VIMC to Build VND 128.9T Can Gio International Transshipment Port with MSC JV

Overview

Vietnam Maritime Corporation (VIMC) has approved a plan to form a joint venture for a VND 128.9 trillion international transshipment port in Can Gio, Ho Chi Minh City. The project, developed with Terminal Investment Limited (TiL) of the MSC Group, involves a 36% capital contribution from VIMC and targets a capacity of 16.9 million TEU by 2047. This positions VIMC to compete directly with Singapore’s ports and capture growth in Vietnam’s maritime logistics sector.

Key Facts

• Total investment value: VND 128,872 billion (approximately USD 5.15 billion).
• VIMC’s capital contribution: 36% stake, equivalent to VND 6,959 billion.
• Joint venture structure: Vietnamese consortium (VIMC 36%, Saigon Port 15%) holds 51%; Terminal Investment Limited (MSC Group) holds 49%.
• Project scale: 571 hectares with a main wharf length of 7.5 km.
• Capacity targets: 4.8 million TEU by 2030, scaling to 16.9 million TEU by 2047.
• Initial phase: 2-4 berths handling vessels up to 250,000 DWT; long-term expansion to 13 berths.
• Location: Cu Lao Go Con Cho, Thanh An Ward, Ho Chi Minh City.

What Happened

At its Annual General Meeting of Shareholders on April 15, 2026, Vietnam Maritime Corporation (VIMC) approved an investment plan to establish a joint venture for a large-scale international transshipment port in Can Gio. According to the company filing, the project has a total investment of over VND 128.872 trillion, with investor capital covering 15% and the remainder to be mobilized from other sources. The Vietnamese consortium, led by VIMC with a 36% stake and Saigon Port with 15%, will hold a 51% controlling interest, while Terminal Investment Limited (TiL), a subsidiary of the MSC Group, will hold the remaining 49%.

VIMC General Director Le Anh Son stated that Can Gio is positioned as an international transshipment port to compete directly with ports in Singapore, rather than with regional ports like the Cai Mep - Thi Vai cluster. He emphasized that the port will be built to meet criteria such as safety, efficiency, and green standards, aiming to become a ‘5-star port’ with high competitiveness. Chairman of the Board Nguyen Canh Tinh added that investing in deep-sea ports in key areas is an inevitable trend to anticipate the shift from river ports to seaports, given growing cargo volumes through Vietnamese ports.

Market Context

VIMC trades on the Ho Chi Minh Stock Exchange (HOSE) under the ticker VIMC, operating in the logistics and infrastructure sectors. The announcement comes as the company navigates cost pressures in international shipping, with General Director Le Anh Son noting at the same meeting that conflicts in the Middle East have driven up fuel prices, which account for 20-30% of vessel operating costs, impacting profitability if freight rates do not adjust quickly. This strategic port investment represents a long-term counterbalance to such cyclical headwinds by expanding VIMC’s asset base into high-value infrastructure.

Strategic Significance

The Can Gio port project signifies VIMC’s strategic pivot toward deep-sea transshipment infrastructure to capture regional maritime shifts. By partnering with MSC’s Terminal Investment Limited, VIMC gains access to global shipping networks and expertise, enhancing its competitiveness against established hubs like Singapore. The project aligns with Vietnam’s broader infrastructure development goals, aiming to reduce reliance on foreign transshipment ports and position the country as a key logistics node in Southeast Asia, potentially boosting long-term revenue stability and market positioning.

What to Watch

• Joint venture establishment and capital disbursement timeline for the VND 6,959 billion VIMC contribution.
• Construction progress milestones and capacity ramp-up toward the 2030 target of 4.8 million TEU.
• Impact on VIMC’s financials, particularly debt levels and return on investment, as detailed in upcoming quarterly reports.
• Competitive response from regional ports, especially in Singapore, and market share shifts in transshipment volumes.
• Additional strategic investments mentioned by VIMC, such as in air freight services, shipyard acquisitions, and Quy Nhon Port.