The Ministry of Transport has written to Vietnam National Shipping Lines (Vinalines) announcing the abolition of its two decisions allowing the firm to sell 75.01% of its stake in Quy Nhon Port to Hop Thanh Mineral and Investment JSC, the local media reported.

Ships are seen in the Quy Nhon Port waters

Document 16937, dated December 27, 2014, involves transferring a 26.01% stake and Document 6327, dated May 20, 2015, involves transferring a 49% stake.

The cancellation is based on the findings of an inspection of the equitization process at Quy Nhon Port released on September 17, 2018 by the Government Inspectorate.

The Ministry of Transport also asked the Members Council and general director of Vinalines to fulfill their role and responsibilities after the two documents were cancelled, in line with the findings of the Government Inspectorate.

In September 2013, Vinalines put up for auction 10% of its charter capital in Quy Nhon Port One Member Co., Ltd, for shareholders and sold another 10% to Hop Thanh Company, while the remaining 5% was sold to staff and labor unions.

Vinalines in June 2015 continued to transfer its 26.01% ownership in Quy Nhon Port One Member Co., Ltd, to Hop Thanh Company and sold 49% of its stake to the latter in September 2015.

According to the findings released by the Government Inspectorate, the Ministry of Transport was in violation of prevailing regulations when it allowed Vinalines to transfer 75.01% of the stake owned by the State through the direct deal without the permission of the prime minister.

As a result, the Government Inspectorate told the Ministry of Transport to consider revoking the two decisions and recover 75.01% of the shares in the port on the central coast from Hop Thanh Mineral and Investment JSC.

SGT