VietNamNet Bridge – The Vietnam Shipping Lines Corporation (Vinalines) has completed the process of value assessment to that it can carry out privatization in the first quarter of next year.

According to consultants, the actual value of the parent company Vinalines at the time of December 31, 2013 is approximately VND21 trillion ($1 billion) compared to the book value of about VND18.2 trillion. In particular, the value of the State capital in the enterprise is more than VND8.3 trillion.

After the evaluation result is approved by the Equitization Steering Committee of Vinalines, it will be submitted to the Ministry of Transport next month for Minister Dinh La Thang’s approval of its equitization.

According to the latest adjustment, Vinalines will conduct an IPO (initial public offering) at the same time with the Saigon Port in the first quarter of 2015.

Earlier this month, the value of Saigon Port was also identified, at approximately VND4 trillion. Saigon Port is a subsidiary of Vinalies.

Earlier, Mr. Nguyen Hong Truong, Deputy Minister of Transport, and Head of the Vinalines Equitization Steering Committee said that the state could sell 65-70% stake in this business because the shipping industry is not the area that the state needs to hold controlling stakes.

He was very confident that this rate is workable because Vietnam belongs to one of the largest international sea lanes and the maritime transport market is gradually recovering.

However, according to a decision issued by the Prime Minister in June, the State will still hold from 50% to 65% stake in the marine shipping industry and 75% or more at important seaports.

Nevertheless, the government recently agreed to adjust the percentage of shares owned by the State to 51% at key ports such as Hai Phong, Da Nang and Saigon.

S. Tung