VietNamNet Bridge – The prime minister just agreed to revise several contents in the restructuring plan of major state-own shipping giant Vinalines in the period 2012-2015, allowing the firm to reduce capital holding in some large seaports in the country.

Saigon Port.

Accordingly, Vinalines was approved to retain from 50 per cent to below 65 per cent of chartered capital in Saigon Port, Can Tho Port, Nghe Tinh Port and Cam Ranh Port companies limited when these firms embark restructuring.

Nam Can Port and Khuyen Luong Port companies limited will have 49 per cent of their chartered capital held by Vinalines when equitising.

Businesses in which Vinalines holds from 65 to 75 per cent stake include Haiphong Port, from above 50 to below 65 per cent stake are Danang Port and Quang Ninh Port companies limited, and below 50 per cent stake are Northern Shipping (Nosco) and Dong Do Marine JSC.

The premier also allows the Ministry of Transport (MoT) to dismantle three member businesses, including ship repair firm Vinalines-Dong Do Limited, Ben Dinh-Sao Mai Port Development JSC and Vinalines’ maritime training collage.

Vinalines was also requested to handle bankruptcy procedures for Ca Mau Shipbuilding Limited.

The MoT was also instructed to urge Vinalines work on its capital divestiture plan at Cai Lan International Container Terminal (CICT) for submission to the government.

According to Vinalines general director Le Anh Son, a raft of investors wanted to buy stake in five major seaports which Vinalines is putting on offer.

“Some investors have registered to buy up to 90 per cent stake in Danang Port, 49 per cent stake in Haiphong Port and 100 per cent stake in Quang Ninh Port,” Son said. (Here regarding the percentage of stake Vinalines has put on offer).

The Vietnam-Oman Investment JSC (VOI) recently proposed buying nearly 20 per cent stake in Haiphong port JSC which convened its first general shareholder meeting this late June.

Earlier, the North Europe business community has expressed interest into shipping and port investment projects in Vietnam.

“To spur investment into this important field, Vietnam policies should be further loosened to allow at least 70 per cent foreign shareholding in shipping and port investment projects,” suggested Sigmund Stromme, NorCham chairman.  

In fact, some ports currently counting losses but having good location also prove attractive to foreign investors.

For instance, US-based SSA Marine recently proposed the MoT sell Vinalines’ entire stake in the Cai Lan International Container Terminal after knowing that Vinalines wants to take an exist from this firm.

VIR/VNN