Gemadept Corporation (Code: GMD) was formerly known as United Transport Agency Corporation, established in 1990, a unit operating in container services and seaport transportation. Recently, Gemadept has updated some information about the unit's business activities in recent times.
Gemadept prepares to start construction of Nam Dinh Vu port phase 3 in October (Photo TL)
Specifically, Gemalink port is operating at full capacity, reaching 800,000 TEUs in the first half of 2024. Estimated capacity for the whole year of 2024 is 1.5 million TEUs/year, thanks to the recovery of output in the US market and output transferred from Singapore port in Q2.
Regarding the Nam Dinh Vu Port project, the port is currently operating at full capacity, reaching an average of 100,000 TEU/month, the need to expand port operations is becoming increasingly necessary.
According to Gemadept, the company has completed licensing procedures for the Nam Dinh Vu 3 project and will start construction of the port in October 2024. The port is expected to be operational by the end of 2025.
Nam Dinh Vu 3 Port has a total investment capital of VND2,500 billion. When completed, it is expected to increase the total capacity of Nam Dinh Vu port cluster to 1.8 million TEU, an increase of 67% compared to the current capacity.
In addition, the Can Gio and Cai Mep Ha projects are expected to start operating in the next 5 years at the earliest. This causes the current southern port system of the unit to lack new port capacity. Therefore, Gemalink 2 will be the only port currently capable of increasing capacity.
According to SSI Research, GMD has quite positive prospects in 2025. The situation of port capacity expansion projects will depend on capital increase options for implementation.
Source: https://www.congluan.vn/gemadept-gmd-chuan-bi-khoi-cong-cang-nam-dinh-vu-giai-doan-3-post316170.html
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