Hai An Transport and Handling Joint Stock Company Placed Under Tax Audit

Vietnam’s Tax Department (Ministry of Finance) has issued Document No. 1927 to tax authorities nationwide to strengthen tax inspection and management of enterprises that have reported losses for many years or have only thin profits.

List of targeted enterprises

The Tax Department compiled a detailed list of 302 enterprises with revenue exceeding 1,000 billion VND. The companies are located nationwide, with a concentration mainly in Ho Chi Minh City, Hanoi, Bac Ninh, Hung Yen, Ninh Binh, Dong Nai, Phu Tho, among other localities.

According to the Tax Department, the firms were identified from tax data. Tax authorities will select large-revenue enterprises with thin profits or loss-making performance for inspection and review based on their tax records across the country.

Among the companies named is Hai An Transport and Handling Joint Stock Company (tax code 0103818809).

Hai An’s 2025 financial performance

For the end of the 2025 financial year, Hai An reported net profit after tax of 1,400 billion VND.

Net revenue exceeded 5,091 billion VND, up more than 27% year-on-year. Gross profit rose to 1,964 billion VND, supported by cost of goods sold management with only about a 14% increase, resulting in gross margin improving from 31.7% in the previous year to 38.6% this year.

Enterprise management costs decreased significantly, falling from 210 billion VND to 147 billion VND (a 30% reduction). Financing costs, particularly interest expense, increased to 131 billion VND.

As a result, the net profit margin on revenue rose from 20% to 27.5%, meaning that for every 100 VND of revenue, the company earned 27.5 VND in net profit after all costs and taxes.

Profitability and non-core items

Hai An’s profitability level is described as outstanding in the shipping sector, with basic earnings per share (EPS) increasing from 3,773 VND to 6,830 VND.

However, the financial statements also recorded an increase in other losses from 3.1 billion VND to over 24.6 billion VND, suggesting challenges related to non-core activities or asset disposals. Corporate income tax expense rose to 322 billion VND as profits peaked and tax incentives narrowed.

Scale and market position

Hai An was established on May 8, 2009, with core business lines including port operations, container shipping, and logistics services. The company was listed on the Ho Chi Minh City Stock Exchange under ticker HAH on March 11, 2015.

Hai An currently owns a container fleet of 17 vessels with total capacity of about 28,200 TEU, accounting for nearly 68% of Vietnam’s container fleet and around 30% of the domestic container transport market. According to Alphaliner (France), Hai An ranks among the world’s top 100 container fleets.

Planned fleet expansion

Hai An has submitted plans to invest in the construction of two new container ships with total projected capital of about USD 184 million (approximately 4,800 billion VND). The vessels are planned to have a maximum length of 255 meters, width of 42.8 meters, deck height of 24.6 meters, design capacity of 81,000 tons, and capacity up to 7,165 TEU.

The shipbuilders are CSTC and DSIC of China. Funding will be mobilized from banks, financial institutions, and other legitimate sources; if necessary, the company may consider increasing capital through stock issuance.

In May 2025, Hai An also signed contracts to build four containers of 3,000 TEU to enhance capacity and expand cooperation with international carriers. The first two ships are expected to be delivered by late 2027 and early 2028.

Stock market snapshot

On the stock market, HAH trades near 55,000 VND per share, giving Hai An a market capitalization above 10,000 billion VND.