Among shipping companies operating in Vietnam, Petrovietnam Transportation Corporation is, according to VietnamCredit, the largest one in terms of revenue. The number of companies in Vietnam’s shipping industry is very huge thanks to its a favorable geopolitical position.
Despite having been negatively affected by the Covid-19 pandemic since the end of 2020, Vietnam’s shipping market has shown signs of recovery (the BDI index has reached the milestone of over 3,000 points) and is forecasted to maintain this growth trend until the end of 2021 and 2022. This is proved by the increasing financial performance of each company as below:
Source: data from VietnamCredit
1. Petrovietnam Transportation Corporation
PetroVietnam Transportation Corporation (PVTrans), formerly known as Petroleum Transportation Company, was established under Decision No. 358/QD-VPCP dated May 27, 2002 by the Minister in charge of the Office of the Government. The company’s duty is to provide oil and gas transportation services, especially crude oil transportation. After nearly 5 years of operating under the state-owned enterprise model, the company was equitized on March 30, 2006 and officially operated in the form of a joint stock company on May 7, 2007.
PVTrans was officially listed on the Ho Chi Minh City Stock Exchange on 10/12/2007. The Vietnam Oil and Gas Group currently holds 51% of the charter capital of the company. PVTrans owns a fleet of 33 ships with a total tonnage of nearly 1 million DWT, which makes it the largest liquid cargo carrier in Vietnam.
In 2020, PVTrans earned a revenue of about 320 million USD and profit after tax of 33.7 million USD, completing 117% and 175%, respectively, of the year's plan.
2. Vinacomin – Waterway Transport JSC
Vinamcomin – Waterway Transport Joint Stock Company was established in 2007 by Vietnam National Coal and Mineral Industries Holding Limited and some of its subsidiaries. The company has a charter capital of 4.4 million USD.
The company specializes in the fields of inland waterway freight transportation; coastal and ocean freight; repair and maintenance of means of transport; and wholesale of other machinery, equipment and spare parts.
Currently, the company maintains and operates 10 ships with a total tonnage of 26,600 tons, including: 2 ships of 7,000 DWT, 1 vessel of 8,800 DWT, 5 ships of 3,000 DWT and 2 convoys of barges.
In terms of business situation, the company’s net revenue in 2020 reached nearly 307 million USD, an increase of more than 40% compared to 2019. However, due to a significant increase in total costs, especially selling expenses, the company's profit after tax decreased by nearly 6%, to nearly 4.1 million USD.
3. Vietnam Ocean Shipping Joint Stock Company
Vietnam Ocean Shipping Joint Stock Company (VOSCO) was established in 1970 and has been operating under the joint stock company model since 2008.
Since its establishment, VOSCO has been constantly trying to expand, develop and innovate its fleets. The company’s current fleet is very diverse, including bulk carriers, product tankers and container ships which always operate without limitation on domestic and international freight routes.
VOSCO's main business is sea transportation. The company is not only a ship owner, manager and operator, but also participates in many other activities including chartering, buying and selling ships, and related services through subsidiaries and branches.
VOSCO's transport volume in 2020 reached 6.67 million tons (124.3% of the plan), revenue reached around 57 million USD (106.24% of the plan), and profit reached 8.2 million USD. In 2021, VOSCO sets a target transport output of 5 million tons, revenue of 56 million USD, and profit of 1.3 million USD.
4. Hai An Transport & Stevedoring JSC
Hai An Transport and Stevedoring Company Limited (later changed to Hai An Transport and Stevedoring Joint Stock Company) was established in Hanoi by 5 founding members: Hanoi Maritime Joint Stock Company, Maritime Technical Services and Supply Joint Stock Company, Hai Minh Joint Stock Company, Hai An Shipbuilding Joint Stock Company, and Hai Ha Investment and Transport Joint Stock Company with a charter capital of 6.6 million USD.
The company has 9 subsidiaries and affiliated companies operating in the fields of port operation, warehouse operation, container transportation, shipping agency, logistics service, etc. with profits growing continuously since 2010.
Currently, the company owns a fleet of 8 container ships with a capacity of 700 to 1,800 TEUs, operating on domestic and intra-Asia routes. Its fleet is currently in the top 100 largest fleets in the world, and at the same time is one of the prestigious domestic and intra-Asia container carriers.
In 2020, Hai An recorded a revenue of 52 million USD, profit after tax of 6.5 million USD, up 7% and 10%, respectively, compared to 2019.
As of December 31, 2020, the total assets of the company had increased by 15% compared to the beginning of the year, reaching 92 million USD, of which cash and cash equivalents accounted for 11%.
5. Vinaship Joint Stock Company
Established in 1984, Vinaship has a great reputation in the field of domestic and international maritime services. In the field of shipping, in terms of capital scale, tonnage of fleet and transportation market share, Vinaship is considered as one of the largest shipping enterprises with a stable customer network.
Vinaship's revenue in recent years has fluctuated sharply, from 27 million USD in 2018, 33 million USD in 2018 to 25.8 million USD in 2020.
6. Tracimexco – Supply Chains and Agency Services Joint stock company
Maritime Transport and Services Joint Stock Company, formerly known as Shipping and Marine Services Enterprise, was established on January 26, 1996. The company has officially operated as a joint stock company since January 15, 2006.
In 2020, the company recorded net revenue of more than 20 million USD, completing 78.3% of the year plan; and profit after tax of 713 million USD, completing 60.11% of the year plan.
By the end of 2020, total assets of the company reached 17.5 million USD, down more than 8% compared to 2019. Its total liabilities were 9.8 million USD and undistributed profit after tax was 5.3 million USD.
The company plans to put a warehouse containing chemical products and dangerous goods into operation in Dong Nai, supplementing the company's logistics operation capacity. In addition, it has also determined to promote co-operation with large foreign shipping lines, providing services for factories investing in Vietnam.
Henry Tran – VietnamCredit