Vietnam Approves Vinalines’ Restructuring Plan

Vietnam National Shipping Lines (Vinalines) has received an approval for its equitization plan under which it will sell a part of the existing state capital and issue more shares to raise its charter capital.

After equitization, the parent company will have a chartered capital of VND 14.04 billion (USD 614,250), including a state capital of VND 11.9 billion.

The company informed that the State will hold 65% of charter capital, another 14.8% of charter capital will be sold to strategic investors, while 2% of charter capital will be sold at preferential price for VNL employees and trade union.

Additionally, Vinalines was authorizes to implement the plan of selling shares to the public, to choose strategic investors and handle all problems of employees and related content. The lauching of the company’s initial public offering (IPO) will be in September 2018.

According to new management model, the international transaction name of Vinalines will be changed to Vietnam Maritime Corporation (VIMC).

In 2017, the total of tonnage of shipping market reached nearly 25 million tons, while the capacity throughput reached nearly 90 million tons.