Gemadept (GMD) invests 300B VND in new Nam Dinh Vu Services JSC, targets 2026 profit up 11%

Overview

Gemadept (GMD) has approved a 300 billion VND capital contribution to establish Nam Dinh Vu Services JSC (NDS) in Hai Phong, securing a 60% stake. Concurrently, the company announced a 22% cash dividend for 2025 and set 2026 business targets of 6,500-6,800 billion VND in revenue and 2,800-3,000 billion VND in pre-tax profit. The strategic partnership strengthens GMD’s logistics network in northern Vietnam.

Key Facts

• Gemadept contributes 300 billion VND for a 60% stake in NDS, which has a charter capital of 500 billion VND.
• NDS is located at Lot CN27, Nam Dinh Vu Industrial Park, Hai Phong.
• Gemadept appointed Mr. Nguyen Manh Ha as the authorized representative to manage the contributed capital.
• Gemadept also signed a contract to acquire an additional 14.7 million shares (49%) of Mekong Logistics, increasing its stake from 25.02%.
• The company declared a 22% cash dividend for 2025, equivalent to 2,200 VND per share, with payment expected on May 29, 2026.
• Total dividend payout is approximately 938.3 billion VND based on 426.5 million outstanding shares.
• 2026 business targets: revenue of 6,500-6,800 billion VND (up 9-11% YoY) and pre-tax profit of 2,800-3,000 billion VND (up 11-18% YoY).

What Happened

Gemadept (GMD), listed on HOSE, announced on May 24, 2026, that its board approved the establishment of Nam Dinh Vu Services JSC (NDS) with a charter capital of 500 billion VND. Gemadept will contribute 300 billion VND for a 60% stake, with the remaining 40% held by other investors. The new company will be based in the Nam Dinh Vu Industrial Park, part of the Dinh Vu-Cat Hai Economic Zone in Hai Phong, a key logistics hub.

In a separate development, Gemadept also disclosed a plan to acquire an additional 49% stake in Mekong Logistics, a company specializing in port management and operations in the Mekong Delta. As of March 31, 2026, Gemadept held a 25.02% interest in Mekong Logistics. The acquisition aligns with Gemadept’s strategy to expand its port network across Vietnam.

Market Context

GMD shares closed at 73,600 VND on May 24, 2026, down 1.21% with volume of 849,500 shares. The stock has been supported by strong earnings momentum, with Q1 2026 revenue up 13.7% YoY and pre-tax profit up 22.9%, achieving 22.3% and 25.6% of the full-year targets, respectively. The logistics sector in Vietnam continues to benefit from trade growth and infrastructure investment, with Hai Phong being a critical port city.

Strategic Significance

The establishment of NDS deepens Gemadept’s presence in Hai Phong, Vietnam’s largest northern port, and complements its existing operations. The 60% controlling stake gives Gemadept operational control, allowing it to integrate NDS into its broader logistics ecosystem. The simultaneous dividend payment and acquisition of Mekong Logistics signal a dual strategy of rewarding shareholders while investing in growth. The 2026 targets imply moderate but steady growth, reflecting confidence in trade volumes and port utilization.

What to Watch

• Completion of the Mekong Logistics stake acquisition and its impact on consolidated earnings.
• Operational ramp-up of NDS and its contribution to revenue from 2027 onward.
• Q2 2026 earnings release to assess whether the growth trajectory continues.
• Any further port or logistics acquisitions in southern Vietnam to balance the geographic portfolio.
• Dividend policy for 2026 and potential share buybacks or bonus issues.