Vinalines plans to reduce Haiphong Port state

Vietnamese shipping company intends to cut its holding from 92.6% to 65%.

Vietnam’s Vinalines has proposed to the local transport ministry to reduce its stake at Haiphong Port from 92.6%.

The state-owned shipping company is seeking to cut its holding to 65%, Dau Tu reports citing information from the company.

The port of Haiphong was privatized in May 2014 and listed on the Hanoi Stock Exchange a year later.

Vietnam’s government had asked Vinalines to reduce its stake in the port in January 2016.

The shipowner was also asked to sell out of nine subsidiaries, most of which were terminal operators.

Late last year, Vinalines offloaded its stake in Vinalines Shipyard Company (VNLSY) as part of its new divestment plan.