The State-owned Vietnam National Shipping Lines (Vinalines) plans to divest capital from 13 member companies this year.
|The Dinh Vu port system in Hai Phong city (Photo: VNA) |
The corporation will reduce its ownership in six businesses and divest all of its capital from seven others.
With this divestment plan, the liquidation of vessels and impact of its shrunken market share in temporary import for re-export services, the firm forecasts its consolidated revenue this year will decrease by 14.5 percent from 2019 to over 10.31 trillion VND (444.26 million USD).
Since 2013, when Vinalines began restructuring, the firm has divested capital from many companies, cutting the number of its subsidiaries from 73 to 35.
Notably, it has divested all capital invested in enterprises operating in other sectors like banking, securities, insurance and real estate to focus on its main business sectors of seaports, sea transportation and maritime services.
Divestments from poorly-performing subsidiaries have helped slash the group’s debt from more than 67.5 trillion VND (before restructuring began) to over 17 trillion VND, the corporation noted.