The fuzzy MCDM for container terminal choice in Vietnam from shipping lines' perspective based on cumulative prospect theory

This study aims to assess the container terminal choice from the perspective of shipping lines. The method incorporates the technique for order of preference by similarity to the ideal solution (TOPSIS) under fuzzy environmental conditions, the analytic hierarchy process (AHP), and cumulative prospect theory (CPT) to address the problem while accounting for both quantitative and qualitative criteria as well as the risk attitude of the decision-makers. This paper evaluates six container terminals in Vietnam as a case study to illustrate the feasibility of the proposed approach. A summary of the assessment of shipping lines shows that operational efficiency is the most crucial criterion for the terminal's choice; the Cat Lai terminal is considered the most appropriate terminal in Vietnam. In addition, prospect parameters have an impact on the best alternative. The findings could offer valuable insights for container terminal operators to enhance their competitiveness. Simultaneously, liner shipping companies stand to benefit by making informed and strategic decisions in their port selection processes.