The reorganization scheme draft for Vietnam National Shipping Lines (VMIC) has been finalized and delivered to the relevant ministries and agencies for feedback. The parent company’s state ownership would be reduced from 99.4% to 65% according to VIMC’s proposal.
Seaports are a crucial part of the marine industry and a strategic development in infrastructure, according to the Committee for the Management of State Capital (CMSC) at Enterprises, a representative of state capital at VIMC.
Because it helps to preserve independence and sovereignty over the sea and the islands, ensuring harmony between socioeconomic development and national defense and security must be a top concern.
VIMC proposes reducing the parent company’s capital ownership ratio in member enterprises operating seaports.
Specifically, VIMC suggested reducing the capital ownership of the parent company in five ports to 51 per cent. These ports are Cần Thơ Port (with 99 per cent of the capital), Cam Ranh Port (nearly 81 per cent), Quy Nhơn Port (75 per cent), Đà Nẵng port (75 per cent), Cái Lân port (56 per cent).
For Hải Phòng port, VIMC proposes to reduce the equity ratio from 92.5 per cent to 65 per cent and divest all capital in Việt Nam Hi-tech Transportation Company Limited, where VIMC is currently holding 56 per cent of the capital.
CMSC said that VIMC’s member businesses are holding large, important seaports and doing business effectively. In 2021, the profit before tax of port businesses was nearly VNĐ2.6 trillion (US$104.6 million), accounting for 71 per cent of VIMC’s consolidated profit, which was mainly from Sài Gòn, Quy Nhơn, Hải Phòng, and Đà Nẵng Port.
CMSC advised VIMC to reduce its ownership stake in seaport businesses to 65 percent, but only slightly.
For its member companies in the shipping, marine services, and logistics sectors, including Oriental Shipping and Trading JSC, Vietnam Sea Transport and Chartering JSC, and ông ô Marine JSC, VIMC wants to divest all of the capital the company currently has in these businesses.
In the cases of Vinaship and VIMC Logistics, VIMC proposed selling 36% of the stock in each company while divesting a piece of the business.
In regards to the divestiture of member companies in the logistics, shipping, and maritime services sectors, CMSC accepted VIMC’s plan.
According to this Committee, bulk carriers, which typically have a service life of more than 20 years, are mostly operated by shipping firms. As a result, operating costs are considerable, and some companies experience long-term losses.
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