Hanoi (VNA) - The Vietnam National Shipping Lines(Vinalines) has proposed to reduce its stake in many strategic seaports.

Accordingly, the country’s largest shipping company will reduceits stake in northern Hai Phong Port from the current 92.56 percent to 65 percentand in central Da Nang Port from 75 percent to 65 percent. Its stake of 80.9 percentand 99.05 percent at the Cam Ranh and Can Tho ports will also be cut to 51 percenteach.

Vinalines expected the plan will succeed as the port business hasbeen assessed to have potential thanks to the export and import growth.

As for other ports such as Khuyen Luong, Sai Gon, Nghe Tinh andNam Can, Vinalines will continue to hold the current stake, which rangesbetween 49 percent and 65.45 percent.

Most of the ports in which Vinalines holds dominant stake aresituated at strategic positions and have a significant impact on the nation’ssecurity and defence, therefore direct co-ordination and management of theState is needed, Vinalines said.

Following the divestment from 11 port operation firms, Vinalinescurrently holds capital in eight port operators.

However, Vinalines admitted that although improvement ingovernance has been made after transferring to joint stock companies, the firmsstill need a breakthrough and better application of science and technology.

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Vinalines is due to make an initial public offering (IPO) inDecember this year and make its debut as a joint stock company in April nextyear. At the time of the IPO, Vinalines’ charter capital is expected to be 12.3trillion  VND (542 million USD).

Currently, Vinalines owns a fleet of ships with capacity toppingmore than two million tonnes, accounting for 25 percent of the nation’s totalcapacity. It is also a provider of maritime and logistic services withwarehousing and ICD systems in major cities and along major seaports in Vietnam.

As per the plan approved by the Government, from now until 2020,Vinalines will develop and operate seaports at strategic locations to play avital role in the overall transportation network of the country.

Vinalines will prioritise investment in the development ofdeep-water ports and international transshipment ports that have the potentialto become large seaports capable of competing with regional cargo transshipmenthubs. One of the projects to be given priority is the Hai Phong internationalport with two container berths and total capacity of up to 8,000 TEUs, whichwill be implemented in 2017-20. Another project – Lien Chieu Portwith two berths – is scheduled for execution in 2017-2024.-VNA