Analyst Pin-board: Update On Seaports In Hai Phong
2019 is a relatively tough year for port operators in Hai Phong as they have faced many headwinds such as:
(1) Overall market growth has decelerated. After China tightened unofficial importing policy on these products from Vietnam in the mid-2019, the volume of agricultural and seafood products shipped to the Northern Vietnam (to be exported to China afterward) has declined. As these products have been one of the main cargo source through seaports in Hai Phong, cargo volume here went flat in 11M 2019, reaching 4.5mn TEUs (Figure 1). The growth rate was weaker compared to 9% in 2018. In line with this market trend, the growth rate of container volume through several ports here has slowed down as well (table 1). As a result, this has decelerated revenue and core EBT growth of these enterprises (except for GMD due to recognition of robust growth from gains from JVs) (Figure 3).
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