AsemconnectVietnam - In 2025, Vosco's after-tax profit is projected to decrease by 9% compared to the previous year, reaching VND305 billion, mainly due to the base of 2024. This year, many ships had to undergo drydocking and extended scheduled repairs, incurring costs that affected overall efficiency.

According to the Q4/2025 financial report, Vietnam Maritime Transport Corporation (Vosco, ticker VOS) recorded net revenue of VND1,188 billion in Q4, a decrease of 13.5% compared to the same period last year.
However, gross profit for this period reached VND110 billion, approximately five times higher than Q4/2024, due to the company narrowing down its low-margin trading segment and focusing more on transportation – its core business with higher profit margins.
Regarding expenses, during the period, VOS's selling and administrative expenses remained around VND51 billion. Notably, Vosco recorded approximately VND223 billion in profit in the fourth quarter from the sale of the Vosco Unity vessel. This is a supramax bulk carrier with a deadweight tonnage of approximately 53,500 DWT. According to Vosco's leadership, the liquidation of this vessel is part of a fleet rejuvenation strategy, as many existing vessels were built in the early 2000s.
As a result, Vosco brought in VND216.6 billion in after-tax profit, a significant improvement compared to the loss of over VND9 billion in the same period last year.
For the entire year 2025, the company's net revenue reached VND3,103 billion, a decrease of 44% compared to 2024. Accordingly, after-tax profit decreased by approximately 9%, reaching VND305 billion.
VOS stated that the decline in Q4 and full-year 2025 revenue was mainly due to weakened trading activities, with revenue from the trading segment experiencing a significant year-on-year decrease. Conversely, the core business of maritime transport, after a difficult period in the first six months of the year, showed signs of improvement as the dry bulk and oil tanker markets gradually recovered.
Meanwhile, the decrease in after-tax profit compared to the previous year was mainly due to the high comparative base of 2024, when the company recorded approximately VND400 billion in profit from the sale of the Dai Minh vessel. On the other hand, in 2025, many vessels had to undergo drydocking and extended scheduled repairs, resulting in daily vessel costs without generating revenue, thus affecting overall efficiency.
As of December 31, 2025, VOS's total assets reached VND3,907 billion, an increase of 35% compared to the beginning of the year. Of this amount, cash and bank deposits totaled VND769 billion, a decrease of nearly 60%, due to the company no longer recording short-term financial investments exceeding VND700 billion as at the beginning of the year. In addition, the company has over VND97 billion in inventory and nearly VND1,487 billion in short-term receivables.
On the other side of the balance sheet, the company's total liabilities amounted to over VND1,792 billion, 1.9 times higher than at the beginning of the year. Notably, short-term and long-term loans and financial lease liabilities accounted for 42% of total debt, equivalent to VND758 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan