Vietnam: Seaport profits surge as trade growth supports positive second-half outlook

Vietnam's seaport industry experienced robust first-half growth in 2026, buoyed by increased import-export activity, higher cargo volumes, and better operating efficiency. Listed seaport operators reported strong earnings, with Gemadept Corporation posting a 16% year-on-year increase in revenue to 3.12 trillion VND and a 71% net profit surge to 1.94 trillion VND.

Other notable gains came from joint ventures and associates, with profits rising 58%, and an extraordinary 600 billion VND gain from a divestment move in the second quarter.

Gemadept's performance was driven by its long-term growth driver, Gemalink, which is set to expand with its Phase 2A operations in late 2027, adding approximately 900,000 TEUs of capacity. Vietnam Maritime Corporation also showed impressive growth, with revenue rising 56% to 13.05 trillion VND and net profit doubling to 2.02 trillion VND.

The company's strong results were supported by production, foreign trade, and freight transportation, although risks such as geopolitical volatility, fuel and insurance costs, and longer international transportation times remained.

The company's subsidiary Hai Phong Port, owned 92.56% by Vietnam Maritime Corporation, saw a 37% jump in revenue to 1.7 trillion VND and an 92% increase in pre-tax profit to 1.01 trillion VND. Meanwhile, Dinh Vu Port Investment and Development reported a 9% revenue increase to 335 billion VND and a 19% rise in pre-tax profit to 197 billion VND.

Positive outlook from NH Securities Vietnam suggests that import-export activity is expected to peak in the second half of the year, providing growth opportunities for Dinh Vu Port and other ports, as older ports are gradually displaced or repurposed.