TAN CANG - CAI MEP INTERNATIONAL TERMINAL COMPANY LIMITED

TAN CANG – CAI MEP INTERNATIONAL TERMINAL COMPANY LIMITED (CÔNG TY TNHH CẢNG QUỐC TẾ TÂN CẢNG – CÁI MÉP) is one of Vietnam’s most strategically positioned deep-water terminal operators, playing a central role in the cargo-handling and port-services ecosystem of the Cai Mep–Thi Vai region. According to the official company report, the enterprise has operated actively for more than 16 years and remains a key logistics gateway supporting Vietnam’s expanding trade flows.

A Rising Hub in Vietnam’s Maritime Logistics Corridor

Located on the 7th Floor of the Saigon Newport Building in Phu My City, Ba Ria–Vung Tau, TAN CANG – CAI MEP INTERNATIONAL TERMINAL COMPANY LIMITED (TCIT) benefits from its proximity to deep-water channels capable of accommodating some of the world’s largest container vessels. Its Vietnamese name, CÔNG TY TNHH CẢNG QUỐC TẾ TÂN CẢNG – CÁI MÉP, underscores its position as a premium international maritime gateway and a core component of the country’s logistics infrastructure.

Registered in 2009 as a foreign-invested limited liability company, TCIT specializes in cargo handling and high-value port operations. Over the years, the company has built operational credibility through consistent service quality, modern port equipment, and strong international partnerships.

Ownership Structure Backed by Global Shipping Leaders

The official shareholder composition reinforces TCIT’s strategic importance. The enterprise is backed by four major corporations from Vietnam and Asia:

• A Vietnam-based shareholder holding 36%

• A Taiwan-based shareholder holding 21.34%

• A Japan-based shareholder holding 21.33%

• A South Korea–based shareholder holding 21.33% 

This diversified ownership base—spanning Vietnam, Taiwan, Japan, and South Korea—reflects a strong alliance of regional maritime giants, providing TCIT with both capital stability and global shipping network connections.

Leadership and Personnel

TCIT is led by a Chairman with the family name Ngo, and its financial operations are overseen by a Chief Accountant with the family name Nguyen. The company employs 423 people, according to the report. These human resources form the backbone of TCIT’s ability to operate a high-volume international terminal with stringent efficiency requirements.

Operational Overview and Business Lines

The company’s primary business lines include:

• Supplying port services

• Cargo handling

• Technical testing and analysis

• Other transportation support activities

• Equipment repair services 

These activities position TCIT as a comprehensive service provider, not only moving cargo efficiently but also supporting vessel operations, conducting safety inspections, and providing value-added logistics services.

Financial Performance: Steady Revenue with Declining Asset Base

The financial data presented in the report reveal a mixed performance profile for recent years. Revenue remains relatively stable, but key balance-sheet items show contraction.

Key financial highlights (FY 2023):

• Total Assets: USD 73.72 million (YoY -10.28%)

• Total Sales: USD 94.16 million (YoY -1.81%)

• Profit: USD 13.03 million (YoY +5.45%)

• Equity: USD 55.71 million (YoY -17.43%)

• Working Capital: USD 34.53 million (YoY -13.93%)

• Net Worth: USD 55.63 million (YoY -17.43%) 

The data indicate that despite declining assets and equity, the company increased its profit in 2023—a sign of stronger operational efficiency or cost optimization during the period.

Trend Analysis: Stability with Signals of Structural Stress

A review of financial trends from 2021 to 2023 shows:

• Assets have fallen for three consecutive years.

• Equity has dropped significantly, especially in 2023.

• Sales remain stable with a slight downward drift.

• Profit recovered in 2023 after two years of decline.

These movements suggest that while TCIT continues to generate stable revenues, its capital structure is tightening, possibly due to high dividend payouts, asset depreciation cycles, or revaluation impacts.

Credit and Financial Risk Assessment

Credit Risk

The company maintains active operations and stable revenues, which are positive indicators for creditors. However, the consecutive decline in equity and assets may signal reduced capital buffers. Lower net worth can impact borrowing capacity and raise questions about long-term reinvestment capability.

Financial Risk

Equity erosion of more than 17% in 2023 highlights increasing financial pressure. If asset replacement or expansion is needed to maintain competitive port standards, TCIT may require external financing. Profit growth is encouraging but may not fully offset long-term capital depletion.

Governance Considerations

With an international shareholder structure, governance standards are likely to be high. However, the presence of four major shareholders with nearly equal stakes (except for the Vietnamese majority holder) may complicate decision-making and capital allocation.

Strategic Importance Within Vietnam’s Logistics Development

TCIT operates in one of the fastest-growing seaport clusters in Southeast Asia. The Cai Mep–Thi Vai deep-water terminal system serves as Vietnam’s gateway for long-haul services to the U.S. and Europe, thereby reducing dependence on regional transshipment hubs. This gives TCIT a strategic advantage, positioning the company for long-term relevance even amid competitive pressure from regional ports.

Outlook: Opportunities and Challenges

Opportunities:

• Rising export volumes from Vietnam's manufacturing sector

• Increasing direct shipping routes

• Strong backing from multinational logistics corporations

• Demand for modernized port services and automation

Challenges:

• Asset and equity decline may restrict expansion

• Competitive pressure from neighboring terminals

• Global supply-chain volatility

• Potential governance complexity due to diverse ownership

Conclusion

TAN CANG – CAI MEP INTERNATIONAL TERMINAL COMPANY LIMITED holds a vital position in Vietnam’s maritime logistics network. Despite financial contraction in key areas, the company's stable sales, rising profits, and strong international shareholder base keep it well-placed for continued development.

Readers who want the latest financials, ownership analysis, litigation screening, and risk assessment can obtain the full report from VNBIS.