11:10 | 15/12/2020 Companies
On August 18, 2020, the Vietnam National Shipping Lines (Vinalines) officially shifted to operating as a joint stock company under its new name, Vietnam Maritime Corporation (VIMC), expecting to reap new successes.
Progress since equitization
As a leading business in the domestic maritime sector, VIMC currently holds capital at 19 subsidiaries and 16 affiliated companies. It also owns the stocks of 16 seaport companies and manages more than 13,000m of wharfs. These account for nearly 30 percent of the nationwide wharf length and are able to serve the transportation of more than 150 million tonnes of cargo, equivalent to over 20 percent of cargo transported via all wharfs nationwide. These include major ports, such as Hai Phong, Saigon, Da Nang and Quy Nhon.
Le Anh Son, Chairman of the Board at VIMC, said, “Since it was equitized, VIMC has made profits totaling more than VND1 trillion from seaport services per year, helping it overcome numerous difficulties in maritime transportation. Seaports have become ‘gold mines’ for partners and investors who want to own VIMC’s stocks by investing in the parent company.”
As a parent company, VIMC has renovated its management system to improve service quality and enhance competitiveness, striving for global competitiveness by 2030 with a firm position in the regional market.
VIMC’s new logo was designed using tones of dark and light blue to symbolize sea and sky, reflecting the corporation’s activities and ambitions. The stylized globe icon on the left was selected with the purpose of honoring its strong development and desire to reach the continent and the world. The new logo will accompany the corporation on its next journey and inspire the corporation's subsidiaries.
The company’s new name, Vietnam Maritime Corporation, is written in a neat, delicate font, symbolizing its modernity and creativity, projecting a sense of safety and openness to customers.
Three major fields of operations
Since the beginning of 2020, the Covid-19 pandemic has had a considerable impact on the maritime market, freezing global trade and travel and leading to sharp decreases in shipping revenues. In this context, VIMC’s development plan focuses on three fields - seaports, maritime transportation and shipping services.
VIMC will continue upgrading its fleet by hiring/buying new ships, hoping to join international maritime transportation alliances as a regional container entrepot. The corporation’s targets for 2025 include transporting more than 18 million tonnes of cargo; providing seaport services for nearly 139 million tonnes of cargo; increasing revenue by five percent to more than VND10 trillion; and creating consolidated profit of more than VND1.23 trillion.
VIMC will concentrate its resources on building two container wharfs in Lach Huyen District (Hai Phong City) and continue restructuring joint-venture ports in Cai Mep-Thi Vai according to the standards of international container entrepots.
To meet the requirements of specialization, VIMC will also design integrated services to create packaged service supply chains, including transportation by sea/land/barge, storage, and distribution to retail systems. To take advantage of the EU-Vietnam Free Trade Agreement (EVFTA), the corporation has conducted a study on establishing a Vietnam House logistics center in Europe to facilitate exports from Europe to Vietnam and vice versa.