bankruptcy
The company's success story is amplified by its recovery from a near-bankrupt state in 2013. By the third quarter of 2023, Vietnam Maritime had erased all accumulated losses, cementing its position as a revitalized market leader.
