Ho Chi Minh City Approves $5B Can Gio Port Consortium Led by VIMC

Overview

Ho Chi Minh City has officially approved the investor consortium for the Can Gio International Transshipment Port, a $5.15 billion mega-port spanning 571 hectares. The project, led by Terminal Investment Limited (49%), Vietnam Maritime Corporation (VIMC, 36%), and Saigon Port (15%), is expected to transform Vietnam’s logistics landscape and enhance HCMC’s role as a regional maritime hub.

Key Facts

• Total investment: VND 128,872 billion (approximately USD 5.15 billion).
• Project scale: 571 hectares, with a main wharf length of about 7.5 km.
• Consortium: Terminal Investment Limited (49%), VIMC (36%), Saigon Port (15%).
• Phased development: initial 2-4 berths capable of handling 250,000 DWT vessels; long-term expansion to 13 berths.
• Concession period: 50 years; investor equity contribution is 15% of total investment.
• Conditions: no transfer of project rights for 10 years; minimum disbursement of VND 50,000 billion in first 10 years; project completion within 20 years.
• Location: Phu Loi islet, Cai Mep river mouth, near the Cai Mep-Thi Vai port cluster.

What Happened

On April 29, 2026, the Ho Chi Minh City People’s Council officially granted the investment approval decision for the Can Gio International Transshipment Port project. The decision was presented to representatives of the consortium, including Romain Simon (Investment Director, Terminal Investment Limited), Le Anh Son (CEO of VIMC), and Nguyen Le Chon Tam (CEO of Saigon Port).

The project will be developed in two phases, targeting a green, smart port model. The first phase will construct 2-4 berths capable of handling vessels up to 250,000 DWT, with a long-term plan to expand to 13 berths. The consortium must disburse at least VND 50,000 billion within the first 10 years and complete the entire project within 20 years. The concession period is 50 years, with a 10-year ban on project rights transfer.

Market Context

VIMC (listed on UPCOM) and Saigon Port (SGN, listed on HOSE) are directly exposed to this mega-project. VIMC’s stock has been under pressure due to weak freight rates, but the Can Gio approval provides a long-term catalyst. The port sector in Vietnam is competitive, with major operators like Gemadept and Hai Phong Port. The Can Gio port, if fully developed, could rival the Cai Mep-Thi Vai cluster and capture transshipment volumes from regional competitors.

Strategic Significance

For VIMC, the 36% stake in Can Gio port diversifies its revenue base beyond domestic shipping and logistics. The project aligns with Vietnam’s strategy to become a top-20 maritime nation by 2030. The involvement of Terminal Investment Limited, a global terminal operator, brings international expertise and potential shipping line connections. However, the project faces significant execution risks, including the need for road infrastructure to connect the remote Phu Loi islet and the large capital requirement.

What to Watch

• Progress on infrastructure connectivity: road and bridge links to the port site.
• Disbursement milestones: VND 50,000 billion in first 10 years is a key condition.
• Shipping line commitments: whether Terminal Investment secures anchor tenants.
• Regulatory updates: environmental impact assessment and land allocation procedures.
• VIMC’s financial capacity: ability to fund its 36% equity stake without diluting shareholders.