The Vietnam National Shipping Lines (Vinalines) will maintain its controlling stake in major ports and divest from others as it targets increased efficiency and profitability of core services.
National shipping giant Vinalines will maintain its controlling stake in major ports while divesting from smaller ones (Photo: shipspotting)
Hanoi (VNA) - The Vietnam National Shipping Lines (Vinalines) will maintainits controlling stake in major ports and divest from others as it targetsincreased efficiency and profitability of core services over the next fiveyears.
Under its five-year (2016-2020) investment anddevelopment plan approved by Prime Minister Nguyen Xuan Phuc, it will maintainits controlling stake in the nation’s three major ports in Hai Phong, Da Nangand HCM City.
The corporation currently holds a majority stakeof between 75 percent and 95 percent in the three ports.
It will divest and give up its controlling stakein several smaller ports.
Under the five-year plan, the corporation willconcentrate its investments in the Lach Huyen and Dinh Vu ports in Hai Phong city;the Hai Phong International Port; the Lien Chieu Port in Da Nang; and the NgheTinh Port in Ha Tinh province.
In the southern region, the corporation is tofocus efforts on beginning operations at the Sai Gon-Hiep Phuoc Port anddeveloping general ports in Hau Giang province and Can Tho city.
Meanwhile, it will restructure its bank debtsand prepare to list its shares on the national bourse.
It will strive to improve the efficiency andprofitability of its sea transport, ports and maritime services, sustain andincrease the State’s capital, and withdraw from ineffective businesses.
The exploitation and development of deepwaterports and transit ports will be improved to make it competitive in the region.
Vinalines plans to complete its equitisationprocess early next year.
The corporation’s revamp plans after years oflosses and soaring debts. In 2015, its debt was estimated at 11 trillion VND,or 504 million USD, owed to 24 lenders, nearly half of them foreign firms. Themajority of its domestic market share on import-export carriage has been takenover by foreign shipping businesses.
For 2017, Vinalines targets a revenue of around 15.3trillion VND (668.4 million USD), lower than last year, when it topped 16trillion VND.-VNA
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National shipping giant Vinalines will maintain its controlling stake in major ports while divesting from smaller ones (Photo: shipspotting) 
