Over 10 million TEUs were handled in the first four months of this year—a 6 per cent increase YoY.
Export turnover reflected a clear ‘front-loading’ trend, with shipments to the United States climbing by 34-36 per cent YoY, nearly double the growth rate in the first quarter this year.
Port operators recorded strong earnings on the back of rising cargo volumes, VCBS estimates.
Gemadept Corporation posted Q1 2025 revenue of 1.27 trillion VND ($48.9 million)—up by 27 per cent YoY, with a gross margin of 44 per cent, though net profit dipped slightly due to the absence of extraordinary income.
Nam Dinh Vu Port saw a 29 per cent increase in volume and operated at 119 per cent utilisation, while Gemalink handled 440,000 TEUs—up by 25 per cent.
The Port of Hai Phong Joint Stock Company reported 577 billion VND in revenue and 145 billion VND in profit, with its Lach Huyen terminals 3 and 4 officially beginning operations on May 13, lifting total capacity to 3.2 million TEUs.
Saigon Port saw post-tax profits rise by 120 per cent to 111 billion VND. The average container throughput increased by 40 per cent.
Viconship posted a 16-per cent increase in revenue and 80-per cent profit growth, processing 281,000 TEUs—up by 15 per cent YoY.
A global oversupply of container vessels poses a major threat to growth in the second half this year.
The country’s port capacity is also set to expand significantly. Nam Dinh Vu Phase 3 (800,000 TEUs) is scheduled to open by the end of 2025. Gemalink Phase 2A (over 600,000 TEUs) is under review. A new series of terminals at Lach Huyen could add another 3 million TEUs over the next two years.
This expansion poses a risk of overcapacity, potentially compressing profit margins as ports compete for cargo volumes and are forced to raise service incentives to attract shipping lines, a domestic media outlet reported.
And if US reciprocal tariffs rise by 10-15 per cent above regional averages after July 9, Vietnamese exports to this country, which currently account for about 30 per cent of container export volume, may shrink significantly.
ALCHEMPro News Desk (DS)
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