The Vietnamese government said last year that it planned to privatise Vinalines (Vietnam National Shipping Lines through an IPO up to 35% of its capital to local and foreign investors, while continuing to hold a 65% stake in the firm, reported Vietnam media.
According to the firm’s privatisation plan submitted by the transport ministry to the government for approval, Vinalines' charter capital stands at nearly VND13.92trn ($630m).
Vinalines is a state-owned business, which currently operates a fleet of containerships, bulkers, tankers and other types of vessels and port services. The company’s fleet currently accounts for 70% of the fleet capacity in Vietnam and carries 60% of the country’s import and export goods. Vinalines’ shipping volumes reached 24.76m tonnes in 2017, up by 7% compared with the annual target.
Tinh said the firm’s revenue was estimated at VND16trn in 2017, beating its annual target by 15%. Of that revenue, over VND4.4trn came from port services, while VND7.1trn was made from transport services.
Vinalines posted profit of VND515bn last year and hold total assets of over VND18trn, Tinh said.
The company has undergone a re-structure process over the past few years. According to Nguyen Van, Minister of Transport following the IPO, Vinalines will operate as a joint stock company and will intend to expand access to capital markets, improve capacity and business efficiency.
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