Vietnam orders Vinalines to divest from ports

Vietnamese Prime Minister Nguyen Tan Dung has told Vietnam National Shipping Lines (Vinalines) to divest entirely from nine ports and port-related companies and reduce its stake in Hai Phong and Saigon ports.

Vinalines has been instructed sell all its shares in the ports of Khuyen Luong, Da Nang, Dinh Vu, Cam Ranh, Nghe Tinh, Can Tho, and two companies, High Technology Transport Limited Company and Cai Lan Port Joint Stock Company.

Additionally, Vinalines will reduce its stakes in the Sai Gon Port Company and Hai Phong Port Company to 20% each.

Vinalines sold nearly 7 million shares in Hai Phong Port, representing a 2.12% stake, to VietinBank in December 2015.

With the sale, its ownership in Hai Phong Port was cut to 92.56%. Previously it had also sold a 9.07% stake in Saigon Port.

PM Dung also urged the Ministry of Transport to commence a review and plan for the port system across the country to 2050, including directing Vinalines to divest and find capable investors to develop the country’s ports sustainably.

(Splash24/7)