On April 20, at the 2023 Annual General Meeting of Shareholders, Mr. Nguyen Canh Tinh, General Director of Vietnam Maritime Corporation (VIMC), said that in 2023 the consolidated revenue plan is 13,354 billion VND (equivalent to VND 13,354 billion (equivalent to VND 13,354 billion) 87% compared to 2022), profit before tax is 2,330 billion VND (equivalent to 76% compared to the implementation in 2022). Notably, VIMC's primary source of revenue from shipping has declined. 

Revenue in the shipping sector, in particular, is predicted to fall dramatically (down VND 1,671 billion) because the shipping market in 2023 will be very challenging, transportation demand will fall, and the number of new ships sold will be large. 

The profit of seaports and maritime services is expected to increase compared to 2022. The production and business plan in 2023 will decrease mainly due to the impact of the shipping market, which is predicted to face many difficulties.

The primary cause is high and growing inflation in many nations, which adds to the pressure on the global economy. 

Read more: Vietnam’s inflation forecast to reach 4.8% in 2023 » Breaking News, Latest World News Updates - VietReader Viet Nam

In addition, the supply of ships grew strongly in both the bulk carrier and container shipping markets, leading to a surplus; Strong fluctuations in oil prices in the context of current supply uncertainty increase operating costs of ship operators, strongly impacting revenue and profit in 2023.
 
The seaport sector faces significant competitive pressure as many localities and businesses continue to deploy investment projects and build seaports to complete and expand their operations. 

Also read: Vietnam efforts to develop a modern seaport system » Breaking News, Latest World News Updates - VietReader Viet Nam

Meanwhile, the source of commodities is in danger of declining after a year of boom due to many circumstances (diseases, natural disasters, conflicts, and policies, to name a few). New logistics centers and inland ports (ICDs) in communities are being built and put into operation, providing a full-service chain and leading VIMC to lose a significant amount of market share. 

According to Mr. Le Anh Son, Chairman of the Board of Directors of VIMC, this business continues to focus on operating in 3 main business areas consisting of seaports, shipping, and logistics services; developing an integrated ecosystem, connecting seaport operations, shipping, logistics services on a digital technology platform.

 
Mr. Nguyen Ngoc Canh, Vice Chairman of the Committee for the Management of State Capital at Enterprises, noted that the economy continues to be heavily impacted by the Covid-19 epidemic, the complicated economic situation affecting the supply chain and manufacturing. 

Therefore, Mr. Canh suggested that VIMC needs to improve its forecasts of macroeconomic fluctuations to build targets closer to reality, offset the declines with specific programs such as cost reduction, and increase market share. Enterprises also need to avoid spreading investment, wasteful, causing loss of assets of enterprises and the state. 

VIMC is expected to have 40 ships with a total tonnage of around 1.2 million tons by 2025. The container fleet, for instance, has a tonnage of around 200,000 tons DWT (13,000 - 16,000 TEU), which is equivalent to 30% of Vietnam's container fleet tonnage. 

VIMC will develop a port system for large vessels; study and invest in seaport infrastructure in new locations, focusing on developing port systems in key areas such as Hai Phong, Da Nang, Quy Nhon, Ho Chi Minh City, Ba Ria - Vung Tau, Mekong River Delta region; upgrade and expand investment with the existing infrastructure system and make the in-depth investment (equipment, information technology) to increase exploitation capacity and competitiveness. 

In 2023, VIMC will focus on developing sustainable business activities, prioritizing key projects such as ensuring the progress of berths 3 and 4 Lach Huyen, completing the procedures for the Can Gio international transshipment port project, Lien Chieu port project (Da Nang), container fleet development.../.

Also read: 
- More room to develop Vietnam's international shipping fleet | Business | Vietnam+ (VietnamPlus) 
- More private capital required for seaports (vietnamnet.vn)