SEAPORT PROFITS SURGE AS TRADE GROWTH SUPPORTS POSITIVE SECOND-HALF OUTLOOK

Companies operating deep-water ports with favourable locations, available capacity and integrated logistics networks are expected to see greater growth opportunities.

A view of the deep-water port Gemalink. — Photo gemadept.com.vn

HÀ NỘI — Listed seaport operators posted strong earnings growth in the first half of 2026, supported by expanding import-export activity, higher cargo volumes and improved operating efficiency, while the year-end peak season is expected to provide further room for growth.

Gemadept Corporation recorded consolidated revenue of VNĐ3.12 trillion (US$120 million) in the first six months, up 16 per cent year-on-year, while net profit surged 71 per cent to VNĐ1.94 trillion.

According to Saigon-Hanoi Securities (SHS), growth came from both core operations and a divestment gain. Port and logistics activities continued to benefit from positive import-export demand and the operation of Nam Đình Vũ Port Phase 3.

Profit contributions from joint ventures and associates rose 58 per cent, with Gemalink alone increasing 43 per cent. The improvement provided a clearer indication of core operating performance, while Gemadept also recorded an extraordinary gain of more than VNĐ600 billion from a divestment move in the second quarter.

Gemalink is expected to remain a long-term growth driver for Gemadept, supported by its position in the Cái Mép-Thị Vải deep-water port cluster. Gemalink Phase 2A is scheduled to start operations in late 2027, adding about 900,000 twenty-foot equivalent units (TEUs) of capacity.

Vietnam Maritime Corporation also posted strong growth, with six-month revenue rising 56 per cent to VNĐ13.05 trillion and net profit doubling to VNĐ2.02 trillion. Profit from associates increased 87 per cent to nearly VNĐ370 billion.

The company said growth in production, foreign trade and freight transportation had supported port and maritime services, although geopolitical volatility, fuel and insurance costs and longer transportation times on international routes remained risks.

Its 92.56 per cent-owned subsidiary Hai Phong Port recorded net revenue of VNĐ1.7 trillion, up 37 per cent, while pre-tax profit surged 92 per cent to VNĐ1.01 trillion. Net profit more than doubled to VNĐ838 billion.

With a full-year profit before tax target of VNĐ1.52 trillion, the company had completed nearly 67 per cent of its annual plan after six months.

Profit before tax increased 22 per cent to VNĐ381 billion, equivalent to nearly 51 per cent of its full-year profit before tax target, while net profit rose 21 per cent to VNĐ314 billion.

The improvement was supported by stronger performance at subsidiaries, particularly in port operations, alongside operating optimisation and lower depreciation expenses as some machinery and equipment became fully depreciated.

Dinh Vu Port Investment and Development, meanwhile, posted six-month revenue of VNĐ335 billion, up 9 per cent, while pre-tax profit rose 19 per cent to VNĐ197 billion.

Containers uploaded on a vessel for export at Tân Vũ Port, a branch of Hai Phong Port. — Photo haiphongport.com.vn

Positive outlook

NH Securities Vietnam expects import-export activity to enter its peak period in the second half, giving Dinh Vu Port room to outperform its annual business plan.

The company could also benefit from cargo shifting from upstream ports along the Cấm River towards downstream facilities such as Đình Vũ, Tân Vũ and Nam Đình Vũ, as older ports are gradually relocated or converted to other functions.

With Dinh Vu Port's berth capacity approaching full utilisation, supporting logistics activities could provide another source of growth. Warehousing, mooring and other value-added services could increase revenue without relying entirely on additional cargo-handling capacity.

Quy Nhon Port also recorded positive results, with net revenue rising 39 per cent to VNĐ739 billion and net profit increasing 31 per cent to VNĐ85 billion.

MB Securities said positive import-export turnover growth continued to support the broader seaport sector, with Gemadept and Hai Phong Port expected to be among the companies recording notable growth.

Another potential driver in 2026 is higher service charges at some deep-water ports. Market assessments indicate that handling charges could increase by 10-15 per cent, potentially improving revenue and profit margins for operators with strategically located facilities.

Growth prospects vary among individual operators, however. Gemadept's drivers centre on Gemalink, Nam Đình Vũ and its logistics network, while Hai Phong Port and Dinh Vu Port stand to benefit from the migration of cargo towards downstream Hải Phòng.

Vietnam Container Shipping has further room to improve efficiency by optimising its northern port network. — BIZHUB/VNS

Source: VNS