Under the plan, government shares in some 10 first-class ports managed by Vietnam National Shipping Lines (Vinalines) will be opened for private investment.
First to be offered will be Quy Nhon port, with the process expected to be completed by the end of next month. The port is expected to operate as a joint stock company by July, with state-owned Vinalines holding 75 percent of the chartered capital.
Hai Phong and Da Nang are to follow, and their conversion is expected to be completed within the year. With the Saigon port, the sale will begin after its relocation to the Hiep Phuoc area. The relocation is scheduled for completion by end-2014, according to a report published by the Vietnam Seaports Association.
Vietnam intends to sell 25 percent to 49 percent of its stakes at the ports to private investors in order to “diversify the investment sources and ease the investment burden on the state budget,” the report said.
The move is also seen to improve the efficiency of the seaports, help restructure the country’s maritime industry, and alleviate the difficulties faced by shipping lines.