Vinalines sails into stormy financial seas: considering divesting three port investments

Jun 18, 2012. Vinalines will analyse the efficiency of the method for reducing state investment capital and increase contributions of private partners, including foreign ones in the ports

Financially troubled state-owned Vinalines is weighing up divesting from three port projects as a part of its comprehensive restructuring plan.

The government, in a report sent to the National Assembly last week, said Vinalines would review and restructure its capital contributed to joint ventures with foreign partners at Cai Mep-Thi Vai area in southern Ba Ria-Vung Tau province.

Vinalines will “analyse the efficiency of the method for reducing state investment capital and increase contributions of private partners, including foreign ones in the ports,” said the report. Cai Mep International Terminal, SP-PSA International Port and SP-SSA International Container Terminal are jointly invested by Denmark’s APM Terminals BV, Singapore’s PSA International and US’ SSA Marine, respectively. Vinalines now holds 51 per cent stakes in each port.

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