VIMC to Develop $5.16B Can Gio Port, Targets Direct Competition with Singapore

Overview

Vietnam Maritime Corporation (VIMC) announced at its Annual General Meeting on April 15 a strategic partnership to develop the Can Gio International Transshipment Port, a VND 129,000 billion (approximately $5.16 billion) project. VIMC will hold a 36% stake in the consortium, which aims to build Vietnam’s first international transshipment hub to compete directly with major regional ports like Singapore.

Key Facts

• Project total investment: VND 129,000 billion (~$5.16 billion USD).
• VIMC’s capital contribution: VND 7,000 billion for a 36% stake in the project company.
• Consortium partners: Terminal Investment Limited (Swiss, part of MSC Group) holds 49%; Saigon Port JSC holds 15%.
• Project land area: Over 570 hectares in Ho Chi Minh City.
• Project timeline: 20-year construction period, 50-year operational term.
• VIMC capital increase plan: Three-phase plan to raise charter capital from VND 13,190B to VND 30,000B by 2030.
• Post-capital increase state ownership: Estimated to decrease to 65%.

What Happened

At its Annual General Meeting on April 15, Vietnam Maritime Corporation (VIMC) detailed its participation in the Can Gio International Transshipment Port project. According to statements by Chairman Nguyễn Cảnh Tĩnh and General Director Lê Anh Sơn, VIMC will contribute VND 7,000 billion, representing a 36% stake in the project company, Saigon Gateway International Transshipment Port Company Limited. The consortium was formally approved by the Ho Chi Minh City People’s Committee and includes Terminal Investment Limited (a member of the Swiss-based MSC Group) with 49% and Saigon Port JSC with 15%.

The project, approved in principle by the Prime Minister in January 2025, is positioned as Vietnam’s first international transshipment center. General Director Lê Anh Sơn stated the explicit goal is to “compete directly with leading centers like Singapore” and to develop Can Gio into a “5-star port.” The company also presented a detailed, three-phase capital increase plan from 2026 to 2030 to raise funds for this and other major investments.

Market Context

VIMC (HOSE: VIMC) is a state-owned enterprise and a major player in Vietnam’s maritime and port logistics sector. The announcement of a multi-billion dollar infrastructure project of this scale represents a significant strategic shift and capital commitment for the company. Such large-scale, long-duration projects typically influence investor perception of future revenue streams and capital allocation risks. The news comes as Vietnam continues to develop its logistics infrastructure to support growing export volumes and regional trade.

Strategic Significance

The Can Gio project represents a strategic pivot for VIMC from a domestic port operator to a potential regional logistics hub player. By targeting direct competition with Singapore, the project aims to capture a portion of the high-value transshipment traffic in Southeast Asia, which could significantly diversify and increase VIMC’s revenue base. The partnership with Terminal Investment Limited (MSC) provides critical global shipping network access and operational expertise, reducing execution risk compared to a purely domestic endeavor.

What to Watch

• Final investment approval and official establishment of the project company.
• Progress on VIMC’s planned capital increases, starting with the public and strategic shareholder offering in 2026.
• Construction milestones and any updates on the 20-year development timeline.
• Changes in VIMC’s debt profile and funding structure as the project advances.
• Operational metrics and market share data once initial port phases become operational, to gauge competitiveness against regional hubs.