The Commission for the Management of State Capital at Enterprises (CMSC) has sent to relevant ministries a plan to restructure the Vietnam Maritime Corporation (VIMC) from now to 2025.

VIMC has completed a collection of comments on its restructuring plan in 2021-2025 in which it proposes divestments in order to cut state ownership from 99.4 percent to 65 percent.

According to CMSC, which represents the state’s capital at VIMC, seaports are an important component of the maritime industry, and the state needs to hold a large proportion of capital. It is necessary to ensure harmonization between socio-economic development and national defense. 

As for VIMC’s subsidiaries, the corporation proposes reducing the holding company’s ownership to 51 percent, including capital in Can Tho Port (parent company owns 99 percent of capital), Cam Ranh (81 percent), Quy Nhon (75 percent), Da Nang (75 percent), and Cai Lan (56 percent). 

In the case of Hai Phong Port, the VIMC proposes reducing ownership from 92.5 percent to 65 percent. Meanwhile, full divestment is proposed for the Vietnam Hi-tech Transportation Co Ltd, where VIMC holds 56 percent of capital.

CMSC agreed on the divestment, but suggested a lower ratio than VIMC’s proposal. VIMC’s subsidiaries operate large, important and effective seaports. In 2021, the pre-tax profit of seaport-run enterprises reached VND2.588 trillion, which accounted for 71 percent of VIMC’s consolidated profit. The most profitable enterprises were Saigon, Quy Nhon, Hai Phong and Da Nang.

CMSC said that it would be better to reduce state ownership to 65 percent instead of 51 percent as suggested by VIMC from the ports of Can Tho, Hai Phong, Cam Ranh, Quy Nhon and Da Nang. The divestment from Cai Lan Port would not continue.

In 2021, all of the ports made a profit. Quy Nhon reported a profit of VND330 billion, Da Nang VND238 billion, Cam Ranh VND43 billion and Cai Lan VND5 billion.

Regarding the subsidiaries operating in shipping, maritime services and logistics, VIMC has proposed full divestment from most of the companies, including Oriental Shipping and Trading JSC (VIMC is holding 49 percent of capital), Vitranschart (47 percent), Dong Do Marine (49 percent), Seagull Shipping Co (26 percent), Vinalines NhaTrang (92 percent), Vietnam Container Operation Ltd Co (60 percent) and Saigon Maritime JSC (10 percent).

In case of Vinaship JSC, where VIMC owns 51 percent of shares, and VIMC Logistics (56 percent of shares), VIMC plans to retain 36 percent.

CMSC agrees with VIMC on divestment from VIMC’s subsidiaries in the fields of shipping, maritime services and logistics. Shipping firms now carry bulk goods, and run old ships (over 20 years), therefore, the operation costs are high. Some of them have been losing money for a long time.

Vu Diep