State Audit of Vietnam has announced a decision to audit the results of an enterprise valuation of Vinalines and examine other financial matters within the next 30 days before officially announcing the valuation.

According to its equitization roadmap, Vinalines must present an equitization plan to the Ministry of Transport before September 30, which will conduct the valuation before submitting it to the Prime Minister for consideration in early November.

Vinalines has worked with the Auditing Company Limited & Vietnam Appraisal and ATC Auditing and Valuation Firm Company Limited to complete its valuation. Under current regulations, the valuation must then be appraised by State Audit of Vietnam.

Vinalines’ initial public offering (IPO) is to be conducted in December and it will convert into a joint stock company in April 2018.

It is expected that the State will retain 65 per cent of charter capital and domestic and foreign investors can buy no more than 35 per cent. Vinalines also owns a majority stake in eleven seaports, holding 65 per cent in Hai Phong Port, Saigon Port, and Da Nang Port.

In the first half of this year, total consolidated revenue was VND8 trillion ($352 million), equal to 64 per cent of the annual plan, while pre-tax profit was VND240 billion ($10.56 million).

The parent company’s revenue was VND2.2 trillion ($96.8 million), equal to 79 per cent of the annual plan, with pre-tax profit of VND830 billion ($36.5million).

Port cargo throughput in the first half was about 38 million tons, of which containerized cargo increased 3.5 per cent year-on-year and reached 48 per cent of the 2017 annual plan.

The best output growth was seen at Da Nang Port, at more than 3.8 million tons in the first half, up nearly 10 per cent year-on-year.

Meanwhile, its two largest seaports - Hai Phong Port and Saigon - have been affected by a move and transfer of functions under a direction from the Prime Minister.

Mr. Le Anh Son, Chairman of Vinalines’ Board, said that its focus in the second half of this year is to prepare and implement its IPO in the fourth quarter.

VN Economic Times