Ratio of State-held shares in Vinalines and seaport enterprises will be adjusted downwards.
The actual value of Vinalines as at December 31 was set at approximately VND21.1 trillion ($985.59 million) based on calculations by a consultant, of which the value of State capital was more than VND8.3 trillion ($387.86 million), according to the Ministry of Transport (MoT).
Its book value at the time, however, was about VND18.2 trillion ($850.12 million), for a difference of more than VND2.9 trillion ($135.55 million).
After being adopted by Vinalines’ equitisation steering committee, the results will be submitted to the MoT in January 2015 for Minister Dinh La Thang to approve the equitisation plan. Vinalines will conduct an IPO at the same time as Saigon Port, in the first quarter of 2015, according to the adjusted schedule approved by the Ministry of Transport.
The value of Saigon Port was also approved by council members of Vinalines earlier this month, at VND3.955 trillion ($184.95 million), the MoT also said.
Mr. Nguyen Hong Truong, Deputy Minister of Transport and head of the equitisation steering committee, said last March that the State could transfer 65 to 70 per cent of the company's shares as the industry is not one in which the State must hold a controlling stake.
Deputy Minister Truong believes that the divestment target is feasible because Vietnam is near one of the largest international sea lanes and maritime transport is gradually showing signs of recovery. However, Decision No.37 issued by the Prime Minister in June on the criteria for classifying State owned-enterprises states that for maritime transport the State will still hold 50 to 65 per cent of shares. As for key seaport enterprises, the number of shares the State holds is even higher, at 75 per cent or more.
The government has recently agreed to adjust the percentage of held owned by the State to 51 per cent in key seaport enterprises such as Hai Phong, Da Nang and Saigon.