APM Terminals (APMT) and Vietnam’s Hateco Group have agreed to co-develop a new container terminal at the Port of Da Nang, with construction slated to initiate in late 2026 and operations targeted for 2028, marking a strategic expansion of APMT’s Southeast Asia footprint amid rising Vietnam trade volumes and shifting global supply chains away from China.
Da Nang Terminal Deal Signals APMT’s Push Into Vietnam’s Fast-Growing Northern Corridor
The partnership will see APMT, a division of Denmark’s A.P. Moller-Maersk (CPH: MAERSK-B), contribute terminal operating expertise and technology, while Hateco Group provides land access, local regulatory navigation and initial civil works funding. The terminal is designed to handle 1.2 million TEUs annually upon full build-out, positioning it as Vietnam’s fourth-largest container port by capacity after Hai Phong, Ho Chi Minh City, and Cai Mep-Thi Vai. Vietnam’s container throughput grew 9.8% YoY in Q1 2026 to 4.1 million TEUs, according to Vietnam Maritime Administration data, with northern ports like Da Nang capturing disproportionate growth due to proximity to manufacturing hubs in Quang Nam, Da Nang, and Binh Dinh provinces.
The Bottom Line
- APMT’s Da Nang investment diversifies its Vietnam exposure beyond southern ports, reducing reliance on congested Ho Chi Minh City and Cai Mep terminals where Maersk already holds 35% market share.
- The terminal could capture 8-10% of Vietnam’s northern container volume by 2030, potentially diverting cargo from Hai Phong and weakening CMA CGM’s (EPA: CGM) dominance in the region.
- Da Nang’s deeper draft (14.5m vs. Hai Phong’s 12m) allows accommodation of neo-Panamax vessels, positioning it as a future transshipment alternative to Singapore for intra-Asian trade.
Competitive Implications: How Da Nang Shifts Vietnam’s Port Power Balance
Vietnam’s port sector remains fragmented, with state-owned Vietnam National Shipping Lines (Vinalines) controlling ~45% of national throughput but suffering from chronic underinvestment. Private terminals like those operated by Hateco and APMT now handle over 50% of container traffic, a share projected to rise to 65% by 2028 as the government accelerates privatization. Analysts at Vietcombank Securities note that APMT’s entry could compress operating margins for incumbent players by 150-200 basis points due to expected efficiency gains from automation and gate optimization technologies. “
APMT’s Da Nang terminal introduces best-in-class productivity benchmarks that will force local operators to accelerate digital upgrades or risk losing market share to more efficient competitors
,” said Le Thi Minh Huyen, Head of Transport & Logistics Research at Vietcombank Securities, in a client note dated April 20, 2026.
Macroeconomic Tailwinds: Vietnam’s Trade Diversification Fuels Terminal Demand
The Da Nang project aligns with Vietnam’s broader strategy to reduce export concentration risk, with China-bound shipments falling to 28% of total exports in 2025 from 35% in 2020, while U.S. And EU shares rose to 22% and 18% respectively. This shift has increased demand for northern ports capable of serving European-bound cargo via the Suez Canal, where Da Nang’s geographic advantage reduces transit time by 1.5 days compared to southern ports. Maersk’s own Q1 2026 earnings call highlighted Vietnam as its fastest-growing market in Asia, with revenue up 14% YoY driven by strong demand for refrigerated and time-definite logistics services. “
We are seeing structural changes in global supply chains that make Vietnam not just a low-cost manufacturer but a critical node in resilient trade networks
,” stated Vincent Clerc, CEO of Ocean & Logistics at A.P. Moller-Maersk, during the company’s April 12, 2026 investor presentation.
Financial Context: APMT’s Capital Allocation and Return Expectations
APMT did not disclose the financial scale of the Da Nang investment, but industry benchmarks suggest a greenfield terminal of this size requires $180-220 million in capital expenditure. For context, APMT’s global EBITDA margin averaged 22.4% in 2025, with Southeast Asian terminals outperforming at 26.1% due to lower labor costs and higher utilization. Maersk’s consolidated free cash flow reached $4.2 billion in 2025, providing ample liquidity for selective terminal expansions. The company’s current EV/EBITDA multiple stands at 8.3x, below the 9.1x five-year average, suggesting the market may undervalue its terminal portfolio’s growth potential. A comparative gaze at recent terminal investments reveals:
| Project | Location | Capacity (Million TEUs) | Estimated Capex ($ Million) | Expected Operational Year |
|---|---|---|---|---|
| APMT & Hateco Group | Da Nang, Vietnam | 1.2 | 200 (est.) | 2028 |
| DP World | Hai Phong, Vietnam | 1.5 | 250 | 2027 |
| CMA CGM | Cai Mep-Thi Vai, Vietnam | 1.8 | 300 | 2025 (operational) |
The Takeaway: Da Nang as a Litmus Test for APMT’s Vietnam Ambitions
While the Da Nang terminal represents a modest capital commitment relative to Maersk’s $6.5 billion annual capex budget, its success will be measured by APMT’s ability to replicate its terminal operating system (TOS) efficiency gains in a less mature infrastructure environment. If the terminal achieves APMT’s target of 45 moves per crane hour (vs. Vietnam’s current average of 28), it could catalyze further investment in northern Vietnam logistics infrastructure, including rail links to the Lao Bao border crossing and upgraded Highway 1A corridors. For investors, the project offers a low-risk avenue to gain exposure to Vietnam’s structural trade growth without the execution risks associated with greenfield manufacturing ventures.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
