Seaport operators deliver strong earnings despite global turbulence

Gemadept Corporation reported strong first-quarter Q1 financial results, with revenue reaching $58.1 million, up 13.8 per cent on-year, while net profit rose sharply by 23.3 per cent to $26 million.

The performance marked the company's ninth consecutive quarter of revenue growth and its highest quarterly profit in the past two years.

A key contributor to Gemadept’s earnings growth during the period was a 37 per cent increase in profits from joint ventures and associates, driven primarily by Gemalink, the deepwater port joint venture between Gemadept and French shipping giant CMA CGM.

Vietnam’s seaport operators reported strong Q1 business results despite ongoing geopolitical uncertainties

Positive Q1 results were also reported by Vietnam Maritime Corporation (VIMC), the country's leading maritime enterprise.

The company posted revenue of $264.4 million, up 76.5 per cent on-year, while net profit surged to $34.5 million, more than 2.3 times higher than the same period in 2025.

Revenue from VIMC’s port operations and maritime services segment reached $96.3 million, representing an increase of 33 per cent.

Port operators within the VIMC ecosystem, including Haiphong Port JSC, Danang Port JSC, Quy Nhon Port JSC and Sai Gon Port JSC, all recorded positive growth in both revenue and profit.

Among them, Haiphong Port delivered the most notable performance, with Q1 net profit rising 90 per cent on-year while revenue increased 29 per cent. The growth was supported by the earlier-than-expected profitability of berths No. 3 and No. 4 at Lach Huyen Deep-Sea Port, which are operated through a joint venture with MSC, the world’s largest shipping line.

The positive outlook for the port sector comes as Vietnam’s import-export activities continue to expand, with no significant impact yet observed from the Middle East conflict.

According to the Customs Department under the Ministry of Finance, Vietnam’s total trade value in Q1 approximated $250 billion, up 23 per cent on-year.

As a result, the vast majority of port operators reported healthy growth in both revenue and earnings during the first three months of the year.

The exceptions were Vietnam Container Corporation, whose profit fell 83 per cent due to higher interest expenses, and PetroVietnam Phuoc An Port Investment and Operation JSC, which posted a loss of $4.9 million as the port has only recently commenced operations and has yet to reach break-even point.

According to analysts at Mirae Asset Securities, Vietnam’s port industry is expected to continue benefiting from the global supply chain diversification trend, which is prompting an increasing number of multinational manufacturers to establish production facilities across Southeast Asia.

The resulting growth in export demand is expected to drive higher cargo clearance volumes, supporting revenue expansion for the port sector over the medium and long term.

Another positive factor underpinning the industry's long-term outlook is the development of major port infrastructure projects. These include the Can Gio Mega Port project, led by a consortium headed by VIMC, as well as the ongoing expansion of Gemadept’s Gemalink Deep-Sea Port.

Deepwater ports in southern Vietnam are expected not only to handle the country’s import-export business but also to attract greater volumes of regional transshipment volume, helping operators optimise revenue and profitability.

Meanwhile, in northern Vietnam, the Haiphong port cluster is forecast by Guotai Junan Securities to maintain stable growth throughout 2026 and beyond, as operators increasingly focus on improving operational efficiency and capacity utilisation rather than pursuing rapid expansion in scale.

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