VIMC (MVN) Invests VND 13,839B in Can Gio Port JV with 36% Stake

Overview

VIMC (MVN) has approved a capital contribution to establish a joint venture for the Can Gio International Transshipment Port project, holding a 36% stake with an estimated total investment of VND 13,839 billion. The joint venture partners are Saigon Port JSC and Terminal Investment Limited Holding S.A (TIL). This strategic move aims to develop a major international port facility to compete at a global level.

Key Facts

• VIMC’s stake in the joint venture is 36%, with Saigon Port holding 15% and TIL holding 49%.
• VIMC’s total committed capital is VND 13,839 billion (approximately USD 553.56 million).
• Capital deployment is split: VND 4,156 billion from 2026–2030 and VND 9,683 billion from 2031–2045.
• The project’s estimated payback period from operational start is about 24 years.
• The approval occurred during VIMC’s Annual General Meeting of Shareholders on April 15, 2026.
• VIMC’s 2026 business plan targets revenue of VND 22,186 billion (up 8% year-on-year) and net profit of VND 2,589 billion (down 2%).
• In 2025, VIMC reported revenue of VND 19,017 billion and net profit of VND 2,642 billion.

What Happened

During its Annual General Meeting of Shareholders on April 15, 2026, Vietnam Maritime Corporation (VIMC, ticker MVN) approved a resolution to contribute capital to establish a joint venture for the Can Gio International Transshipment Port project. The joint venture partners are Saigon Port Joint Stock Company and Terminal Investment Limited Holding S.A (TIL). According to the company filing, VIMC will hold a 36% stake in the venture, with an estimated total capital contribution of VND 13,839 billion, to be deployed in two phases between 2026 and 2045.

VIMC’s General Director, Mr. Sơn, described the Can Gio Port as akin to a ‘five-star hotel’ for mega-ships, designed to compete at an international level. The company’s leadership highlighted that the global shipping and logistics sector faces headwinds from Middle East conflicts, which have tripled fuel costs and pressured fleet profitability. VIMC stated it is implementing cost-control measures and route optimizations to mitigate these challenges.

Market Context

MVN trades on the HOSE exchange. The stock closed unchanged at VND 52 on April 10, 2026, with modest volume of 15,000 shares. This price stability precedes the detailed announcement of the large-scale Can Gio Port investment, which represents a significant long-term capital commitment for the state-owned maritime and logistics group. The news comes alongside VIMC’s 2026 business plan, which projects modest revenue growth but a slight profit decline, reflecting the challenging operating environment cited by management.

Strategic Significance

The Can Gio Port investment represents a pivot toward high-value port infrastructure to capture growing transshipment traffic in Southeast Asia. By partnering with TIL, a global terminal operator, VIMC gains access to international expertise and networks, potentially enhancing the project’s operational efficiency and customer base. This move diversifies VIMC’s revenue streams beyond its core shipping operations, which are currently vulnerable to fuel price volatility and geopolitical disruptions, and aligns with Vietnam’s broader goals to upgrade its logistics infrastructure.

What to Watch

• Finalization of joint venture agreements and regulatory approvals for the Can Gio Port project.
• VIMC’s quarterly financial results, particularly cash flow and debt levels, to assess funding capacity for the capital commitment.
• Updates on the project’s construction timeline and Phase 1 (2026-2030) capital disbursement.
• Global freight rate and fuel price trends, which directly impact VIMC’s core shipping segment profitability.
• Any further strategic partnerships or port infrastructure investments announced by VIMC or competitors in Vietnam’s maritime sector.