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Top 7 port operators in Vietnam

Top 7 port operators in Vietnam

Saturday 27, 08 2022
Currently, there are about 45 seaports in operation in Vietnam. Over the past time, seaport infrastructure has been developed, which is an important driving force for the development of the marine economy. In addition, seaport operators also benefit a lot from this, growing in both scale and profit.

Below is a list of 7 largest seaport operators in Vietnam compiled by VietnamCredit.

1. GEMADEPT CORPORATION

Gemadept Corporation (GMD), formerly a state-owned enterprise, was established in 1990. In 1993, Gemadept became one of the first three companies in Vietnam to be equitized. Since then, the company has grown rapidly, and become one of the leading enterprises in Vietnam's logistics industry.

The company's production and business activities include:

  • Port operation

  • Specialized container transportation

  • Shipping agent, forwarder

  • Logistics

  • Transporting construction goods

  • Trading in real estate, industrial parks

  • Financial investment.

Gemadept Corporation

Gemadept is developing into a multi-industry corporation. With 24 subsidiaries, affiliates, head office in Ho Chi Minh City, a network spreading in major ports and big cities of Vietnam and some neighboring countries, Gemadept is affirming its important role in the Vietnamese economy.

In 2021, GMD recorded VND 3,205.9 billion in net revenue and VND 721.4 billion in profit after tax, up 23% and 64% respectively compared to 2020. In particular, revenue from port operation reached VND 2,762.4 billion, accounting for 86.2% of total revenue; the remaining VND 442.5 billion (accounting for 13.8%) was the revenue from logistics activities and other office leasing.

By the end of the year, the total assets of the company increased by 9.2% compared to the beginning of the year, reaching 10,737.5 billion VND. Specifically, cash and cash equivalents increased by 49% to VND 637.3 billion; short-term receivables from customers increased by 27.7% to VND 436.8 billion.

In 2022, Gemadept sets a target revenue of VND 3,800 billion and pre-tax profit of VND 1,000 billion, up 19% and 24% respectively compared to 2021.

2. PORT OF HAI PHONG JOINT STOCK COMPANY

Port of Hai Phong Joint Stock Company was formerly Hai Phong Port built by the French in 1874. Later in 1960, Hai Phong Port was renovated according to the design aided by the Soviet Union. After 22 years of construction and renovation, the port was basically completed with 11 berths with a total length of about 1,750 m in the main port area, which can welcome ships of 10,000DWT in and out for loading and unloading.

After many changes, on July 4, 2014, Hai Phong Port became a joint stock company. The company was officially listed on Hanoi Stock Exchange (HNX) with stock code PHP on 12/8/2015.

In 2021, PHP achieved a revenue of VND 2,284 billion, up 12.5% compared to 2020; profit after tax reached VND 694.6 billion, up 23% compared to 2020 and exceeding 27% of the plan set by the General Meeting of Shareholders. This is also the highest profit since the company was equitized.

The company explained that the increase in profit in 2021 was due to the change in product structure and the volume of goods through the port, leading to an increase in production and business revenue. On the other hand, financial expenses decreased but financial income increased due to fluctuations in the Japanese yen exchange rate.

Port of Hai Phong Joint Stock Company

PHP is currently the company with the largest charter capital among seaport operator on the stock exchange, with a charter capital of VND 3,269 billion.

With the advantages of scale and geographical location, the development potential of PHP is highly appreciated, but so far, the divestment and reduction of State ownership in Hai Phong Port has not taken place.

3. HAI AN TRANSPORT & STEVEDORING JOINT STOCK COMPANY

Hai An Transport and Stevedoring Joint Stock Company was established in 2009 with the initial goal of building and operating a port in Hai Phong area.

So far, the company has established 9 subsidiaries and affiliated companies operating in the fields of port operation, warehouse operation, container transportation, shipping agency, and logistics service with profits growing continuously since 2010.

Currently, Hai An owns a fleet of 8 quality container ships with a capacity of 700 to 1,800 TEUs, effectively operating on domestic and intra-Asia routes. With constant efforts, the company's fleet is currently in the top 100 largest fleets in the world, and is also one of the most prestigious domestic and intra-Asia container carriers.

With the goal of expansion and development, in 2015, the company was listed on the Ho Chi Minh Stock Exchange (HOSE) with the stock code of HAH.

In 2017, in order to diversify services, the company signed a joint venture contract with Pantos Holding Incorporation (Korea) to establish the first joint venture company - Pan Hai An Co., Ltd (PANHAIAN) ) to build a Logistics Center in Hai Phong area, providing warehousing services.

Hai An Transport and Stevedoring Joint Stock Company

Regarding the business situation, in the first 6 months of 2022, Hai An recorded a revenue of VND 1,615.15 billion and profit after tax of VND 437.15 billion, up 99.8% and 138.6% respectively compared to the same period last year.

Thus, compared with the plan of total revenue of VND 2,387.97 billion and profit after tax of VND 550 billion, after the first 6 months of the year, the company completed 67.64% of the revenue plan and 79.48% of the profit plan.

4. VIETNAM CONTAINER SHIPPING JOINT STOCK CORPORATION

Vietnam Container Shipping Joint Stock Company (VICONSHIP) was established on July 27, 1985. It was one of the first state-owned enterprises to provide container shipping services at that time. In 2002, the company was equitized and became a joint stock company. In 2008, its

Over 30 years of development, VICONSHIP has been one of the leading seaport operators and service providers in the professional logistics-supply chain in Vietnam.

In 2021, the company recorded revenue of VND 1,892.13 billion; profit after tax reached VNd 413.8 billion, up 12% and 39.6% respectively over the same period last year.

In 2021, VSC set a business plan with revenue of VND 1,700 billion and pre-tax profit of VND 445 billion. Thus, at the end of the fiscal year, the company completed 108.5% of the year's profit plan.

Vietnam Container Shipping Joint Stock Company

As of December 31, 2021, total assets of VSC increased by 32.9% compared to the beginning of the year, to VND 3,266.4 billion. In particular, the main assets were cash and short-term financial investments which reached VND 1,112.3 billion, accounting for 34.1% of total assets; fixed assets reached VND 810.9 billion, accounting for 24.8% of total assets; long-term financial investment reached VND 506.4 billion, accounting for 15.5% of total assets.

5. TAN CANG OFFSHORE SERVICES JOINT STOCK COMPANY

Established in 2012 as one of the three main business units of Saigon Newport Corporation, Tan Cang Offshore Services Joint Stock Company is now a reputable and professional maritime service provider in Vietnam. The company's core business services include supply of multi-purpose oil and gas service ships, watch ships and guard ships; towing, rescue and rescue service; underground surveying service; and transportation and installation (t&i) service.

In addition, the company also operates in the field of port operation management and other logistics services.

The company’s shares were listed on Upcom in September 2021. Listed at the right time when shipping stocks were "hot", TOS had 6 consecutive ceiling gains.

Tan Cang Offshore Services Joint Stock Company

The company's business results were also positive in 2021. In the fourth quarter alone, revenue increased 25% to VND 337 billion. However, the cost of capital was high, so gross profit dropped 47% to VND 49 billion. Thanks to the reduction in financial expenses - mainly interest expenses - from VND 31 billion to nearly VND 15 billion, equivalent to a reduction of more than half, profit after tax still increased by 8.4% over the same period, to over VND 27 billion.

For the whole year of 2021, revenue increased by 9% to VND 1,438 billion. Profit before tax reached VND 217 billion. Profit after tax increased by 17.8% to VND 188 billion.

6. SAI GON PORT JOINT STOCK COMPANY

Sai Gon Port Joint Stock Company is an enterprise providing seaport services with ownership/contribution of many seaports in Ho Chi Minh City and Ba Ria - Vung Tau areas such as Tan Thuan 1 (100% capital), Tan Thuan 2 (100% capital), Hiep Phuoc (90.54% capital), Korea Express (50% capital), SSIT (38.93% capital), SP-PSA (36% capital), Thi Vai General (21% capital), CMIT (15% capital).

The financial statements of the fourth quarter of 2021 of Saigon Port recorded a sudden increase in profit compared to the same period in 2020 thanks to the increased efficiency of main business operations and sudden profits from joint ventures and associates.

Specifically, the company achieved net revenue of VND 376.96 billion, an increase of 55.7% compared to the same period in 2020. The most significant contribution to the profit of Saigon Port was the profit from joint ventures and associates when reporting a profit of VND 472.06 billion, 21 times higher than the fourth quarter of 2020.

Sai Gon Port Joint Stock Company

With the surge from joint ventures and associates, Saigon Port recorded a profit after tax of VND 597.8 billion in the fourth quarter of 2021, 5.4 times higher than the fourth quarter of 2020. Profit after tax for the whole year reached VND 893.4 billion, nearly 4 times higher than in 2020, while net revenue reached VND 1,372.1 billion, up 46%.

Notably, with the sudden profit in 2021, Saigon Port ended the period of accumulated losses lasting for many years and started to have a profit surplus.

7. TAN CANG LOGISTICS & STEVEDORING JOINT STOCK COMPANY

Tan Cang Logistics & Stevedoring Joint Stock Company (TCL) is a subsidiary of Saigon Newport Company and is one of two enterprises exploiting and providing loading and unloading, warehousing and logistics services at Cat Lai port with an estimated market share of 40%.

Tan Cang Logistics & Stevedoring Joint Stock Company

Recently, the Company has announced the financial statements for the second quarter of 2022. For the first 6 months of the year, the company’s revenue reached approximately VND 668 billion, an increase of 10.98% over the same period last year and completed 53.76 % of year target. Profit after tax in 6 months reached more than VND 69.22 billion, increasing by 22.23% and completed 58.78% of the year plan.

Alice Hoang Thao – VietnamCredit

Tag: logistics company; vietnam logistics; largest seaport operator in vietnam

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