Economic transformation
Examining Vietnam’s economic picture for May and the first five months of 2024, we see gradually increasing positive growth indicators.
Specifically, according to the General Statistics Office, industrial production in May 2024 continued to maintain a positive growth trend. Export turnover of goods reached 156.77 billion USD, an increase of 15.2% over the same period in 2023.
Exports to most market regions grew well, especially to markets with free trade agreements (FTAs) with Vietnam. Specifically, exports to ASEAN increased by 10.5%; to Japan by 3.3%, to South Korea by 8.6%, to the EU by 15.1%, and to Australia by 22.6%.
Vietnam in the past year has upgraded its "Comprehensive Strategic Partnership" relationship with two major partners, China and the United States, in which trade is considered an important aspect. Exports to China in the first 4 months of the year reached 17 billion USD, an increase of 12.8%; to the United States reached 34.7 billion USD, an increase of 21.2%.
Changes in the maritime industry
Contrary to the cautious forecasts of shipping lines about the market developments in 2024, the freight index and ship charter prices both increased to the highest level in 2 years.
According to Linerlytica's calculations, although the number of newly delivered vessels contributed to increasing transport capacity by 10.4%, reaching 29.5 million TEU, transport demand still increased faster than 13.1%. Due to a lack of capacity, it is expected to last until October this year.
Prolonged geopolitical instability in many regions, especially the Red Sea region, is considered the main cause since most shipping lines had to change their routes to Cape Hope, prolonging transit time, and increasing the need for additional capacity.
According to Alphaliner’s statistics, Shipping Line Alliances (LM) are operating 360 ships to serve transportation demands between Asia – Europe, as increasing market demand along with prolonged journeys to avoid the Red Sea cause a shortage of about 36 vessels in the market, including, LM Ocean Alliance will lack about 20 ships, 2M & The Alliance is expected to lack 8 vessels.
Gemadept overcomes hardship, maintaining growth
In recent years, especially in 2023, the world has experienced the most rapid and unpredictable changes. In the first months of 2024, although the market is progressing smoothly, global inflationary pressures are beginning to show signs of cooling down and consumer demand is more vibrant, the world situation is forecast to continue to become complicated. complex and potentially risky.
In response, from the Board of Directors to each employee, Gemadept was readied from the beginning of the year, proactively and flexibly faced the difficulties to ensure better production and business activities than last year, at the same time implementing key projects to develop Nam Dinh Vu Port phase 3 and Gemalink Deep-sea Port phase 2 on schedule. The company is hurrying to complete the 2025 vision plan.
With an emphasis on sustainable growth, the Company is committed to constantly making efforts to bring outstanding values to customers, partners, community, and country. In 2024 and the roadmap to 2025, the Company continues to focus on key plans including investing in expanding the Port – Logistics integrated ecosystem; restructuring, optimizing port efficiency, asset management, and cash flow; cooperation and M&A accelerate growth; optimizing digital transformation as a tool for smart operation and management; using green transformation as the goal; focus on Marketing, customer system development, chain services, etc.
In particular, for Marketing, this is a particularly important task, as ensuring to attract and retain customers, developing new services, achieving goals in terms of output, revenue, and profit, and creating a solid foundation for the Company's growth plan to increase value for shareholders and actively contribute to promoting economic growth.
Not only does it have a team of experienced, long-standing staff, but the Company continues to recruit, train, and communicate corporate culture to a team of young, dynamic, creative, professional and talented staff.
In particular, the Company implemented a management model focusing on market work and customer care with an elite, young, and enthusiastic MKT-BD HO team. The Company's marketing force is imbued with and promotes the spirit of "Pioneering Gene", flexible in connecting the strengths of the Gemadept ecosystem, and provides diverse, tailor-made business solutions to meet the increasingly demanding market requirements and enhance the effectiveness of frontline energy.
All of this is aimed at providing high-quality services to satisfy customers who trust in using Gemadept's ecosystem solutions.
The image of the world's largest and most modern vessels continuously calling at Gemalink Deep-sea Port, Nam Dinh Vu Port Cluster in recent times is a strong testament to Gemadept's efforts and the valuable support of partners, helping Gemadept overcome the hardship and maintain growth.
Throughout 34 years of development, the most difficult periods were also the times when Gemadept established steady progress, exceeding the expectations of customers, partners, shareholders and companions on the way forward. Through adversity and hardship, Gemadept continues to strive to overcome obstacles and is ready to conquer new opportunities.
