Việt Nam's port firms thrive in 2024

A vessel dockside at Hải Phòng Port ready to be loaded with containers. — VNA/VNS Photo

The domestic maritime sector experienced significant growth last year, with port enterprises reporting substantial profits.

According to the Việt Nam Maritime Administration, the total cargo volume through the nation's port system reached approximately 864.4 million tonnes, up 14 per cent year-on-year.

Container throughput was estimated at 29.9 million TEUs, reflecting a 21 per cent rise.

Hải Phòng Port reported a cargo throughput of nearly 40 million tonnes in 2024.

The company's consolidated financial statements indicated net revenue from sales and services at nearly VNĐ2.6 trillion (US$102.5 million), a 20.35 per cent increase from 2023.

Cumulative profit for the parent company rose by 42.31 per cent, reaching VNĐ807.2 billion.

In the fourth quarter (Q4) 2024 alone, revenue grew by 23.17 per cent year-on-year, with gross profit increasing by 8.43 per cent. Its profit after tax for the quarter surged by over 47 per cent, totalling VNĐ156.9 billion.

The company attributed this profit growth to compensation received from Hải Phòng City for land reclamation related to the Nguyễn Trãi Bridge construction and urban renovation projects in Máy Tơ ward, Ngô Quyền District.

Looking ahead, Hải Phòng Port plans to start operations of phase 1 of berth 3 at Lạch Huyền in the first quarter of 2025, which is anticipated to further bolster business development.

In 2024, Hải Phòng Port established two significant joint ventures with SITC and TIL (a subsidiary of Global Container Shipping Company).

Notably, Hải Phòng Port TIL International Terminal Co., Ltd. is tasked with operating container berths 3 and 4 at the Lạch Huyền International Gateway Port project.

This project entails a total investment of over VNĐ6.95 trillion and includes two berths designed for vessels up to 100,000 DWT (approximately 8,000 TEUs), as well as barge and service berths for vessels up to 3,000 DWT (around 160 TEUs).

Containers loaded and unloaded in ĐìnhVũ Port. — VNA/VNS Photo

Similarly, Đình Vũ Port Investment and Development JSC reported net revenue from sales and services exceeding VNĐ694.3 billion in 2024.

The company's profit after tax for the year reached VNĐ336.2 billion, a slight increase from the previous year. In Q4 2024, Đình Vũ Port achieved a profit after tax of VNĐ61.8 billion, up 8.9 per cent year-on-year.

In the central region, Đà Nẵng Port JSC also experienced a prosperous year. The company announced revenue exceeding VNĐ1.4 trillion in 2024, up 17.5 per cent over 2023.

Its profit after tax rose by 9.4 per cent, totalling VNĐ301.3 billion.

The port reported a 15 per cent increase in cargo throughput and a 13 per cent rise in container volume compared to the previous year.

Gemadept Corporation, which operates major ports across Việt Nam, also reported notable business results in 2024.

The company's consolidated financial statements indicated a net revenue of over VNĐ4.8 trillion, up 25 per cent.

While the revenue showed promise, the profit trajectory took a negative turn. The enterprise's profit after tax surpassed VNĐ1.9 trillion, marking a 24.7 per cent decline compared to 2023 when Gemadept experienced a remarkable profit surge by pesting from the Nam Hải Đình Vũ port.

In Q4 alone, Gemadept witnessed an 85 per cent uptick in profit after tax, reaching VNĐ355.5 billion, primarily driven by its core business activities such as port operations and earnings from associated joint ventures.

Focusing on port-centric operations, Việt Nam Maritime Corporation (VIMC) celebrated a profitable year in 2024.

VIMC's port system handled a volume of goods totalling 145 million tonnes, reflecting a 126 per cent increase over 2023. Specifically, the container volume surged to 6.2 million TEUs, up by 127 per cent from the previous year.

Its port volume growth outpaced the national average, attributed to the robust and cohesive strategies implemented to sustain and expand market presence.

The company's total revenue for the year amounted to over VNĐ24.8 trillion, with a total profit of VNĐ4.94 trillion.

The consistent profitability of these port enterprises underscores the robust growth of Việt Nam's maritime industry in 2024. Strategic investments and expansions are expected to further enhance the sector's performance moving forward.