HÀ NỘI — The Vietnam National Shipping Lines (Vinalines) will maintain its controlling stake in major ports and divest from others as it targets increased efficiency and profitability of core services over the next five years.

Under its five-year (2016-2020) investment and development plan approved by Prime Minister Nguyễn Xuân Phúc, it will maintain its controlling stake in the nation’s three major ports in Hải Phòng, Đà Nẵng and HCM City.

The corporation currently holds a majority stake of between 75 per cent and 95 per cent in the three ports.

It will divest and give up its controlling stake in several smaller ports.

Under the five-year plan, the corporation will concentrate its investments in the Lạch Huyện and Đình Vũ ports in Hải Phòng City; the Hải Phòng International Port; the Liên Chiểu Port in Đà Nẵng; and the Nghệ Tĩnh Port in Ha Tĩnh Province.

In the southern region, the corporation is to focus efforts on beginning operations at the Sài Gòn-Hiệp Phước Port and developing general ports in Hậu Giang, Cần Thơ and Cam Ranh provinces.

Meanwhile, it will restructure its bank debts and prepare to list its shares on the national bourse.

It will strive to improve the efficiency and profitability of its sea transport, ports and maritime services, sustain and increase the State’s capital, and withdraw from ineffective businesses.

The exploitation and development of deepwater ports and transit ports will be improved to make it competitive in the region.

Vinalines plans to complete its equitisation process early next year.

The corporation’s revamp plans after years of losses and soaring debts. In 2015, its debt was estimated at VNĐ11 trillion, or $504 million, owed to 24 lenders, nearly half of them foreign firms. The majority of its domestic market share on import-export carriage has been taken over by foreign shipping businesses.

For 2017, Vinalines targets a revenue of around VNĐ15.3 trillion (US$668.4 million), lower than last year, when it topped VNĐ16 trillion. — VNS