Vinalines wants majority stake in Hai Phong port

A corner of Hai Phong Port in the northern city of the same name. At the port, the country's largest one, the State is expected to hold 51 to 65 per cent of the registered capital in the future. Photo The Duyet

The proposal is part of the corporation's project on developing a sea port system after restructuring it. The corporation has asked the ministry and the Government to divest a part or all of the State-owned capital in businesses that are not operating effectively or are not too important to the sector. However, it wants to maintain 51 per cent in all key ports.

The corporation has proposed the State to hold 51 per cent of the registered capital at three key ports: Da Nang, Can Tho, and Vinalines Dinh Vu. At Hai Phong Port, which is the largest port in the country and is located in northern Hai Phong City, it should hold 51 to 65 per cent of registered capital, the proposal said.

Meanwhile, property developer Vingroup and an investment fund from Oman are vying for a majority stake in the port. While the State General Reserve Fund of Oman (SGRF) has offered to buy all the state-owned stake in the port, Vingroup has proposed to buy 80 per cent of the State capital in the port.

After proposing to keep 51-65 per cent of the State-owned capital at Hai Phong Port, Vinalines said it would be suitable to pursue it with the Government's guidance on selling stake in Hai Phong port, in which Vinalines would hold 65 per cent of the registered capital.

In 2014, Hai Phong Port earned nearly VND2 trillion (US$92.16 million) in revenue, which was equal to the year before, while the profit increased to VND443 billion ($20.4 million) from VND385 billion ($17.7 million) in 2013.

In addition, Vinalines has also proposed that the State hold less than 50 per cent of the registered capital in ports such as Nghe Tinh, Cam Ranh, Sai Gon, Cai Mep, and SSIT.

Vinalines noted that in the current situation where sea transportation is difficult, ports will be one of the key factors that can help firms overcome difficulties.

"There is no better way than this. The corporation will have to focus on building sea port systems and improving its service quality to foster good sea transport operations and maritime services in an effort to implement its sea economic development strategy," said Vinalines.

Earlier, on a list of suggestions sent to the Vinalines's equitisation plan of parent company, the Ministry of Finance proposed the Ministry of Transport to direct Vinalines to carry out its infrastructure development projects by keeping in mind its key position in the sea port area.