Container loading at a Vietnamese seaport (Photo: VietnamPlus) Hanoi (VNA) – The Vietnam Maritime Corporation (VIMC) plans to increase its chartered capital to meet investment needs in expanding business activities based on three pillars of maritime transport, seaport and maritime services.
VIMC will issue bonds and prioritise financial resources for key investment projects while drastically restructuring member companies to realise its goals.
At the annual shareholder meeting on April 16, VIMC Director General Nguyen Can Tinh announced that the corporation has set the goals of 15.9 million tonnes in maritime transport and 123.6 million tonnes of seaport throughputs, up 76% and 8% from 2023 respectively.
“Consolidated revenues of VIMC and its affiliates would be 13.447 trillion VND and pre-tax profit 2.736 trillion VND. In which the parent company aims to earn 2.415 trillion VND in revenue, up 348 billion VND or 17% year-on-year. Its pre-tax profit would be 935 billion VND, up 578 billion VND or 2.62 times from 2023’s figure,” Tinh said.
Under the corporation’s development strategy for 2021-2030 with a vision to 2035 and the approved five-year business and investment plan for 2021-2025, VIMC has been investing in a system of deep-water ports in Lach Huyen, Lien Chieu, Can Gia. It has also expanded its fleet of container ships and logistics infrastructure with a total investment capital of around 43.2 trillion VND. Nearly 31.8 trillion VND is to be disbursed during 2021-2025. Of the amount, some 12.24 trillion VND is VIMC’s own capital.
Tinh stressed that therefore, it is an urgent need to raise the corporation’s chartered capital.
The presidium of the VIMC’s 2024 annual shareholders meeting on April 16 (Photo: VietnamPlus) The Director General noted that VIMC will raise capital through issuing bonds and reducing the share of State-owned capital.
Also in the upcoming period, the corporation will liquidate 24 vessels with total carrying capacity of 617,000 tonnes, buy four container ships with capacity ranging from 1,700-2,000 TEUs and eight dry-cargo ships of up to 60,000 tonnes each. By 2025, VIMC’s fleet will have 40 ships with total capacity of 1.2 million tonnes, in which container ships will have total capacity of 200,000 tonnes (13,000-16,000 TEUs), equivalent to 30% of the capacity of the national container fleet.
However, the executive forecast that there are many challenges ahead in the maritime market, as escalating conflicts affect shipping operations and cause disruption in global supply chains. Consumption has shown no signs of recovery, affecting transport demand, while ship supply is predicted to continue to increase. At the same time, shipping companies must cut operation costs, resulting in problems during negotiations on service fees between shipping companies and ports.
According to Tinh, VIMC’s “old” fleet (with an average age of 20 years) is limiting the corporation’s competitiveness, and obstacles in regulations have hindered its investment in developing the fleet.
Meanwhile, VIMC’s seaports are under pressure from the fierce competition of the private sector and new ports at more advantageous locations.
VIMC will focus capital on key seaport projects. Illustrative image (Photo: VietnamPlus) To complete tasks and plans set for 2024, the corporation will roll out measures to keep its markets, market share and customers.
VIMC will apply solutions using information technology, prioritise resources for key projects in digital transformation and green transition, develop a new-generation fleet and build a system of modern seaports, with highest priority given to the Can Gio international trans-shipment port, the Director General said./.
