Vietnam Maritime Corp., also known as VIMC, is setting ambitious goals to expand its operations and increase revenue, despite potential tariffs under the incoming Trump administration that could affect trade. Bloomberg reports that the state-owned enterprise forecasts its revenue to more than triple over the next decade. General Director Nguyen Canh Tinh disclosed details of the company’s growth strategy, aiming to boost its fleet by 20% annually and modernize seaports to accommodate larger ships.
Despite challenges, such as the potential impact of new tariffs, Vietnam seems poised to maintain its trade momentum. Tinh expressed confidence in Vietnam’s ability to continue benefiting from U.S. demand, asserting that “Vietnam may still benefit” from shifts in cargo flows due to trade policies. Further growth in the maritime sector is supported by the country’s strategic location, with its seaports having handled 30 million TEUs in the past year, according to the report.
On the investment front, Vietnam Maritime is actively seeking a strategic partner with expertise in the maritime industry to support its aggressive expansion plans. The corporation plans to submit a proposal to reduce the government’s stake in VIMC to 65% by the end of the year.
The company’s sustained focus on revitalizing seaports and expanding international shipping routes is part of Vietnam’s broader initiative to upgrade its national seaport infrastructure by 2030, an effort that requires approximately 351.5 trillion dong ($13.8 billion) in investments, as per governmental plans.
As Vietnam Maritime navigates this complex environment, the company’s outlook remains optimistic. After overcoming significant financial hurdles in the past, it aims to further leverage Vietnam’s strategic position in the global supply chain to bolster its presence in key markets, including Northeast Asia and the Middle East.
