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Vinalines set to sell Cat Lai terminal stake to VP Bank

Vinalines set to sell Cat Lai terminal stake to VP Bank
VP Bank is set to takeover Vinalines’s 51% stake in the northern Cai Lan International Container Terminal (CICT) in the Quang Ninh province according to local media reports.

Vinalines has presented the deal for revision and approval from the government, the Ministry of Transport and other related ministries. The 520,000 teu capacity CICT, began operations in 2012, and is a joint venture between Vinaline] and the Seattle-based SSA Marine, who own the remaining 49%.

CICT is facing financial difficulties to repay its lenders but a new partner may help overcome these problems. Built to handle strictly container cargo, the northern terminal has seen recently an increase of bulk cargo.  

According to Vietnam News, Vinalines accumulated debts of nearly $428.5m which was the reason why the state-owned conglomerate is looking to sell its stake. Vinalines and SSA Marine are also partners in the terminal SIST located in Cai Mep, in Southern Vietnam close to Ho Chi Minh City.