At Hải Phòng Port. — Photo vimc.co

 

 In a significant development for the stock market, a new player is emerging with a market capitalisation exceeding VNĐ100 trillion (US$3.9 billion). 

 

The entity is Vietnam Maritime Corporation (VIMC). This heavyweight in the Vietnamese port and maritime transport sector recently saw a remarkable surge in its stock price, setting a new all-time high at VNĐ91,900 per share on Friday. 

 

With this surge, VIMC's market capitalisation has soared to over VNĐ105 trillion.

 

It closed Tuesday morning at VNĐ85,000 but still up 50 per cent from the beginning of the year. At this price level, its market cap is worth more than VNĐ102 trillion. 

 

This achievement places the State-owned giant ahead of companies like Masan (MSN), Mobile World Investment Corporation (MWG) and several major banks. 

 

VIMC's ascent brings the total number of companies with market capitalisation exceeding VNĐ100 trillion on the Vietnamese stock market to 18.

 

Established in 1995 by the Prime Minister's Decision No. 250/TTg, VIMC serves as a core enterprise and a leading force in Vietnam's maritime industry.

 

The company is focused on three main business areas: maritime transport, port operations and maritime services, with particular emphasis on container shipping as a core activity.

 

VIMC boasts the largest fleet in the country, playing a vital role in the nation's economic transport activities. 

 

Its ships account for 25 per cent of the total national vessel capacity, including large bulk carriers with up to 73,000 DWT, annually transporting 60 per cent of the goods imported and exported to Việt Nam, thereby contributing significantly to expanding the country's trade relations with numerous countries and territories.

 

Currently, VIMC comprises 34 subsidiary companies, with ownership stakes in 16 port companies, managing the operation of over 13,000 metres of dock space, representing approximately 30 per cent of the national landing area. 

 

Key port facilities across Việt Nam include Hải Phòng Port, Sài Gòn Port, Đà Nẵng Port and Quy Nhơn Port.

 

VIMC has experienced a positive transformation in recent years. 

 

Despite facing significant losses accumulated over several years, the company has reversed course, especially during the period from 2021 to 2024. 

 

VIMC has successfully generated substantial profits each year, significantly reducing its accumulated losses.

 

In 2024 alone, VIMC reported revenues exceeding VNĐ17 trillion and profits before tax of over VNĐ3.1 trillion, up 33 per cent and 47 per cent year-on-year, respectively. 

 

Its profit after tax surpassed VNĐ2.600 trillion, a 53 per cent rise from 2023, with net profits attributable to the parent company reaching VNĐ2 trillion. The financial success has enabled VIMC to completely eliminate its long-standing accumulated losses. — VNS

 

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