Can Gio Port Project: VIMC Leads $5.15B International Transshipment Hub

Overview

On April 29, 2026, the Ho Chi Minh City People’s Committee officially approved VIMC (Vietnam Maritime Corporation) as the lead investor for the Can Gio International Transshipment Port project, with a total investment of VND 128,873 billion (approximately $5.15 billion). The consortium includes Saigon Port and MSC (Mediterranean Shipping Company). The project aims to establish a large-scale international container transshipment hub, competing with regional giants Singapore and Malaysia.

Key Facts

• Total investment: VND 128,873 billion (approx. $5.15 billion).
• Project area: 571 hectares (including land and water surface) at Go Con Cho island, Can Gio district, Ho Chi Minh City.
• Designed capacity: up to 17 million TEUs per year.
• Capable of receiving container vessels up to 250,000 DWT (24,000 TEU).
• VIMC holds a 36% equity stake, equivalent to nearly VND 13,918 billion.
• Consortium partners: VIMC (lead), Saigon Port, and MSC.
• The project was officially announced on April 29, 2026, coinciding with VIMC’s 31st founding anniversary.

What Happened

The Ho Chi Minh City People’s Committee held a ceremony on April 29, 2026, to grant the investment approval decision for the Can Gio International Transshipment Port. The project will be developed by a consortium led by VIMC, together with Saigon Port and global shipping line MSC. The total investment is estimated at VND 128,873 billion.

VIMC Chairman Nguyen Canh Tinh stated that the decision is not just a legal document but a strategic mission entrusted by the Party, State, and Ho Chi Minh City to realize Vietnam’s maritime ambitions. The project has been in preparation for several years, with VIMC first proposing the model in 2021 during the Covid-19 pandemic.

Market Context

VIMC (listed on UPCOM) is the state-owned maritime conglomerate operating 17 major ports nationwide, including Hai Phong, Da Nang, Saigon, and the Cai Mep-Thi Vai cluster (CMIT, SSIT, SP-PSA). The Can Gio project represents a significant leap from Vietnam’s current gateway port strategy to a dedicated international transshipment hub. The project directly challenges the dominance of Singapore and Malaysia, which currently handle a large portion of transshipment cargo that could otherwise flow through Vietnam.

Strategic Significance

The Can Gio port is designed from the outset as a pure transshipment hub, unlike the gradual development of Cai Mep-Thi Vai or Lach Huyen. This strategic positioning aims to capture a share of the regional transshipment market, reducing Vietnam’s dependence on foreign hubs. For VIMC, the project reinforces its role as the national maritime champion and could significantly boost its long-term revenue and earnings once operational. The involvement of MSC, one of the world’s largest shipping lines, provides immediate access to global shipping networks and cargo volumes.

What to Watch

• Finalization of project financing and capital mobilization plans.
• Environmental impact assessment and construction timeline.
• Progress on land clearance and infrastructure connections.
• MSC’s commitment to routing transshipment volumes through Can Gio.
• Competitive response from Singapore and Malaysian port operators.