Economy
Việt Nam, Dominican Republic issue Joint Statement
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| Vinalines is waiting for the approval of enterprise’s value from the Ministry of Transport before equitisation. — Photo vinalines.com.vn |
Viet Nam News
HÀ NỘI — Việt Nam National Shipping Lines (Vinalines) has submitted its value to the Ministry of Transport for approval so that it can go ahead with equitisation.
On December 31, 2016, the actual value of the enterprise for equitisation was set at VNĐ16.741 trillion (US$737 million), of which the State capital is VNĐ10.144 trillion.
A joint venture between Việt Nam Auditing and Evaluation Company Limited and ATC Auditing and Valuation Firm Company Limited was selected to determine Vinalines’ enterprise value.
Prior to that, the Prime Minister had approved the equitisation plan according to which the State would hold 65 per cent of the charter capital of Vinalines, while Vinalines would hold at least 65 per cent of the charter capitals of Port of Hải Phòng Joint Stock Company, Sài Gòn Port Joint Stock Company and Đà Nẵng Port Joint Stock Company.
The decision to hold 65 per cent of Vinalines’ charter capital shows that the Government is aware of the important role the corporation plays in the country’s socio-economic life, and wants to retain control of it. However, this holding ratio is not expected to diminish the attractiveness of Vinalines shares when it calls for strategic partners, both domestic and foreign.
In March 2015, the Ministry of Transport had completed the preparatory work for Vinalines’ initial public offering (IPO), wherein 64 per cent of State capital was to be sold and additional shares issued to raise capital, as well as to swap debt for shares. After the IPO, the State was to retain only 36 per cent of the capital. At that time, many private corporations desired to purchase most of the shares of seaports such as Hải Phòng, Đà Nẵng and Sài Gòn.
At the end of 2014, Vinalines was valued at VNĐ21.287 trillion, of which, the State held nearly VNĐ9 trillion of the capital. After three years of restructuring (from December 31, 2013, to December 31, 2016), Vinalines reduced VNĐ8.021 trillion of its debt, recording an increase of VNĐ2.883 trillion in State capital.
In 2016, it reduced another VNĐ2.306 trillion of debt, resulting in an increase of 21.5 per cent in State capital, compared to January 1, 2016. — VNS
