AsiaPorts and Logistics

Vinalines reclaims illegally sold stake in Quy Nhon Port

Vietnam’s state-run shipping company Vinalines will regain control of Quy Nhon Port in the south of the country after it has paid VND415bn ($17.7m) to buy back a 75% stake in the port.

Vinalines sold its 75% stake in the port to private minerals company Hop Thanh back in 2013. However, the government inspectorate ruled the deal illegal last year as it discovered multiple irregularities in the deal and the equity interest was sold without the government’s approval, and so the government requested Vinalines to buy the shares back.

Vinalines has already appointed a representative to the management board of the port.

Vinalines completed an IPO on the Hanoi Stock Exchange last year with a target to sell a 4.8% stake to strategic investors, however the IPO proved to be a failure with only around 1% of the offered shares sold.


Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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