Hanoi (VNS/VNA) - In a significant development for the stock market, a new player is emerging with a market capitalisation exceeding 100 trillion VND (3.9 billion USD).
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 91,900 VND per share on February 7.
With this surge, VIMC's market capitalisation has soared to over 105 trillion VND.
It closed on February 11 morning at 85,000 VND but still up 50% from the beginning of the year. At this price level, its market cap is worth more than 102 trillion VND.
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 100 trillion VND 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% of the total national vessel capacity, including large bulk carriers with up to 73,000 DWT, annually transporting 60% of the goods imported and exported to Vietnam, 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% of the national landing area.
Key port facilities across Vietnam include Hai Phong Port, Sai Gon Port, Da Nang Port and Quy Nhon 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 17 trillion VND and profits before tax of over 3.1 trillion VND, up 33% and 47% year-on-year, respectively.
Its profit after tax surpassed 2.600 trillion VND, a 53% rise from 2023, with net profits attributable to the parent company reaching 2 trillion VND. The financial success has enabled VIMC to completely eliminate its long-standing accumulated losses./.
