Firms eye State-run sea ports
Firms eye State-run sea ports
Vingroup seeks to acquire shares in Sai Gon Port and Hai Phong Port, the Ministry of Transport confirmed.
If the proposal is approved, it will be the biggest transfer in the field of seaport infrastructure in Viet Nam, according to Business Forum.
At the start of 2014, Sai Gon Port was valued at VND4 trillion (US$186.9 million). The State owns about VND2.16 trillion of that amount. Under the proposal, Vingroup would buy 80 per cent of the State's stake.
Vingroup also wants to acquire of 80 per cent of State capital in Hai Phong Port at a buying price not lower than the auction price used previously.
Under a decision by Prime Minister Nguyen Tan Dung, every State-run enterprise managing a seaport or airport must have a stake of 75 per cent or more in it. So Vingroup's proposal to purchase 80 per cent of the State's stake must be sent to the Prime Minister for a final decision.
Earlier this year T&T Group proposed acquiring the State's entire stake in the port. The chairman of T&T Group, Do Quang Hien, said he was ready to pay VND490 billion (US$23 million) to buy a 98.02 per cent stake in Vietnam National Shipping Lines (Vinalines) at Quang Ninh Port.
If the sale is successful, the port will be added to the list of Vinalines ports that have sold shares after equitisation.
Vietnam National Shipping Lines (Vinalines) asked the Ministry of Transport to offload all State shares in Quang Ninh Port, which is valued at VND622 billion. The State owns a total of VND490 billion.
A year ago, Da Nang Port sold a portion of its shares to five private domestic investors for a fairly high price, after several rounds of unsuccessful initial public offerings.
In August last year VinGroup Vinpearl Tourism and Trading Joint Stock Company bought Nha Trang Port shares worth VND85 billion ($4 million). The amount was reportedly equal to Vinalines investment capital in the port. Vinpearl JSC has been coordinating with Nha Trang Port JSC to set up a plan to turn the port into a harbour for boats and cruise liners.
Investments in seaports grew 14 per cent on average last year, making them quite profitable. Domestic investors should buy seaports, as long as they are elligible to do so as stipulated in the law, said Nguyen Nhat, the director of Viet Nam's Maritime Department.
