The Dinh Vu port system in Hai Phong city (Photo: VNA) Hanoi (VNA) – The State-owned Vietnam NationalShipping Lines (Vinalines) plans to divest capital from 13 member companiesthis year.
The corporation will reduce its ownership in sixbusinesses and divest all of its capital from seven others.
With this divestment plan, the liquidation ofvessels and impact of its shrunken market share in temporary import forre-export services, the firm forecasts its consolidated revenue this year willdecrease by 14.5 percent from 2019 to over 10.31 trillion VND (444.26 millionUSD).
Since 2013, when Vinalines began restructuring,the firm has divested capital from many companies, cutting the number of itssubsidiaries from 73 to 35.
Notably, it has divested all capital invested inenterprises operating in other sectors like banking, securities, insurance andreal estate to focus on its main business sectors of seaports, seatransportation and maritime services.
Divestments from poorly-performing subsidiarieshave helped slash the group’s debt from more than 67.5 trillion VND (beforerestructuring began) to over 17 trillion VND, the corporation noted./.
VNA
