Portfolio tripled since the beginning of the year
According to the audited separate financial statements, as of June 30, the total assets of Vietnam Container Corporation (Viconship, ticker: VSC) reached VND 6,858 billion, up 17% compared to the end of 2024. Of which, financial investments amounted to VND 6,495 billion, accounting for 95% of total assets, slightly down from 96% at the end of 2024 but still maintaining a dominant role.
The growth mainly came from short-term financial investments, reaching VND 1,174 billion, up 189% compared to the end of 2024, equivalent to an increase of VND 767 billion. Meanwhile, long-term financial investments remained at VND 5,321 billion, increasing by only about 1%.
This short-term portfolio was focused on trading securities with fair value as of June 30 at VND 1,274 billion, up 198% compared to VND 427 billion recorded at the end of 2024.
In this structure, the company mainly held Hai An Transport & Stevedoring JSC (ticker: HAH) with a value of VND 1,012 billion, followed by Gelex Group JSC (ticker: GEX) with VND 99 billion, and other holdings worth VND 67 billion.
Photo: Audited FS of VSC.
Compared to the end of 2024, the portfolio structure changed significantly. As of December 31, 2024, the company held EIB at VND 158 billion, GEX at VND 148 billion, PET at VND 51 billion, SEA at VND 31 billion, and some others at VND 44 billion, with a total book value of VND 432 billion.
In the first half of 2025, investments in EIB, PET, and SEA were eliminated, while the portfolio added HAH with a scale of over VND 1,000 billion, becoming the dominant holding. In terms of changes, HAH recorded as a new investment, while GEX decreased by 33% in cost compared to the end of 2024.
In the long-term investment portfolio, investments in subsidiaries reached VND 4,549 billion after provisions, of which Nam Hai Dinh Vu Port accounted for VND 3,104 billion, VIP Green Port VND 519 billion, VSC Green Logistics VND 80 billion, along with some others. In addition, investments in associates reached VND 726 billion, including VIMC Dinh Vu Port VND 346 billion, Vinaship VND 365 billion, and Danang Port Logistics VND 14 billion.
Financial investments are the key factor to maintain growth momentum
According to DSC Research, profits from Viconship’s trading securities portfolio are likely to continue improving thanks to the positive market trend, while financial investments are considered the key factor to sustain growth as the fair value of the portfolio expands.
Regarding business performance, according to the consolidated financial statements for Q2/2025, Viconship recorded net revenue of VND 807 billion, up 12.45% compared to the same period in 2024. The company said that the business operations of its subsidiaries, especially the three ports Vip Greenport, Xanh Greenport, and Nam Hai Dinh Vu, all grew relatively well in both revenue and profit achieved.
Net profit after tax reached VND 149 billion, up 62% compared to the same period in 2024.
Recently, Viconship’s Board of Directors approved a plan to hold an extraordinary general meeting of shareholders to adjust the 2025 profit before tax target from VND 400 billion to VND 1,250 billion, more than 3 times the original plan.
An important source comes from the divestment of 20% stake in VIP Green Port JSC (ticker: VGR) with 13 million shares, thereby reducing its ownership from 74% to 54% and generating about VND 700 billion.
In parallel with divestment, the company expanded its investment by purchasing additional HAH shares during April–May, raising its ownership to 13%, bringing the total related group ownership to 15%. On August 15, Viconship and HAH established Green Shipping Lines Co., Ltd. with charter capital of VND 1,000 billion, of which Viconship held 60%. The company is headquartered in Hai Phong and plans to invest in a fleet of container vessels with a capacity of 7,000 TEUs, with a total capital of about USD 180 million, equivalent to nearly VND 4,700 billion.
The company has previously carried out large-scale deals. In 2023, Viconship spent VND 1,005 billion to acquire 35% of Nam Hai Dinh Vu Port, and by July 2024 completed the acquisition of the remaining 65%, thereby taking full ownership. At the same time, the company also increased its ownership in Vinaship JSC to 40% from October 2024, expanding its logistics ecosystem and port operation activities.