Director Le Chi Dang shared that, in 2024, the Company had only achieved approximately 32% of its investment plan. The main reasons for this were prolonged administrative processes and the reorganization of managing authorities.
One of the affected projects was the plan to purchase cranes from abroad. For instance, a Liebherr crane had been transported from Germany, installed, and handed over to the Saigon New Port Corporation for operation since April 2025. According to the director of CLL, the processes of obtaining permits, organizing bidding, and transportation encountered numerous obstacles, especially with the backdrop of managing authorities’ mergers and administrative changes with new personnel, which required the Company to re-establish connections from scratch.
Similarly, the plan to upgrade the capacity to receive vessels of up to 40,000 DWT and repair the 2,200 DWT port crane was also delayed, as the process of obtaining permission to bring in construction equipment took more than a month.
“We hope that the government’s upcoming investment reforms will help reduce complex procedures,” expressed Mr. Dang, adding that the goal is to complete the legal procedures in 2025 to be able to receive vessels of 40,000 DWT and barges of 5,000 DWT before applying for price adjustments from 2026.
CLL held its 2025 annual general meeting in the afternoon of June 20, 2025. Photo: Tu Kinh
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Expanding to reduce reliance on the Saigon New Port Corporation
Another challenge is that the port rental model, which accounted for over 50% of CLL‘s revenue in the past, is becoming less efficient due to equipment depreciation and significant amortization. This has led to a decrease in the rental rate agreed upon with the Corporation.
To compensate, the Company is shifting its focus to logistics, particularly the transportation of oversized cargo such as wind turbine blades and solar panels. However, this field comes with high operating costs. In 2025 alone, expenses are expected to rise by 79%, mainly due to contracts for the transportation of wind power equipment.
CLL is also expanding its operational scope. In 2024, the Company signed a memorandum of understanding with Hung Phuoc Company in Phuoc Dong Industrial Park (Binh Phuoc Province) and with HBRE in the wind power sector. Simultaneously, it is negotiating with the Thanh Thanh Cong Group to invest in warehouses and inland ports in industrial parks in Tay Ninh Province.
“These are new directions to reduce dependence on revenue from the Saigon New Port Corporation”, shared Mr. Dang. According to him, rentals are facing difficulties as some equipment has been in operation for 17-18 years, leading to increased maintenance costs and reduced rates. The Liebherr crane recently broke down, and the RTG crane also incurred substantial maintenance expenses, narrowing the profit margin.
Another notable project is the construction of a warehouse at Cai Mep port, a joint venture between CLL, Cai Mep New Port (TCCT), shipping line MOL, and KCTC. The project has been approved in principle, and the investment contract is being finalized for a 1.6-hectare area. It is expected that by the end of this year, the design and planning adjustment procedures will be completed for implementation in 2026 and reflected in that year’s business results.
Nevertheless, the Company’s management affirmed that they would not invest indiscriminately but would instead carefully select projects to ensure efficiency and compatibility with their professional operating model.
Regarding long-term prospects, Chairman Nguyen Thanh Son believes that the upgrade of the Saigon New Port Corporation to the Sea Economy Corps (Corps 20), under the Ministry of Defense, is a significant change that opens up opportunities for CLL. The reason is that the Company currently has relationships with the Corporation and with TNHH MTV Public Utilities Company of Youth Volunteers – a large state-owned shareholder holding 22% of the capital.
Following the mergers, CLL‘s central role in projects in Ho Chi Minh City, Ba Ria – Vung Tau, and Binh Duong will become more apparent. “Not many enterprises have this advantage”, emphasized Mr. Son.
2025 plan has taken into account US tariffs
CLL targets revenue of about VND 321 billion in 2025, a decrease of nearly 5% compared to the previous year. Expected net profit reaches VND 90 billion, the lowest since 2021. The expected dividend payout for 2025 ranges from 22% to 23%, a decrease from the 27% of 2024.
Answering a question about the risk of US tariffs, Mr. Dang said that the 2025 plan has considered unfavorable scenarios and is built based on the orientation of the Saigon New Port Corporation. All rates and rental prices have been adjusted downward compared to the previous year to respond to fluctuations in the international market, while increasing the proportion of the logistics segment.
Even in the event of changes in tariffs from the US or other markets, the Company is still capable of achieving the set targets. In the first six months of this year, revenue, expenses, and profits are closely following the plan. The Management Board evaluates that the business operation remains stable, and no risks beyond the forecast have arisen.
| CLL sets net profit target at the lowest level in four years |
– 15:05 21/06/2025
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