VIMC incurred losses for three consecutive years from 2012 to 2014, even on the verge of bankruptcy. The losses were attributed to hot development and prolonged recession of the world maritime market, as well as strong investment in its fleet. In addition, VIMC also accepted to receive loss-making businesses under the Shipbuilding Industry Corporation, increasing the burden of having to provide financial assistance to repair the old fleet and support the operation of the fleet, as well as handling vessels that have stopped working for many years.
However, the corporation implemented drastic and comprehensive restructuring measures. Those included increasing debt purchase of banks according to market principles, switching debts to contributed capital, paying debts by investments that VIMC is in need of divestment, thoroughly handling bad debts and ineffective assets, saving costs, accepting some businesses to file for bankruptcy, focusing on market development and improving efficiency of trade activities. Thanks to greater efforts, VIMC has made profits totaling more than VND1 trillion from seaport services per year since it was equitized, helping it overcome numerous difficulties in maritime transportation. Seaports have become ‘gold mines’ for partners and investors who want to own VIMC’s stocks by investing in the parent company.
VIMC has adopted a new brand identity and renovated its management system to improve service quality and enhance competitiveness.
The two colors of dark blue and light blue are used on the new logo of VIMC to represent the sea and sky, expressing the characteristics of the corporation’s business lines and industries. The stylized globe icon on the left is used with the purpose of honoring its strong development desire to reach out to the world. The new logo will accompany the corporation on its next journey and act as a locomotive driving the corporation’s subsidiaries.
The corporation’s new name, VIMC, is written in a neat and delicate font, symbolizing its modernity and creativity, projecting a sense of safety and openness to customers.
Since the beginning of 2020, the Covid-19 pandemic has had a considerable impact on the maritime market, freezing global trade and travel and leading to sharp decreases in shipping revenues. In this context, VIMC’s development plan focuses on three fields – seaport operations, shipping and logistics services. The corporation aims to reach shipping volume of over 18 million tonnes, cargo volume at seaports at nearly 139 million tonnes, revenue of VND10.771 trillion, and consolidated profit of over VND1.23 trillion.
As a leading business in the domestic maritime sector, VIMC currently holds capital at 19 subsidiaries and 16 affiliated companies. It also owns the stocks of 16 seaport companies and manages more than 13,000m of wharfs. These account for nearly 30 percent of the nationwide wharf length and are able to serve the transportation of more than 150 million tonnes of cargo, equivalent to over 20 percent of cargo transported via all wharfs nationwide. These include major ports, such as Hai Phong, Saigon, Da Nang and Quy Nhon.
Reaffirming the philosophy of exceeding expectations, VIMC will make greater efforts to maintain the leading position in the fields of seaports, shipping and logistics services, and become an enterprise with regional brand name and international competitiveness by 2030, contributing to making Vietnam a strategic destination on the global maritime map.
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