Vietnam’s state run Vietnam National Shipping Lines (Vinalines) has submitted its capital divestment plan for Vinalines Shipyard Company to the Ministry of Transport, as part of its restructuring process.
According to the plan, the company plans to transfer its entire 88.6% equity stake in the shipyard, valued at VND262.5bn ($11.9m), to the other stakeholder of the shipyard, Vietnam Maritime Development JSC (Vimadeco).
In case the company cannot reach a deal with Vimadeco, Vinalines will sell the shares via public auction on the stock market.
According to Vinalines acting general director Nguyen Canh Tinh, the company has no reason to continue bearing losses on the shipyard. The yard has already liquidated all labour contracts in June this year. Now it only keeps the minimum personnel, waiting for further guidance.
Vinalines Shipyard Company was founded in the southern province of Ba Ria-Vung Tau in 2008, covering a 92.5 hectare area and holding a total investment of $295m, however it almost had no production and business activities since its establishment.