Double digit growth

Speaking with PLVN yesterday - August 13, Mr. Do Duc Manh, Chief of Office of the Vietnam Maritime Administration (VMA), said that the total volume of goods passing through seaports in the first 7 months of 2024 reached more than 501 million tons, an increase of 16% over the same period in 2023.

Specifically, exports reached more than 118 million tons, up 17% over the same period, imports reached more than 155 million tons, up 22% over the same period, domestic goods reached more than 225, up 10% over the same period, transit goods unloaded reached 2,171 thousand tons. Of which, the volume of containerized goods through seaports in the first 7 months of 2024 was 16,902 million TEUs, up 21% over the same period in 2023.

Also according to the Vietnam Maritime Administration, the volume of goods passed by sea in the first half of this year reached nearly 297 million tons, an increase of 17% over the same period in 2023. The volume of goods passed by inland waterways reached more than 130 million tons, an increase of 18% over the same period in 2023.

According to the Vietnam Maritime Administration, the volume of goods passing through seaports in the first 6 months of 2024 increased by 18% compared to the same period in 2023, this is the 5th consecutive month with a growth rate of 18% or more compared to the same period last year. "This growth may show that the economy has a recovery trend," commented a representative of the Vietnam Maritime Administration.

The areas with the highest volume of goods passing through the country are Ho Chi Minh City with an increase of 13.44%, Vung Tau with an increase of 30%, Hai Phong with an increase of 15.41%, Quang Ninh with an increase of 11.7%. Some other areas also have high output increases such as Hue with an increase of 57.4%, Quy Nhon with an increase of 31.59%, Can Tho with an increase of 33%, Thanh Hoa with an increase of 30.91%, Quang Ngai with an increase of 23.54%, Da Nang with an increase of 24.79%, Nha Trang with an increase of 26.1%. Some areas have a slight decrease in the volume of goods passing through such as An Giang, Thai Binh, Dong Thap, Kien Giang, Quang Binh.

Along with the increase in cargo volume, the volume of container cargo through the port in the first 6 months of 2024 increased by 22% compared to the same period in 2023. In particular, areas with large container throughput such as Hai Phong, Ho Chi Minh City, Vung Tau all recorded an increase from 10.49% to 39% over the same period. Da Nang increased by 20.79%, Dong Nai increased by 84%, Nghe An increased by 18%, Thanh Hoa increased by 41.26%. Quang Ninh also recorded a container throughput of 36,368 Teus.

How much profit and loss does the port business make?

A number of seaport enterprises have announced their business results in the first half of this year. According to a survey by PLVN, due to double-digit growth in goods, many seaports have had good revenue and profit. Specifically, at the end of the second quarter of 2024, Da Nang Port Joint Stock Company recorded positive revenue growth. Revenue in the second quarter reached more than VND 351 billion, an increase of 14% over the same period in 2023. Profit after corporate income tax was recorded at VND 72.6 billion, an increase of 3.5%. In the first 6 months of the year, this enterprise reported a profit of VND 149.6 billion, an increase of 9.1%.

VIP Greenport Joint Stock Company (Vip Greenport) also announced a strong profit growth compared to the same period last year. Accordingly, this enterprise recorded a profit increase of more than 50% compared to the same period in 2023, reaching more than 92.7 billion VND. Meanwhile, in the first half of 2024, Quy Nhon Port Joint Stock Company reported a profit of more than 76.9 billion VND, an increase of nearly 60% over the same period.

Vietnam National Shipping Lines (VIMC) achieved revenue of VND8,241 billion in the first 6 months of the year, up 33% over the same period last year. Pre-tax profit reached VND1,887 billion, after-tax profit reached VND1,616 billion, up 80% and 70% respectively over the same period last year.

In 2024, VIMC set a consolidated revenue target of VND13,450 billion and pre-tax profit of VND2,730 billion. Thus, after half a year of operation, this unit has completed 61% of the revenue target and 70% of the annual profit target.

In addition, there are also some seaport enterprises that, although profitable, have decreased compared to the first 6 months of the previous year. Typically, Hai Phong port's profit on its consolidated financial report for the first 6 months reached more than 403.8 billion VND, down 11.3%. According to this unit's explanation, the decrease in profit was not due to a decrease in goods passing through the port but due to a sharp decrease in revenue from bank deposit interest.

How do goods pass through state ports?

According to Mr. Hoang Hong Giang - Deputy Director of the Vietnam Maritime Administration, through monitoring, at the state "general" VIMC, the volume of goods throughput has grown impressively. Specifically, in the first 6 months of the year, the volume of goods through ports managed by VIMC reached 49.111 million tons, an increase of 21.3% over the same period in 2023, accounting for 11.3% of the total volume of goods through seaports nationwide. Of which, Hai Phong port has the largest volume of goods throughput at 11.983 million tons, accounting for 24.9% of the total volume of goods managed by VIMC. Ranked second is Saigon port with 6 million tons, ranked third is SSI port with 5.9 million tons.