VIMC sails ahead on wave of modernization, digitization

The corporation’s pre-tax profit reached VND1.55 trillion, up nearly 50 percent over the same period last year, with a number of ports exceeding plans, among them Hai Phong, Quy Nhon, Saigon, and Da Nang. Joint venture ports in the south also yielded high profits, accounting for 35 percent of the container market share of the Cai Mep-Thi Vai port cluster.

Business results of the shipping sector during the nine-month period also exceeded targets due to a strong recovery of the dry cargo market, especially in the Supramax and Handysize segments, and business efforts in negotiating shipping contracts at good prices. VIMC’s total shipping volume in the past nine months reached more than 18 million tonnes, yielding a profit of more than VND380 billion. Enterprises that recorded a surge in profits year on year include VIMC Shipping, Vosco, Vinaship, and Transco.

The results reflect VIMC’s efforts to innovate its governance model and apply the best-practice governance code issued by the State Securities Commission. The model has proved effective, making member units stronger and proactive in production and business activities.

This year continues to be difficult and challenging given the Covid-19’s impact on the world economy and on global supply chains. Vietnam's maritime industry has been heavily affected by disruptions in the goods supply chain.

Customer-centered improvements

In addition to corporate governance solutions, VIMC has caught up with the national digital transformation program, for example using the business intelligence application system MIS-BI, which helps evaluate, improve and optimize operational capabilities and processes in various areas, including finance, business, customers, production, labor and investment. It has also applied the electronic port software E-Port at its Hai Phong and Da Nang ports, and provided an online booking portal for transport businesses and container ship operators.

The drastic implementation of business solutions has yielded results. By the end of September 2021, VIMC's consolidated revenue had reached VND10.188 trillion, equaling 131 percent over the same period last year, and the consolidated profit reached more than VND2.045 trillion, up 775 percent annually.

According to VIMC Board of Directors Chair Le Anh Son, the corporation’s goal is to strengthen and develop an integrated ecosystem connecting shipping-seaports- logistics services. VIMC plans to continue upgrading its container transport fleet, accelerate construction of container terminals No 3 and 4 at the Hai Phong International Gateway Port, and other projects on upgrading and expanding the Quy Nhon and Lien Chieu ports. The investment in deep-water ports capable of receiving these large container ships will be an important factor for foreign partners to expand cooperation with VIMC.

VIMC will continue to accelerate digital transformation activities with an emphasis on “customer-centric” services, focusing on convenient customer-oriented services in order to build a concentrated and specialized Digital Ecosystem.