A vessel docks at Hai Phong Port ready to be loaded with containers. (Photo: VNA/VNS)

The domestic maritime sector experienced significant growth last year, with port enterprises reporting substantial profits.

According to the Vietnam Maritime Administration, the total cargo volume through the nation's port system reached approximately 864.4 million tonnes, up 14% year-on-year. Container throughput was estimated at 29.9 million TEUs, reflecting a 21% rise.

Hai Phong Port reported a cargo throughput of nearly 40 million tonnes in 2024.

The company's consolidated financial statements indicated net revenue from sales and services at nearly 2.6 trillion VND (102.5 million USD), a 20.35% increase from 2023.

Cumulative profit for the parent company rose by 42.31%, reaching 807.2 billion VND.

In the fourth quarter (Q4) 2024 alone, revenue grew by 23.17% year-on-year, with gross profit increasing by 8.43%. Its profit after tax for the quarter surged by over 47%, totalling 156.9 billion VND.

The company attributed this profit growth to compensation received from Hai Phong city for land reclamation related to the Nguyen Trai Bridge construction and urban renovation projects in May To ward, Ngo Quyen district.

Looking ahead, Hai Phong Port plans to start operations of phase 1 of berth 3 at Lach Huyen in the first quarter of 2025, which is anticipated to further bolster business development.

In 2024, Hai Phong Port established two significant joint ventures with SITC and TIL (a subsidiary of Global Container Shipping Company).

Notably, Hai Phong Port TIL International Terminal Co., Ltd. is tasked with operating container berths 3 and 4 at the Lach Huyen International Gateway Port project.

This project entails a total investment of over 6.95 trillion VND and includes two berths designed for vessels up to 100,000 DWT (approximately 8,000 TEUs), as well as barge and service berths for vessels up to 3,000 DWT (around 160 TEUs).

Similarly, Dinh Vu Port Investment and Development JSC reported net revenue from sales and services exceeding 694.3 billion VND in 2024.

The company's profit after tax for the year reached 336.2 billion VND, a slight increase from the previous year. In Q4 2024, Dinh Vu Port achieved a profit after tax of 61.8 billion VND, up 8.9% year-on-year.

In the central region, Da Nang Port JSC also experienced a prosperous year. The company announced revenue exceeding 1.4 trillion VND in 2024, up 17.5% over 2023. Its profit after tax rose by 9.4%, totalling 301.3 billion VND.

The port reported a 15% increase in cargo throughput and a 13% rise in container volume compared to the previous year.

Gemadept Corporation, which operates major ports across Vietnam, also reported notable business results in 2024.

The company's consolidated financial statements indicated a net revenue of over 4.8 trillion VND, up 25%.

While the revenue showed promise, the profit trajectory took a negative turn. The enterprise's profit after tax surpassed 1.9 trillion VND, marking a 24.7% decline compared to 2023 when Gemadept experienced a remarkable profit surge by divesting from the Nam Hai Dinh Vu port.

In Q4 alone, Gemadept witnessed an 85% uptick in profit after tax, reaching 355.5 billion VND, primarily driven by its core business activities such as port operations and earnings from associated joint ventures.

Focusing on port-centric operations, Vietnam Maritime Corporation (VIMC) celebrated a profitable year in 2024.

VIMC's port system handled a volume of goods totalling 145 million tonnes, reflecting a 126% increase over 2023. Specifically, the container volume surged to 6.2 million TEUs, up by 127% from the previous year.

Its port volume growth outpaced the national average, attributed to the robust and cohesive strategies implemented to sustain and expand market presence.

The company's total revenue for the year amounted to over 24.8 trillion VND, with a total profit of 4.94 trillion VND.

The consistent profitability of these port enterprises underscores the robust growth of Vietnam's maritime industry in 2024. Strategic investments and expansions are expected to further enhance the sector's performance moving forward.