Maritime logistics firms thrive on global trade dynamics

Maritime logistics firms thrive on global trade dynamics

Imports and exports have continued to prove a bright spot for Vietnam this year, serving as a key growth driver for logistics businesses as concerns over tariff risks gradually ease.

Vietnam’s outlook for imports, exports, and cargo throughput via seaports is considered favourable in the forthcoming months, as the country faces a 20 per cent reciprocal tariff rate from the United States, significantly lower than China’s 55 per cent and India’s 25 per cent, and on par with Bangladesh.

At the same time, Vietnamese exporters are effectively leveraging preferential tariffs through the country’s extensive network of free trade agreements, allowing for more flexible and efficient operations.

As the global economy improves, trade demand is expected to rise sharply, thereby stimulating import-export activities and the entire logistics supply chain.

In the long term, Shinhan Securities predicts that high US tariffs on imports, especially from China, will shift trade flows, making intra-Asia and Asia-Europe routes more active, as Vietnamese firms diversify their export markets to reduce dependence on the US.

Hanoi-based Hai Minh JSC has established new agency offices in Hong Kong and India, and plans to launch new services on the Ho Chi Minh City – Shanghai – Port Klang route. It also intends to set up an agency for an Asian shipping line in Haiphong.

Meanwhile, Hai An Transport and Stevedoring JSC is planning to further expand its fleet over the next five years, aiming for longer routes such as the Mediterranean, Europe, and the US West Coast.

The development of larger-sized vessels is in line with Hai An’s long-term strategy to enter trade lanes that account for nearly 40 per cent of global container traffic.

Hai An currently operates 17 container vessels with a total capacity of 28,200 TEUs, primarily serving domestic and intra-Asia routes.

The company’s board of directors recently approved a plan to build two new container vessels in China, each with a capacity of 2,300 TEUs, with a total investment of up to $92 million.

According to Hai An's leadership, over the past five years since the company began leasing out vessels, this business segment has become increasingly significant, currently contributing about 60 per cent of total revenue, while self-operated services account for the remaining 40 per cent.

Shinhan Securities expects Hai An’s business performance in the second half of the year to remain favourable, driven by strong freight rates for new vessels and the launch of additional intra-Asia routes amid rising global trade demand.

For Gemadept Corporation (GMD), MB Securities forecasts that the company will increase its cargo volume on intra-Asia routes and expand into new markets to offset the decline in US-bound shipments.

In addition, higher service fees are expected to contribute positively to Gemadept’s second-half business results. MB Securities’ forecasts suggest Gemadept’s net profit will grow by 16.5 per cent in 2025 and 14.4 per cent in 2026.

Vietnam Container Shipping JSC (Vinconship: ticker VSC) stated that it is not heavily reliant on the US market, as it focuses on domestic and intra-Asia routes.

Goods exported to the US only account for about 3.9 per cent of the company’s total handling volume. Furthermore, the company has prepared contingency plans to mitigate any potential tariff impacts.

Becoming a major shareholder in both Vinaship JSC and Hai An has helped Viconship improve profitability through indirect revenue streams from the two firms.

Both Vinaship and Hai An are expected to witness profit growth in 2025, benefiting from the trend of front-loading shipments, early orders placed ahead of potential tariff changes, thereby boosting Viconship’s financial results.

In mid-August, Viconship and Hai An announced they will establish Hai An Green Shipping Lines Co., Ltd., with an expected investment of around $180 million to build a pair of 7,000 TEU container vessels.

Overall, logistics enterprises remain among the sectors with strong long-term prospects. Vu Thanh Hai, chairman of Hai An JSC, noted that Vietnam is targeting at least 8 per cent economic growth this year and double-digit growth between 2026 and 2030.

“As the economy improves, trade demand will rise significantly, further stimulating import-export activities and the entire logistics supply chain,” he said.

On the stock market, VSC shares recorded five consecutive ceiling gains from August 12 to 18. Other maritime transport stocks also saw positive momentum, such VSC rising more than 26 per cent in value, and GMD increasing by 3.6 per cent.

In the first seven months of 2025, Vietnam’s total import-export value reached $514.7 billion, up 16.3 per cent on-year. Imports totalled $252.26 billion, up 17.9 per cent; while exports reached $262.4 billion, up 14.8 per cent compared to the same period last year.

Alongside export growth, seaport operations have remained vibrant.

According to the Haiphong Maritime Administration, as of the end of July, total cargo throughput via Haiphong’s ports had reached 65.5 million tonnes, showing a 7 per cent jump on-year.

According to the Ho Chi Minh City Maritime Administration, in the first half of 2025, container throughput at Cai Mep – Thi Vai (including domestic cargo) reached 5.96 million TEUs, up 17 per cent compared to the same period last year.

The fourth quarter, the peak season for retail and import-export activities, is expected to maintain the bustling pace at seaports, providing a boost to maritime transport and logistics companies.

VIR