VIMC to develop Can Gio into an international transshipment port with nearly 7 trillion VND investment

VIMC plans to contribute nearly 7,000 billion VND to participate in the Can Gio international transshipment port project in Ho Chi Minh City, aiming to develop an international transshipment hub and compete with major ports in Singapore. The plan was announced at VIMC’s 2026 Annual General Meeting of Shareholders on April 15, where the company approved investment plans and capital contributions for key projects in 2026, including the formation of a joint venture to implement Can Gio.

Can Gio transshipment port: scale, capacity and investment

The project covers about 571 hectares, with a main quay length of 7.5 km. Design capacity is set at 4.8 million TEU by 2030, increasing to 16.9 million TEU by 2047.

In the initial phase, the port is planned to have 2–4 berths, capable of handling vessels up to 250,000 DWT. In the long term, it could expand to 13 berths.

Total investment exceeds 128,872 billion VND. Investor equity accounts for 15%, with the remainder mobilized from other sources. The Vietnamese side holds 51% of the joint venture’s charter capital: VIMC contributes 36% (about 6,959 billion VND) and Saigon Port contributes 15% (about 2,900 billion VND). The foreign partner is Terminal Investment Limited (TiL), a part of MSC, holding the remaining 49%. The project will be developed at Cu Lao Go Con Cho (Thanh An commune, Ho Chi Minh City).

Strategy for competitiveness and port selection criteria

Responding to questions about Can Gio’s competitiveness with other regional ports, CEO Le Anh Son said the project is intended as an international transshipment port to compete directly with Singapore rather than to compete with regional ports such as Cai Mep–Thi Vai. He noted that international shipping lines typically select transshipment ports based on criteria including safety, efficiency and environmental performance, and VIMC will build the port to meet these requirements.

“We will ensure the highest productivity and reasonable pricing. We are pursuing Can Gio to become a ‘5-star port’ with strong competitiveness,” Mr. Son said.

Mr. Son also explained that as global container-ship fleets trend toward larger tonnage, carriers are expected to shift from smaller vessels to large-tonnage ships to improve productivity and reduce costs. This shift, he said, increases the need for deep-water ports capable of accommodating such vessels.

Rationale for deep-water investment

Chairman of VIMC’s Board Nguyen Canh Tinh said that with cargo volumes rising through Vietnam’s ports, investment in deep-water facilities in key areas is an inevitable trend to anticipate the shift from river ports to seaports.

Other approved investment directions

Beyond Can Gio, VIMC plans to contribute to air freight services, study acquiring shipyards or ship repair yards to expand its fleet, and allocate capital to invest in Quy Nhon Port.

2026 shipping outlook and cost pressures

At the AGM, VIMC leadership assessed the 2026 outlook for international shipping. They said recent conflicts in the Middle East have pushed fuel prices higher, increasing vessel operating costs. Fuel costs currently account for about 20–30% of shipping costs, and when oil prices rise without a corresponding adjustment in freight rates, profitability is affected.

They also highlighted that costs including war insurance, risk surcharges, security and route diversions have increased, raising overall logistics costs. If the conflict persists and costs are not controlled, it could become a long-term burden on VIMC’s fleet.

In the near term, the company proposed measures such as identifying efficient trade routes, securing feasible contracts, and maintaining flexibility between operations and chartering to control costs.

“Revenue from shipping typically accounts for about one third of the group’s total revenue. Therefore cost control and operational flexibility are crucial. This year we aim for profitable shipping, but not at the level of 2025,” Mr. Son noted.

2026 targets and 2025 performance

For 2026, VIMC plans to maintain steady growth. Sea transport volume is expected to reach 23.7 million tons (up 10%), and port throughput is expected at 180 million tons (up 11%). Consolidated revenue is projected at 22,186 billion VND (up 8%), with pre-tax profit at 3,236 billion VND (unchanged versus 2025) and after-tax profit at 2,589 billion VND (down 2%).

For the parent company, throughput is expected at 4.2 million tons (up 17%), revenue at 6,432 billion VND (up 10%), and after-tax profit at 739 billion VND (up 10%).

In 2025, the parent company recorded shipping throughput of about 3.5 million tons, reaching 109% of the plan. Total revenue was 5,848 billion VND, up 185% year-on-year and 152% of the plan. Total costs were 5,176 billion VND, up about 1,736 billion VND versus the plan. Pre-tax profit was about 672 billion VND, exceeding the plan by 263 billion VND.