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(Bloomberg) -- Vietnam Maritime Corp., undaunted by potential tariffs from the incoming Trump administration that risk crimping the nation’s trade, forecasts revenue to more than triple in the next decade, General Director Nguyen Canh Tinh said.
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The state-owned shipping, logistics and seaports company, previously known as Vietnam National Shipping Lines or Vinalines, plans to expand its fleet by 20% annually in the next five years, Tinh said in an interview in Hanoi. It also looks to upgrade harbors to accommodate larger vessels and increase global shipping routes.
The conglomerate currently manages a fleet of 48 ships, including seven container vessels. The world’s largest container liner, Switzerland-based MSC, operates around 860 cargo ships.
The Hanoi-based company’s revenue is expected to reach $3 billion in the next 10 years from about $800 million targeted for 2025, he said.
Vietnam Maritime is seeking a strategic partner with maritime industry expertise to help with expansion plans, Tinh said. VIMC later this year will submit a proposal to officials to cut the government’s stake to 65% from nearly 100%, he added.
The nation’s largest shipping company, which a decade-ago faced near bankruptcy, is primed to aggressively tap Vietnam’s emergence as a major player in the global supply chain. The country now produces everything from shoes and shirts for global fashion brands to smartphones for Samsung Electronics Co. and devices for Apple Inc.
Possible new Trump tariffs “may cause some change in the cargo flows, but we believe that Vietnam may still benefit from that,” Tinh said. US demand for Vietnamese products is “still very huge,” he added.
Vietnam is among the world’s most trade-dependent nations, with exports accounting for about 85% of its economy. The country had a surplus of around $100 billion with the US in 2023, making it a possible target for President-elect Donald Trump’s policies to rebalance trade.
The waters around Southeast Asia are key thoroughfares facilitating world trade, specifically between China and the West. Vietnam’s seaports handled 30 million TEUs worth of goods last year, compared with 10.2 million in 2014, Tinh said. Neighboring Singapore saw a record 41.12 million TEUs in containers throughput in 2024, with 90% of those goods headed on to other destinations. Shanghai was the world’s busiest port last year, with container throughput exceeding 50 million TEUs.