Vietnam Maritime Corporation (VIMC) remains undeterred by the possibility of new tariffs under the incoming Trump administration and is forecasting its revenue to more than triple over the next decade, according to General Director Nguyen Canh Tinh.
The state-owned shipping, logistics, and seaport company, previously known as Vietnam National Shipping Lines (Vinalines), plans to expand its fleet by 20% annually over the next five years. In addition, VIMC aims to enhance its harbor infrastructure to accommodate larger vessels and expand its global shipping routes. Currently managing a fleet of 48 vessels, including seven container ships, VIMC’s expansion goals are ambitious, especially considering the scale of global competitors like Switzerland-based MSC, which operates around 860 cargo ships.
Tinh projected that VIMC’s revenue could reach $3 billion by 2034, up from a targeted $800 million for 2025. As part of its growth strategy, the company is actively seeking a strategic partner with maritime industry expertise and plans to submit a proposal later this year to reduce the government’s stake in the company from nearly 100% to 65%.
Once teetering on the brink of bankruptcy a decade ago, VIMC is now strategically positioned to take advantage of Vietnam’s rise as a key player in the global supply chain. The country’s export sectors, including footwear, textiles, electronics for companies like Samsung and Apple, are driving a surge in trade.
Despite concerns over potential tariffs from President-elect Trump, Tinh expressed confidence that Vietnam’s strong export demand would remain resilient. “US demand for Vietnamese products is still very high,” he noted, adding that while tariffs may alter cargo flows, Vietnam would continue to benefit.
Vietnam is one of the most trade-dependent nations globally, with exports accounting for around 85% of its economy. In 2023, it recorded a surplus of approximately $100 billion in trade with the US, making it a potential target for Trump’s trade policy aimed at rebalancing global trade.
Vietnam’s strategically located seaports play a critical role in global trade, especially between China and the West. In 2024, Vietnam’s seaports handled 30 million TEUs (Twenty-foot Equivalent Units) of goods, a significant increase from 10.2 million in 2014. For comparison, Singapore’s ports processed 41.12 million TEUs, and Shanghai remained the world’s busiest port with over 50 million TEUs.
Analysts from VPBank Securities predict continued growth for Vietnamese ports, with container traffic expected to rise by approximately 4% annually, driven by a consistent influx of foreign investments and increased cargo flows. This surge in cargo demand could also lead to higher freight rates, analysts suggest.
VIMC owns stakes in 16 seaport operators, controlling more than 80 wharves, accounting for 26% of the nation’s total docks. Its fleet currently represents 25% of Vietnam’s annual shipping capacity. To support its expansion, VIMC is focusing on upgrading seaport infrastructure.
In a significant development, Prime Minister Pham Minh Chinh recently approved a transit port project in the coastal suburb of Can Gio in Ho Chi Minh City, with VIMC proposing to lead the $4.5 billion development. The government has yet to choose an investor for the project.
By 2030, Vietnam plans to expand its seaport system, requiring about 351.5 trillion dong ($13.8 billion) in investments, according to a government decree. Additionally, VIMC aims to expand its international routes, targeting markets in Northeast Asia, the Middle East, and enhancing its maritime connections with China, Vietnam’s largest trade partner. While much of the cargo between China and Vietnam currently moves overland, Tinh noted that water routes would become more attractive due to lower logistics costs.
VIMC reported a pretax profit of 3.5 trillion dong in 2024, a 65% increase from the previous year. Total revenue rose by 30%, reaching 18.2 trillion dong, and port cargo volume jumped 27%, totaling 145 million tons. For 2025, VIMC expects its revenue to grow by 12%, reaching 20.3 trillion dong.
After a decade-long restructuring, VIMC eliminated its accumulated losses by the third quarter of 2023, overcoming a near-bankruptcy situation in 2013 when the company faced liabilities exceeding 67.5 trillion dong and losses of over 23 trillion dong.
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