Vietnam's listed seaport operators reported strong earnings growth in the first half of 2026, supported by expanding import-export activity, higher cargo volumes and improved operating efficiency, while the year-end peak season is expected to provide further room for growth.

The results underscore how closely listed port operators track the country's trade performance. Vietnam's total goods import-export turnover reached nearly 800 billion USD in 2024, among the largest in Southeast Asia, and the bulk of that cargo moves by sea through the country's port system.

Gemadept lifted by core operations and divestment gain

Gemadept Corporation recorded consolidated revenue of 3.12 trillion VND (120 million USD) in the first six months of the year, up 16% year-on-year, while net profit surged 71% to 1.94 trillion VND.

According to Saigon-Hanoi Securities (SHS), the growth came from both core operations and a divestment gain. Port and logistics activities continued to benefit from positive import-export demand and the operation of Nam Dinh Vu Port Phase 3.

Profit contributions from joint ventures and associates rose 58%, with Gemalink alone increasing 43%. The improvement provided a clearer indication of core operating performance, while Gemadept also booked an extraordinary gain of more than 600 billion VND from a divestment move in the second quarter.

Gemalink is expected to remain a long-term growth driver for Gemadept, supported by its position in the Cai Mep-Thi Vai deep-water port cluster. Gemalink is a joint venture between Gemadept and French shipping group CMA CGM, and Cai Mep-Thi Vai in southern Ba Ria-Vung Tau province is one of the few locations in Vietnam where large mother vessels call directly on long-haul services to Europe and North America, sparing shippers a transshipment stop at regional hubs. Gemalink Phase 2A is scheduled to start operations in late 2027, adding about 900,000 twenty-foot equivalent units (TEUs) of capacity.

Vietnam Maritime Corporation doubles net profit

Vietnam Maritime Corporation (VIMC), the state-owned holding group whose port network runs the length of the country's coastline, also posted strong growth, with six-month revenue rising 56% to 13.05 trillion VND and net profit doubling to 2.02 trillion VND. Profit from associates increased 87% to nearly 370 billion VND.

The company said growth in production, foreign trade and freight transportation had supported port and maritime services, although geopolitical volatility, fuel and insurance costs and longer transportation times on international routes remained risks.

Its 92.56%-owned subsidiary Hai Phong Port recorded net revenue of 1.7 trillion VND, up 37%, while pre-tax profit surged 92% to 1.01 trillion VND and net profit more than doubled to 838 billion VND. Against a full-year profit-before-tax target of 1.52 trillion VND, the company had completed nearly 67% of its annual plan after six months.

Elsewhere, profit before tax increased 22% to 381 billion VND, equivalent to nearly 51% of the full-year profit-before-tax target, while net profit rose 21% to 314 billion VND. The improvement was supported by stronger performance at subsidiaries, particularly in port operations, alongside operating optimisation and lower depreciation expenses as some machinery and equipment became fully depreciated.

Dinh Vu Port posts steady growth

Dinh Vu Port Investment and Development, which operates berths in Hai Phong, the northern port city serving the manufacturing belt around Hanoi, meanwhile, posted six-month revenue of 335 billion VND, up 9%, while pre-tax profit rose 19% to 197 billion VND.

Positive second-half outlook

NH Securities Vietnam expects import-export activity to enter its peak period in the second half of the year, giving Dinh Vu Port room to outperform its annual business plan.

The company could also benefit from cargo shifting from upstream ports along the Cam River towards downstream facilities such as Dinh Vu, Tan Vu and Nam Dinh Vu, as older ports are gradually relocated or converted to other functions. The downstream Hai Phong complex also includes the Lach Huyen deep-water terminal, which opened in 2018 as the north's first port able to receive direct mother-vessel services.

With Dinh Vu Port's berth capacity approaching full utilisation, supporting logistics activities could provide another source of growth. Warehousing, mooring and other value-added services could increase revenue without relying entirely on additional cargo-handling capacity.

Quy Nhon Port, a VIMC member company operating in the central coastal province of Binh Dinh, also recorded positive results, with net revenue rising 39% to 739 billion VND and net profit increasing 31% to 85 billion VND.

MB Securities said positive import-export turnover growth continued to support the broader seaport sector, with Gemadept and Hai Phong Port expected to be among the companies recording notable growth.

Another potential driver in 2026 is higher service charges at some deep-water ports. Market assessments indicate that handling charges could increase by 10-15%, potentially improving revenue and profit margins for operators with strategically located facilities. Port service fees in Vietnam are subject to state regulation, so adjustments of this scale generally follow official approvals rather than pure market pricing.

Growth prospects vary among individual operators, however. Gemadept's drivers centre on Gemalink, Nam Dinh Vu and its logistics network, while Hai Phong Port and Dinh Vu Port stand to benefit from the migration of cargo towards downstream Hai Phong. Vietnam Container Shipping has further room to improve efficiency by optimising its northern port network.

Source: VNS/VNA