Goods passing through Vietnam's seaports increased compared to last year, especially domestic goods. Under such circumstances, seaport enterprises have many opportunities to accumulate revenue and profit. However, there are still many challenges for shipping enterprises.
Domestic goods increase, import-export goods decrease
According to the Vietnam Maritime Administration (HHVN), the total volume of goods through Vietnam's seaports in the first 11 months of 2022 is estimated at more than 670 million tons, up 4% over the same period in 2021. Up to now, the total The throughput of goods through the seaport has reached 92% of the plan.
However, according to statistics, the volume of imported and exported goods decreased. Specifically, exports in 11 months were estimated at more than 163 million tons, down 3% compared with the same period in 2021. Imports also decreased by 3%, estimated at more than 191 million tons.
The bright spot is that domestic goods tend to increase. Specifically, in the past 11 months, domestic goods were estimated at more than 314 million tons, up 13% compared to the same period in 2021. In which, the volume of container cargo through seaports in the first 11 months of 2022 was estimated at nearly 23 million TEUs, an increase of 5% compared to 2021.
Thanks to the growth of domestic goods, a number of seaport enterprises such as Hai Phong port and Da Nang port have recorded positive business results. Specifically, according to the financial report, accumulated after the third quarter of 2022, the revenue of Da Nang Port reached 863 billion dong, up 5.5% over the same period. Profit before tax reached 245 billion dong, completing about 71% of the profit target assigned for the whole year. Profit after tax reached 197 billion dong, up 8.7% over the same period.
At Hai Phong port, the 10-month profit target exceeded 30.3% of the plan, up 10.8% over the same period. Meanwhile, in the first 10 months of the year, the consolidated revenue of Saigon Port is estimated at more than 1,000 billion dong, equaling 88% of the same period in 2021 and reaching 81% of the year plan. Profit before tax is estimated at more than VND 250 billion, equaling 70% of the same period and reaching 65% of the year plan.
But there are still many difficulties
Thanks to the advantages of the market, a large state-owned "general" specializing in maritime business, Vietnam Maritime Corporation (VIMC), has had impressive business results. Accordingly, in the first 10 months of this year, VIMC achieved a shipping volume of about 17.7 million tons, throughput of goods through the port was about 103.6 million tons, container throughput was estimated at 4.4 million TEUs; estimated revenue of 12,944 billion dong, profit of 2,957 billion dong, respectively 3% and 17% higher than the plan in 2022.
VIMC's business results are quite impressive, but the report of this unit shows that the shipping market has good freight rates from February to March and declines at the end of the first quarter of 2022, to the middle of June, the Baltic dry cargo chartering index continuously declined.
In addition, VIMC as well as other shipping enterprises have difficulties such as China's strict application of zero COVID-19 measures, causing the export volume to be congested and sharply reduced at the northern border gates. Not only that, fuel costs continuously increased sharply, which directly affected the operation of marine service enterprises.
VIMC leaders said that, with the trend of corporations and production units directly performing logistics services, along with fierce competitive pressure from FDI enterprises, the private sector, and VIMC's maritime service sector will continue to face many difficulties in the coming time.
Experts in the shipping industry said that at the end of the year, seaport and shipping businesses all face difficulties with the risk of economic recession when consumer demand in the US and Europe sharp decline, inflationary pressure as well as the impact of Zero COVID policy from China and the conflict between Russia and Ukraine. This causes the volume of goods passing through the ports to be affected, and the growth rate is also sluggish. Therefore, businesses need to actively change their business operations to avoid losses in the last months of the year.