Wednesday, December 1 2021

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VIMC – being proactive in front of changes

Update: November, 19/2021 - 08:43

 

It will continue to be a difficult and challenging year as the COVID-19 pandemic outbreak has greatly impacted both domestic and world economies. Việt Nam's maritime industry has also been heavily affected by disruptions in the supply chain of commodities.

To counter these difficulties, VIMC has drastically innovated its governance model, including issuing corporate governance regulations towards a modern direction and applying the best-practice governance rules issued by the State Security Commission of Việt Nam. VIMC's management model is on track and is effective, resulting in member units becoming stronger and completely proactive in production and business activities.

In addition, VIMC has made a reform with a thorough and synchronous Digital Transformation program. VIMC has become a digital-based operational enterprise and is currently applying an intelligent reporting system named MIS-BI to help assess, improve and optimise the organisation's operational capabilities and processes in fields of finance, business, customers, production, labour and investment. Electronic port software (E-Port) is deployed at Hải Phòng and Đà Nẵng Ports; while the Online Booking portal for transportation business units and container ship operators etc. have also been implemented.

The decisiveness in the implementation of business solutions has made a drastic change in the 'quality' of VIMC. VIMC has achieved many impressive results in business activities in the first nine months of 2021, from the sea transportation business to seaport operations, which all have better business performances than in 2020.

Commodity output at VIMC's seaports in the first three quarters of 2021 has reached 98.2 million tons (equivalent to 116.8% over the same period last year), while revenue remains at more than 5,100 billion đồng. Pre-tax profit is VND 1,550 billion, an increase of nearly 50 per cent over the same period last year. In particular, the port results exceeded the expected plan in Hải Phòng, Qui Nhơn, HCM City and Đà Nẵng. Groups of joint venture ports in the South have also achieved high profits, accounting for 35 per cent of the container market share of Cái Mép - Thị Vải port cluster.

The sea transportation division in the first nine months of the year has also obtained business results exceeding the initial plan, thanks to a strong recovery from the dry commodity market, especially in the Supramax and Handysize segments, and businesses’ efforts to negotiate for leasing ships at reasonable prices. Total volume in sea transportation in the past nine months has been achieved more than 18 million tons, with a profit of more than VND 380 billion. VIMC Shipping, Vosco, Vinaship, and Transco are enterprises with a remarkable increase in profits over the same period last year.

Accompanying impressive results in most of the key operational fields, VIMC's consolidated revenue has been VND 10,188 billion by the end of September 2021, equaling 131% over the same period last year. Its consolidated profit has reached more than VND 2,045 billion, increasing by 775% over the same period in 2020.

Le Anh Son, Chairman of the Board of Management of VIMC

According to Mr Le Anh Son, Chairman of the Board of Management of VIMC, VIMC's objective in 2021 and the following years is to strengthen and develop an integrated ecosystem, connecting sea transportation activities - seaports - logistics services. VIMC will accelerate the restructuring of the shipping fleet in the direction of developing a modern and shipping fleet with large-sized container transport. The implementation schedule of investment projects on construction of wharves No. 3 and No. 4 in Hải Phòng international gateway port, project on upgrading and expanding Qui Nhơn port; Lien Chieu port project, etc. are accelerated. The concentration on investing in deep-water ports that are capable of receiving large-sized container ships will be an important factor for foreign partners and world-famous shipping lines to expand their contracts and cooperate with VIMC.

VIMC continues to accelerate Digital Transformation activities with the “Customer-Centric” principle for action, VIMC and member units will have a concentration on convenient customer-oriented services for the sake of building a Digital Ecosystem in the direction of concentration and specialization.

Businesses must promote all potentials of each member unit, cooperate and coordinate with other businesses to boost VIMC to the leading position, that is the common spirit of VIMC. All activities must be directed towards what customers need, taking technology as the foundation for the development of the Corporation when starting a new development phase.

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