Vinalines charts a steady course

In 2012, Vinalines aims to earn VND27.2 trillion ($1.3 billion) in revenue and VND120 billion ($5.7 million) in profits, surging 10 and 93 per cent respectively against 2011.

“2012’s proposed profit is just one-eighth of that in 2009, but is still pilling big pressures on the corporation as the shipping market continues to be fraught with difficulties in the face of an uncertain economy and supply surpassing demand,” said Vinalines’ deputy general director Bui Quoc Anh.

To lessen dependence on shipping market performance, Vinalines has outlined a comprehensive suite of measures to quicken the pace of investment projects which could generate extra incomes such as second-phase Cai Cui port in Can Tho city, the first-phase Saigon-Hiep Phuoc port in Ho Chi Minh City, Saigon-SSA port’s international terminal, Vinalines ship repair factory in southern Ba Ria-Vung Tau province, Son Tra port in central Danang city and Dinh Vu terminal in northern Haiphong.

Besides, embracing Vinalines’ business restructuring plan for 2011-2015 after it was ratified by the prime minister was also a top priority, according to the corporation’s general director Nguyen Canh Viet.

“In 2012’s first half, Vinalines will strive to finalise streamlining its financially dependent member units to boost their specialisation parallel to shifting some other businesses into joint stock and sole-member limited liability companies to promote efficiency,” said Viet.

2011 was a tragic year for shipping operations on the back of global weakening economy and plummeting demand. The corporation then reported losses of VND660 billion ($31.4 million) in the first half of 2011.

However, Vinalines still posted a VND62 billion ($2.95 million) profit out of VND24.7 trillion ($1.17 billion) revenue in 2011.

In fact, Vinalines’ shipping fleet just transported an estimated 36.8 million tonnes of cargos in 2011, 1 per cent more than 2010’s and 2 per cent more than projected.

In respect to port business, over 64 million tonnes of cargos had passed ports managed by Vinalines, surging 10 per cent against 2010’s and 4 per cent against projection, helping the corporation to brighten its 2011 business picture.

“Despite a slow-down in 2011 economic growth compared to 2010, the country’s import export still kept on growth momentum, enabling ports to fulfill their targets,” said Viet.