Listed seaport operators posted 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.
According to Saigon-Hanoi Securities (SHS), 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 percent, with Gemalink alone increasing 43 percent. The improvement provided a clearer indication of core operating performance, while Gemadept also recorded an extraordinary gain of more than VND600 billion 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 Phase 2A is scheduled to start operations in late 2027, adding about 900,000 twenty-foot equivalent units (TEUs) of capacity.
Vietnam Maritime Corporation also posted strong growth, with six-month revenue rising 56 percent to VND13.05 trillion and net profit doubling to VND2.02 trillion. Profit from associates increased 87 percent to nearly VND370 billion.
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 percent-owned subsidiary Hai Phong Port recorded net revenue of VND1.7 trillion, up 37 percent, while pre-tax profit surged 92 percent to VND1.01 trillion. Net profit more than doubled to VND838 billion.
With a full-year profit before tax target of VND1.52 trillion, the company had completed nearly 67 percent of its annual plan after six months.
Profit before tax increased 22 percent to VND381 billion, equivalent to nearly 51 percent of its full-year profit before tax target, while net profit rose 21 percent to VND314 billion.
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 Investment and Development, meanwhile, posted six-month revenue of VND335 billion up 9 percent, while pre-tax profit rose 19 percent to VND197 billion.
Positive outlook
NH Securities Vietnam expects import-export activity to enter its peak period in the second half, 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.
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 also recorded positive results, with net revenue rising 39 percent to VND739 billion and net profit increasing 31 percent to VND85 billion.
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 percent, potentially improving revenue and profit margins for operators with strategically located facilities.
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.
