VIMC Plans $5.15B Can Gio International Transshipment Port with MSC's TiL

Overview

VIMC (Vietnam Maritime Corporation) approved a plan to establish a joint venture for a major international transshipment port project in Can Gio, Ho Chi Minh City, with a total investment of over 128,872 billion VND (~$5.15 billion USD). The joint venture partners include VIMC (36%), Saigon Port (15%), and Terminal Investment Limited (TiL) of MSC Group (49%), targeting direct competition with Singaporean ports.

Key Facts

• Total project investment: 128,872 billion VND (~$5.15 billion USD).
• VIMC’s capital contribution: 36% stake, equivalent to approximately 6,959 billion VND.
• Project scale: 571 hectares with a main wharf length of 7.5 km.
• Designed capacity: 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 commune, Ho Chi Minh City.
• Foreign partner: Terminal Investment Limited (TiL), part of MSC Group, holds 49%.

What Happened

At its Annual General Meeting of Shareholders on April 15, 2026, VIMC approved investment and capital contribution plans for key projects in the year, most notably the establishment of a joint venture to develop an international transshipment port in Can Gio District, Ho Chi Minh City. According to the company filing, the project will be developed as a deep-sea port on a 571-hectare site, with a total main wharf length of 7.5 kilometers. The joint venture structure gives the Vietnamese side a 51% controlling stake, comprising VIMC (36%) and Saigon Port (15%), with Terminal Investment Limited (TiL) of MSC Group holding the remaining 49%.

In response to shareholder questions about the port’s competitiveness, VIMC General Director Lê Anh Sơn stated that Can Gio is positioned as an international transshipment hub to compete directly with ports in Singapore, rather than with regional ports like the Cai Mep - Thi Vai cluster. He emphasized the company’s commitment to building a ‘5-star port’ with high competitiveness based on safety, efficiency, and green criteria. Chairman of the Board Nguyễn Cảnh Tĩnh added that investing in deep-sea ports in key areas is an inevitable trend to anticipate the shift from river ports to seaports, given Vietnam’s growing maritime cargo throughput.

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 operational pressures, with General Director Lê Anh Sơn noting at the same meeting that ongoing conflicts in the Middle East have driven up fuel costs, which account for 20-30% of vessel operating expenses, impacting profitability if freight rates do not adjust promptly. This strategic port investment represents a long-term capital allocation shift toward large-scale infrastructure to capture future growth in Vietnam’s maritime trade.

Strategic Significance

The Can Gio port project aligns with VIMC’s strategy to transition from a traditional shipping operator to a major port infrastructure developer, leveraging its partnership with MSC’s TiL to access global shipping networks and expertise. By targeting transshipment traffic currently handled in Singapore, the project aims to capture a share of the regional logistics hub market, which could diversify VIMC’s revenue streams and reduce reliance on volatile shipping operations. The deep-sea capacity for vessels up to 250,000 DWT positions Vietnam to handle larger container ships, supporting long-term trade efficiency as global fleets shift toward mega-vessels.

What to Watch

• Joint venture establishment and regulatory approvals for the Can Gio port project.
• VIMC’s quarterly earnings reports to monitor capital expenditure impacts and operational cost pressures from fuel prices.
• Progress on project financing, as investor capital covers 15% of total investment with the remainder to be mobilized from other sources.
• Updates on VIMC’s other approved investments, including air freight services, shipyard acquisition, and participation in Quy Nhon Port.
• Capacity milestones toward the 2030 target of 4.8 million TEU.