Vietnam National Shipping Lines (Vinalines), a state-controlled maritime services and logistics supplier in Vietnam, will officially begin operations as a joint-stock company (JSC) on 1 September.
After privatisation, Vinalines will become the largest maritime service JSC in the country.
As informed, the company will change its name to Vietnam Maritime Corporation (VIMC).
The news was announced at the company’s first shareholder meeting in Hanoi on 13 August.
Le Anh Son , Chairman of Vinalines’ Members’ Council, said this is an important step in the corporation’s development, adding that it helps increase resources for VIMC to improve its management system, thus enhancing service quality and increasing competitiveness to ensure sustainable development.
Specifically, the corporation will continue to focus on key operating segments — seaports, maritime transportation, and maritime services.
VIMC currently holds capital in 19 subsidiaries and 16 associates and shares in 16 seaport enterprises. It also manages and operates more than 13,000 metres of wharves, including at key ports around the country such as Hai Phong Port, Saigon Port, Da Nang Port, and Quy Nhon Port.
It has set objectives of transporting 18 million tonnes of goods and shipping 139 million tonnes of commodities via its port network by 2025.
Revenue and consolidated profit are to reach VND 10.77 trillion (US$ 466.4 million) and VND 1.2 trillion (US$51.9 million), respectively.
Founded in 1995, Vinalines plays an important role in the Vietnamese maritime industry. Recently, the company set sights on joining the international shipping alliances, aiming at further boosting cooperation with foreign shipping firms.