Vietnam’s largest state-owned shipping firm to be privatized in 2018

Vietnam’s largest state-owned shipping firm and port operator is planning to launch an initial public offering in the middle of this year, according to the acting CEO of Vinalines, Nguyen Canh Tinh.

The government has asked for the firm to be privatized but plans to hold a 65 percent stake in its charter capital, while the rest will be sold to local and foreign investors, Tinh said.

According to the firm’s privatization plan submitted by the transport ministry to the government for approval, Vinalines' charter capital stands at nearly VND13.92 trillion ($630 million).

Tinh said the firm’s revenue was estimated at VND16 trillion in 2017, beating its annual target by 15 percent. Of that revenue, over VND4.4 trillion came from port services, while VND7.1 trillion was made from transport services.

Vinalines posted profit of VND515 billion last year and hold total assets of over VND18 trillion, Tinh said.