Several Vietnamese shipping companies that were brought to their knees during the 2008 financial crisis while under full state ownership have proven that the reforms since undertaken, together with the transparency that comes with being publicly listed, have reversed their fortunes.

According to their second-quarter results announcements, some have pulled off their best quarterly results in over a decade.

Leading the pack in terms of profitability is Vietnam Maritime Corp (VMC), the country’s biggest shipping conglomerate, which saw a near doubling of profits year on year in its second quarter to VND 1.43tn ($61.19m).

VMC, previously known as Vietnam National Shipping Lines (Vinalines), has been riding the container wave, within the region of 75% of its profits coming from its container terminal operations.

As VMC continues to show steady progress on the financial front, it is eyeing greater participation in the international container markets.

The company revealed in June that it will cooperate with Swiss liner giant MSC to develop an intra-Asian feeder container network that will connect Vietnamese ports with others in the region, as well as inter-continental liner routes.

VMC currently owns a pair of feedermaxes but plans to buy two additional vessels with capacities of between 1,700 teu and 2,200 teu.

The strong container markets also had a positive impact on liner operator Hai An Transport & Stevedoring, which reported profits of VND 324bn during its second quarter, a threefold increase from the same period last year.

Market observers described the regional container shipper, which fields a fleet of nine feeder container ships, as having its most profitable quarter in nearly six years.

Net profit for Haiphong-based Vietnam Ocean Shipping Lines (Vosco), which operates a mixed fleet of tankers, bulkers and boxships, came in at VND 260bn during the second quarter. This may only represent a 7.5% increase over what it earned during the corresponding period in 2021, but it was nevertheless the company’s most profitable quarter in 14 years.

On the tanker front, Petrovietnam Transportation Corp (PVTrans) saw its gross profit rise to a 15-year high of VND 440bn during its second quarter, but its net profit fell 16% to VND 265bn.