Viconship partners with Hai An to invest in 5 container ships.

Vietnam Container Corporation (Viconship, ticker VSC - HoSE) continues to cooperate with Hai An to expand its container fleet after the group of shareholders increased their ownership to 23.99% of the capital.

Viconship plans to sign two cooperation agreements with Hai An Transport and Stevedoring Joint Stock Company (HAH – HoSE) to invest in, operate, and manage a container fleet. The first agreement involves investing in and operating the C7100-17 and C7100-18 vessels, with a 40% equity stake; and the second agreement involves investing in and operating the YZJ2025-1744, YZJ2025-1746, and YZJ2025-1747 vessels, with a 40% equity stake representing the total project value.

It is noteworthy that Hai An will be the party directly controlling, managing, and executing the business operations. Profits and risks will be divided according to the actual capital contribution ratio of each party.

Regarding fleet development, on October 17, 2025, Hai An received the 1,100 TEU container ship named Haian Iris, bringing the total number of Hai An's ships to 18, with a total carrying capacity of up to 29,300 TEU.

In May 2025, Hai An signed a contract to build four new 3,000 TEU container ships to enhance its transportation capacity and create more opportunities for the company to cooperate with major, reputable shipping lines worldwide . The first two ships are expected to be delivered at the end of 2027 and the beginning of 2028.

Hai An also held a shareholder consultation on March 16th to approve an investment plan for building container ships with a maximum total investment of $184 million, comprising two container ships with a capacity of 5,000 TEU each. The shipbuilders will be two Chinese partners: China Shipbuilding Trading Co., Ltd and Dalian Shipbuilding Industry Co., Ltd.

The connection between Viconship and Hai An began to emerge in 2025 when the Viconship group continuously increased its ownership and brought in personnel to Hai An. In early 2025, Viconship was not a major shareholder of Hai An, but by December 31, 2025, Viconship owned 17.69% of Hai An's charter capital, and its related entities collectively owned 23.99% of Hai An's charter capital, accounted for as an investment in an associated company.

In addition to increasing ownership, at the 2025 Annual General Meeting at the end of June 2025, shareholders approved the election of two Viconship members to the Hai An Board of Directors, including Mr. Nguyen Xuan Dung (born in 1979) and Mr. Ta Cong Thong (born in 1985). Mr. Dung is currently the Chairman of the Board of Directors at Viconship, while Mr. Thong is the Chairman of the Board of Directors of VIP Green Port Joint Stock Company and is also the General Director and a member of the Board of Directors at Viconship.

In addition to bringing in personnel, Viconship also contributed capital to establish Hai An Green Shipping Lines Co., Ltd., with a capital contribution ratio of 60% of the charter capital and Hai An contributing VND 400 billion, accounting for 40% of the charter capital in the new legal entity. In this new entity, Mr. Ta Cong Thong, the General Director of Viconship, will be the authorized representative.

Thus, Viconship continuously expands its cooperation with its affiliated company Hai An to broaden its business scope, especially in investing in expanding its fleet.

Besides collaborating with stakeholders, Viconship also announced that it has completed the acquisition of 65% of the capital in Harbour City Co., Ltd., making it a subsidiary of Viconship.

According to our research, Harbour City was established on May 21, 2025, with a registered capital of VND 1,406.2 billion; its address is No. 5, Lot 30A, Cat Bi Airport New Urban Area, Gia Vien Ward, Hai Phong City; and it operates in the real estate business.

Furthermore, according to the plan to acquire 65% of the capital of Harbour City Co., Ltd. in 2025, Viconship stated that Harbour City Co., Ltd. owns a 6,000 m2 project in the Cat Bi Airport intersection new urban area.

Regarding business performance, in 2025, Viconship recorded revenue of VND 3,205.5 billion, a 15% increase compared to the same period, and after-tax profit of VND 525.54 billion, a 20.9% increase compared to the previous year. The gross profit margin improved from 30.3% to 35.6%.

During the period, thanks to increased revenue and improved gross profit margin, Viconship recorded a 35.2% increase in gross profit compared to the same period last year, equivalent to an increase of VND 297.2 billion, reaching VND 1,140.7 billion.

Additionally, in 2025, Viconship recorded a 27.6% decrease in financial revenue compared to the same period, equivalent to a decrease of VND 73 billion, to VND 191.04 billion; financial expenses increased by 57.7%, equivalent to an increase of VND 126.54 billion, to VND 345.92 billion; profits from joint ventures and associated companies recorded a significant increase of VND 121.57 billion compared to a loss of VND 3.53 billion in the same period, an increase of VND 125.1 billion; selling and administrative expenses increased by 37.1%, equivalent to an increase of VND 124.46 billion, to VND 459.86 billion; and other activities showed insignificant fluctuations.

Thus, despite a shortfall in financial revenue in 2025, and pressure from increased financial, sales, and administrative expenses, Viconship's net profit still increased, mainly due to a significant surge in profits from joint ventures and associated companies.

Reportedly, in 2025, Viconship raised its business plan from a pre-tax profit of VND 400 billion to VND 1,250 billion.

Thus, ending 2025 with a pre-tax profit of VND 681.8 billion, Viconship did not meet its plan, achieving only 54.5% of its ambitious profit target of VND 1,250 billion.

Regarding the stock, VSC shares have recently shown a recovery trend; from January 27th to March 16th, VSC shares surged 26.5%, from 20,000 VND to 25,300 VND per share.

Source: https://baodautu.vn/viconship-hop-tac-hai-an-dau-tu-5-tau-container-d545816.html