VICT was established on the 22nd of September 1994, following the investment licence 996/GP issued by the State Committee for Cooperation and Investment (SCCI) and now the Ministry of Planning and Investment (MPI). The company has been licensed for a 40-year joint venture between Southern Waterborne Transport Corporation (SOWATCO) of Vietnam and the Singapore-based MITORIENT, the latter holds 63% in a partnership between the NOL group of Singapore and Mitsui & Company of Japan, while SOWATCO holds the remaining 37% of the company shares.