Gemadept (GMD) Breaks Ground on $240M Gemalink Port Phase 2 with CMA CGM

Overview

Gemadept Corporation (GMD) and its strategic partner, French shipping giant CMA CGM, have broken ground on the second phase of the Gemalink deep-water container port. The project involves a total investment of approximately 6,000 billion VND (~$240 million) and is scheduled for completion and operation in the fourth quarter of 2027. This expansion is a core part of Gemadept’s strategy to solidify its position in Vietnam’s critical logistics infrastructure.

Key Facts

• Groundbreaking ceremony held on April 17, 2024, for Gemalink Port Phase 2.
• Total investment for Phase 2 is approximately 6,000 billion VND (~$240 million).
• Projected completion and operational date is Q4 2027.
• Combined investment for both phases exceeds 13,700 billion VND across a 54.4-hectare site.
• Phase 2 will increase total port length to over 1.4 km and raise annual capacity to 3 million TEUs (Twenty-foot Equivalent Units).
• Gemalink is one of only 19 ports globally capable of handling the largest container ships, up to 250,000 tons (24,000 TEU).
• In its first five years of operation (2021-2025), Gemalink handled 6.5 million TEUs with double-digit annual growth.

What Happened

According to a company announcement, Gemadept and CMA CGM officially commenced construction on the second phase of the Gemalink deep-water container port in the Cái Mép Hạ area. The project is branded as a “smart & green port,” featuring 100% electric-powered Ship-to-Shore (E-STS) and Rubber-Tyred Gantry (E-RTG) cranes. Mr. Đỗ Công Khanh, Deputy General Director of Gemadept, stated that Gemalink plays a crucial role in the port-logistics ecosystem for both Gemadept and CMA CGM.

The article notes that the expansion is designed to meet growing cargo volumes and capture regional transshipment flows. With CMA CGM—the world’s third-largest shipping line—as a partner, the completed two-phase port aims to help establish the Cái Mép - Thị Vải cluster as a new global transshipment center. The port’s location is within the core zone of the Hồ Chí Minh City Free Trade Zone project.

Market Context

Gemadept (GMD) is listed on the Hồ Chí Minh Stock Exchange (HOSE). The stock closed at VND 75,000 on April 15, 2026, with a slight gain of 0.40% on volume of 993,400 shares. This capital-intensive infrastructure news follows the company’s established role in Vietnam’s industrial goods and services transportation sector. The investment aligns with broader national and municipal goals to develop Hồ Chí Minh City into an international maritime financial center and sustain double-digit economic growth.

Strategic Significance

The Phase 2 investment represents a long-term capacity and capability upgrade for Gemadept’s core port asset. By increasing annual throughput capacity to 3 million TEUs and enhancing its ability to service the world’s largest container vessels, Gemadept is betting on sustained growth in Vietnam’s export-import volumes and its attractiveness as a regional logistics hub. The partnership with CMA CGM provides not just capital but also guaranteed shipping traffic and global operational expertise, which is critical for competing in international port rankings and meeting stringent Environmental, Social, and Governance (ESG) standards demanded by major shipping lines.

What to Watch

• Quarterly and annual financial reports from Gemadept (GMD) to monitor capital expenditure and project financing.
• Official commissioning and operational commencement in Q4 2027.
• Throughput data post-completion to assess if the new capacity is being utilized.
• Any further announcements regarding financing structure for the 6,000 billion VND investment.
• Performance of the broader Cái Mép - Thị Vải port cluster in global efficiency rankings.