VINASHIP JOINT STOCK COMPANY VIETNAM MARITIME UNIVERSITY INTERNATIONAL SCHOOL OF EDUCATION International Business and Logistics VIETNAM CONTAINER JOINT STOCK COMPANY (VINASHIP) is one of the leading shipping and transportation companies officially operating since March 10, 1984. VINASHIP operates in the field of ImportExport, the companys main function is to trade in import and export consignment services, trade services, including import and export and wholesale and retail. goods on the domestic market.
INTRODUCTION OF VINASHIP JOINT STOCK COMPANY
Overviews
VIETNAM CONTAINER JOINT STOCK COMPANY (VINASHIP) is one of the leading shipping and transportation companies officially operating since March 10,
Founded in 1984, VINASHIP specializes in import-export services, focusing on trading both wholesale and retail goods in the domestic market The company has established strong trade relationships globally, particularly with Germany, the USA, Italy, and other European nations, positioning itself as a leader in importing household goods, interior equipment, and machinery spare parts VINASHIP's operational motto emphasizes high efficiency and the importance of connecting domestic and international businesses, aiming to be the most reliable partner for customers by sourcing diverse goods while prioritizing customer satisfaction Additionally, VINASHIP is recognized as a robust exporter of agricultural products, handicrafts, and processed goods, leveraging its extensive experience in production and business activities.
Export Company is a reliable partner for domestic and international customers.
General information 8,9 1.3 Brief history
Trading name: VINASHIP SEA TRANSPORTATION JOINT STOCK
Business Registration Certificate No 0200119965 registered for the first time on December 27, 2006, and registered for the second change on July 4,
2013 at the Department of Planning and Investment of Ho Chi Minh City.
Address: No 01 Hoang Van Thu, Minh Khai ward, Hong Bang district, City.
Website: www.vinaship.com.vn
1984 : On March 10, 1984, Shipping Company III (VINASHIP) was established under Decision No 694/QD-TCCB of the Minister of Transport.
1993 : March 23, 1993: The Ministry of Transport issued a decision to re- establish Shipping Company III according to Decision No 463/QD-TCCB
2006 : On October 24, 2006, the Ministry of Transport signed a decision on approving the plan and transforming Shipping Company III, a member unit of
Vietnam National Shipping Lines into Joint Stock Company VINASHIP.
2006 : On December 21, 2006 VINASHIP Shipping Joint Stock Company conducted the General Meeting of Shareholders to establish the Company, with a total charter capital of 200 billion VND, of which the State holds 51%.
2008 : On August 20, 2008, the Company was listed on the Ho Chi Minh Stock
Exchange issued by the General Director of the Ho Chi Minh Stock Exchange.
Functions
VINASHIP Import-Export Co., Ltd specializes in providing comprehensive import and export consignment services, along with wholesale and retail trade services for goods in the domestic market.
The company has developed robust trading relationships with various countries, including Germany, the United States, and Italy, positioning itself as a major importer of home goods, interior equipment, machinery, and spare parts Additionally, it is recognized as a strong exporter of agricultural products, handicrafts, and other processed items, enhancing its reputation in the global market.
VINASHIP Import-Export Company is a reliable domestic and international partner with vast experience in production and commercial activities.
Facilities and Equipments
Figure 1: The parameters of the fleet of VINASHIP
1.5.2 Technical characteristics of the ship
Currently, the company's fleet consists of 16 ships with a total tonnage of 122808
DWT operates a fleet primarily consisting of dry general cargo vessels, with an average ship age of 21 years The onboard equipment has deteriorated, leading to challenges in the mining process Consequently, the company prioritizes regular repairs and maintenance to mitigate risks and minimize potential losses during operations.
Regarding the classification of ship groups: Based on age, tonnage, the company's fleet is divided into the following groups:
Group I: Ha Giang, Hung Yen Group II: Nam Dinh, Ninh Binh, My An
Group III: Ha Tien, Hung Vuong 02, Binh Phuoc
Regarding exploitation routes: With the above characteristics, the company has been assigned by the maritime corporation to operate domestic routes and a number of Southeast Asian routes, in which:
Trains Ha Nam, Binh Phuoc, Ha Dong, Ha Tien: Vietnam - Indonesia, Vietnam -
Ships Hung Vuong 01, Hung Vuong 02 are chartered for foreign countries Train
Hung Yen, Nam Dinh, Ninh Binh: Vietnam-Thailand
Ship Hung Vuong 03, Ha Giang: Domestic transportation
The company's train operation utilizes a chartering system, where the ship owner leases either the entire vessel or a portion of it to the charterer for the transportation of goods between ports This arrangement is governed by the terms outlined in the charter table of the voyage charter party, establishing the relationship between the ship owner and the charterer.
In recent years, the company has experienced significant improvements in its production activities due to a revamped management mechanism This enhanced efficiency of the fleet has not only elevated the income levels of crew members but also positively impacted all officers and employees across the organization.
Figure 2: My Thinh ship was built in 1990
Business activities
Code number Name of business
5210 Warehousing and storage of goods
5229 Other supporting service activities related to transportation
7830 Supply and management of labor resources (excluding labor supply for organizations with labor export functions)
5510 Short-stay services ( hotel, motel,…)
8299 The rest of the business support service activities have not been classified elsewhere
4669 Other specialized wholesale not elsewhere classified
3315 Repair and maintenance of means of transport (except for cars, motorcycles, motorbikes and other motor vehicles)
4520 Maintenance and repair of automobiles and other motor vehicles.
4530 Sale of spare parts and accessories for automobiles and other motor vehicles
4661 Wholesale of solid, liquid, gaseous fuels and related products
4730 Retail sale of motor fuel in specialized stores
4773 Other retail sale of new goods in specialized stores
6622 Activities of insurance agents and brokers (except insurance brokerage activities)
5610 Restaurants and mobile catering services
5221 Direct service activities for rail transport
5225 Direct support service activities for road transport
5222 Direct support service activities for water transport
Table 1: Business lines of VINASHIP Source : VINASHIP JSC
Business result .13,14 1.8 Orientation and Future plans
The ongoing Covid-19 pandemic has severely impacted the maritime industry, leading to halted production and business activities worldwide, particularly in China, which has resulted in a decline in global trade demand Social distancing measures forced many seaports to close, contributing to a significant 18% reduction in total container fleet capacity globally by May 2020.
The pandemic presented challenges, but it also created opportunities, as major economies swiftly rebounded This recovery coincided with a shortage of ships, leading to a significant surge in freight rates Since late 2020, sea freight rates have consistently risen, reflecting the ongoing demand in the shipping industry.
Vinaship Shipping Joint Stock Company (UpCOM: VNA) has announced its financial statements for the first quarter of 2022 with high revenue and profit over the same period.
In the recent reporting period, net revenue soared to VND 232 billion, reflecting a remarkable 57.8% increase compared to the same timeframe last year Notably, the cost of goods sold grew at a slower pace than revenue, resulting in a gross profit exceeding VND 65 billion, which is ten times higher than the gross profit recorded in the first quarter of the previous year.
Despite experiencing a decline in profits from other activities, Vinaship managed to increase both selling and administrative expenses However, the company’s substantial gross profit led to a significant after-tax profit of over 40 billion VND, a remarkable rise from 3.2 billion VND during the same period last year In the first quarter of 2022, Vinaship reported an earnings per share (EPS) of 2,009 VND.
Since the end of Q1 2021, international sea freight rates have remained elevated, providing a beneficial environment for VNA's business operations in Q1 2022.
Although the market adjusted down in January, affecting the revenue of the fleet in
February, Vinaship promptly compensated with the impressive revenue increase in
In March 2022, shipping revenue continued to remain high in Q1, surpassing figures from the same period in the previous year This performance is attributed to efforts to offset the abrupt rise in fuel costs caused by the ongoing conflict in Ukraine.
Currently, VNA has not announced business targets for 2022 Before that, VNA also had a very successful year in 2021, net revenue reached 853.3 billion dong, up
66.2% over the same period, EAT reached 177, 8 billion VND, a sudden increase compared to only 1.4 billion VND last year This is the year Vinaship recorded the highest profit ever.
Shipping Service Operations vicervice Operations pervice Operations ations r O r F inancial Activities ctivitiervice Operationss A O thervice Operations r A ctivitiervice Operationss
In the first half of 2022, VNA's service operations generated significant revenue, measured in billions of VND This period highlighted the financial performance and operational efficiency of VNA, showcasing its growth and adaptability in a competitive market The detailed financial analysis indicates a robust operational structure, reflecting the company's strategic initiatives and market positioning during these six months.
F r i st 6 months of VNA in the first 6 months of 2022 (Unit: Billion VND) 2021 F r i st 6 months of VNA in the first 6 months of 2022 (Unit: Billion VND) 2022
Table 2: Revenue report of VNA Source: According to Cafef.vn
In 2021, despite being heavily influenced by the Covid-19 pandemic, with the timely and effective direction and support of Vietnam National Shipping Lines
Vinaship, in collaboration with the Corporation's Trade Union and its dedicated leadership team, has successfully achieved all production and business goals The company has also implemented wage increases for employees, with a particular focus on the officers and crew members who are essential to its operations.
Delegates received presentations from various departments highlighting significant achievements, particularly in mining operations where the "Customer-centric" approach has successfully retained traditional clients while attracting new potential customers Additionally, advancements in technology and materials have reduced ship boarding times, enhancing operational efficiency and enabling crew members to perform self-repairs onboard In financial and accounting efforts, collaboration with financial institutions and banks has been prioritized to effectively implement restructuring initiatives.
To effectively achieve its objectives in 2022, the Company has introduced three key solution groups: market strategies, financial initiatives, and management innovations, alongside enhancements in human resources The Board of Directors is committed to addressing the feedback and recommendations from union members and employees, ensuring that their concerns are acknowledged and resolved promptly This approach aims to foster a secure work environment, encouraging employees to remain engaged and dedicated to the Company.
1.8.4 The plan to maintain the navigational channel in 2022 is more than
Figure 3 :The total approved budget for the maintenance of navigational channels in 2022 is more than 1,900 billion VND Source: baogiaothong.vn
According to a representative of the Vietnam Maritime Administration, according to the marine infrastructure maintenance plan in 2022, approved by the Ministry of
Transport, the total investment for the maintenance and dredging of navigational channels is about more than 1,935 billion VND
In particular, the works to be implemented in 2021 - 2022, including: Hai Phong channel (section of Ha Nam, Bach Dang canal, Cam river, Lach Huyen), Pha Rung,
Nghi Son, Cua Lo, Da Nang, and Saigon channels – Vung Tau, Soai Rap (Hiep
Phuoc section), Hau river navigation channel (Channel for large tonnage ships),
Soai Rap The total cost of implementation is expected to be more than 1,863 billion
The investment plan outlines the funding allocated for dredging projects scheduled between 2022 and 2024, with over 27 billion VND earmarked for initial preparations in 2022.
In 2022, the Ministry of Transport plans to allocate over 4.9 billion VND for the dredging of seaport waters, which will also facilitate the recovery of navigation channels, including the Tien River navigation channel, Dinh An - Hau River channel, Tran De navigation channel, and Cua channel.
Viet navigation channel and Cua Hoi - Ben Thuy navigation channel.
The Maritime Administration announced that over 19 billion VND will be allocated for the repair and maintenance of the embankment along the Off Channel, which facilitates large vessels entering the Hau River, as well as the embankment of the Ha Nam Canal.
PROFESSIONAL POSITION DESCRIPTION OF
Organizational structure
General Meeting of Shareholders (GMS)
The Board of Directors serves as the governing body of Vinaship, composed of members who possess the full authority to make decisions on behalf of the company regarding its objectives and interests However, certain matters remain within the jurisdiction of the general meeting of shareholders.
The Supervisory Board, comprised of three members representing the shareholders, oversees all management and production activities of the company This board is accountable to both the General Meeting of Shareholders and the law, ensuring that its operations align with established legal powers and responsibilities.
Functions and duties: General administration The General Director is appointed by the Chairman of the Board of Directors duty and dismissal at the request of the
Vietnam National Shipping Lines Corporation is led by a General Director who serves as the legal representative and oversees all company operations This executive is accountable to the Chairman of the Board of Directors for their actions and decisions.
1 Deputy general director in charge of business - shipping
The key responsibilities of this role include assisting the General Director in overseeing production operations, business development, market research, and coordination, as well as identifying new business opportunities and developing strategic plans for approval Additionally, this position involves negotiating and signing freight transport contracts, optimizing production organization, and monitoring fleet performance to drive business growth and efficiency.
2 Deputy General Director in charge of technology – marterials
The primary responsibilities include assisting the General Director in overseeing technical operations, managing materials and repairs, conducting research, and implementing innovative scientific applications Additionally, the role involves optimizing production processes and monitoring fleet operations to ensure the safe functioning of the vessels.
3 Deputy general director in charge of legal – safety
Functions and duties: Help the General Director manage and operate the legal work, maritime safety of the ship, follow up on legal issues of the company
As an advisory room to help the General Director manage and operate the fleet effectively, under the direct direction of the General Director, has the following duties and powers :
- Organize business and exploit fleet, direct and urge the domestic and foreign agent system, in order to well implement the company's production plan.
- Exploiting goods sources, advising and signing transport contracts, organizing contract performance.
Create comprehensive production plans and generate reports on production and transportation statistics, along with monthly, quarterly, and annual revenue analysis Focus on strategic business exploitation, investment opportunities, and production growth while adhering to management directives established by superiors.
- Manage all operations of ships according to signed contracts Select the optimal and effective operating plan.
- To be responsible to the General Director for the legality of signed contracts, business results, and ship operations.
- Proposing a plan to release ships quickly, increase vehicle rotation to exploit the fleet to achieve business efficiency of the company.
- Regularly evaluate and analyze the business performance of the fleet.
- Coordinating with the finance and accounting department to closely monitor the collection of domestic and foreign freight as well as other expenses of the fleet.
- Monitor communications with the fleet, including with electronic information centers on weather and meteorology to serve the fleet.
- Develop monthly - quarterly - annual business plans.
- To make statistics and reports on the results of the implementation of the plan according to the regulations of the State and the Corporation.
Acting as a consulting room for the General Director on the management of economic activities, economic accounting, accounting for the whole company
Synthesize accounting data and analyze production and business activities to ensure financial autonomy and proactive decision-making Evaluate financial operations within the fleet to identify strategies that enhance economic efficiency and optimize the use of resources, including finance, materials, and capital.
- Implement periodical reporting regime as prescribed Well serve the inspection, examination and audit requirements of competent agencies.
- Ensure the recording of data, summarizing the situation and data related to the company's business and financial activities Provide necessary data to relevant professional departments.
- Reflect accurately, honestly, completely, timely, clearly and comprehensively all production and business activities of the company according to the principles of independent professional accounting.
- Disseminate and implement the financial regimes and policies of the
State, guide professional training for employees related to accounting in branches and component enterprises.
- Request branch departments to provide data, documents and documents related to financial management, production and business activities of the company.
- Participate in the development of plans to improve management mechanisms and regulations in related fields At the same time, check the implementation of financial policies and regimes.
Failure to make payments can arise from various issues, including the detection of errors, inadequate procedures, unclear documentation, invalid cancellation documents, and the rejection of expenses that do not comply with the regulations or directives issued by the General Director.
- Have the right to participate in and organize the inspection of the implementation of the financial accounting regime within the company's scope.
- Propose measures to adjust and promptly handle errors in business activities and financial management.
The department serves as a professional advisory body to the General Director, focusing on personnel organization, labor management, and wage structures within the mining sector It ensures the legal and efficient utilization of the company's workforce in compliance with applicable regulations.
VINASHIP JOINT STOCK COMPANY 21 accordance with the functions, duties and characteristics of the company The
Department has the following duties:
To enhance operational efficiency, it is essential to monitor the company's organizational structure, management, and production processes This involves evaluating the existing organizational model and proposing necessary adjustments to align with customer requirements and the company's unique characteristics By adapting the organizational framework, the company can optimize its production and business activities to better meet its goals.
To enhance the professional qualifications of officers, crew members, and employees, it is essential to coordinate with relevant units to organize training, retraining, and development programs This approach ensures that the workforce meets both the immediate and future demands of the company.
The General Director should be advised on optimizing labor arrangements across the company's departments, branches, and fleets, ensuring compliance with relevant state laws and aligning with the specific nature of the work involved.
To create an effective labor and salary plan, align it with the annual production, business, and financial plans Additionally, develop and update regulations related to labor management and salary payment, ensuring they comply with the company's internal policies and the Labor Code.
Effective management of salary statistics on a monthly, quarterly, and annual basis is crucial for optimizing the wage fund Implementing strategic wage policies can significantly stimulate production and enhance workforce motivation Additionally, accurately determining labor levels and ensuring well-organized labor safety measures are essential for providing adequate labor protection and fostering a productive work environment.
- Responsible for implementing and resolving professional requirements according to the functions and tasks, regulations according to state policies and company rules.
The responsibilities include enhancing employee rankings and annual salaries, managing documentation, and overseeing procedures for staff arrivals and departures, as well as handling passports for officers and crew members traveling abroad.
- To have a plan to classify labor, effectively use labor, and well
- Being a permanent member of the salary council, discipline council, labor council.
- In charge of internal political protection for the company.