As such, in 2018, Vinalines set priorities on the equitization process and searching for strategic investors, Tinh added at the firm’s meeting reviewing the 2018 targets on January 23.
Vinalines schedules IPO before June 30.
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Regarding the equitization process of Vinalines, the Ministry of Transport has approved its valuation at December 31, 2016 of VND18 trillion (US$792 million), in which the state ownership is estimated at VND12 trillion (US$528 million). Based on this valuation, the actual value of Vinalines has increased by VND1.3 trillion (US$57.2 million) and state ownership increased by VND1.8 trillion (US$79.2 million) compared to the 2016 valuation, where the corporation was estimated at VND16.7 trillion (US$734 million) and state ownership at VND10.1 trillion (US$444 million).
Vinalines’ consolidated revenue in 2017 was reported at VND16 trillion (US$712 million), 14.8% higher than the annual target, resulting in a net profit of VND515 billion (US$23 million).
These improvements were achieved through Vinalines’ focus on its core business lines, including maritime transport as well as sea ports and logistics, which are the group’s strengths and main sources of revenue.
Vinalines currently manages and operates a diverse fleet including Container ships, bulk carriers, oil tankers, and other types of cargo vessels. The Vinalines fleet has large bulk carriers up to 73,000 DWT, 1,800 TEU Container ships, and 50,000 DWT Oil tankers.
Of the total 130.9 million tons of cargo shipped last year by Vietnamese vessels, Vinalines’ fleet accounted for 20.2%.
Meanwhile, the loss of its fleet has been reduced to nearly 53.2% compared to 2016, 50% of the plan, indicating strong efforts from maritime transport companies to get rid of loss-making ships, negotiating debt restructuring with banks, and identifying appropriate market segments.
Vinalines also actively cooperated with seaport operators and logistics firms to form a service chain, generating revenue and creating steady cash flows.
The growth in trade volume through port systems, according to Tinh, is thanks to the contribution of Vinalines’ seaports, which are located in strategic locations from north to south and play an important role in developing the regional economy.
In 2018, Vinalines and its member companies will step up restructuring efforts in terms of the market and business method; modernizing corporate governance; and professionalizing administration and production focusing on customers.
Also, this year, the company set the target of transporting 21.4 million and handling 97.8 million tonnes of cargo at domestic ports. That said, its revenue is expected to reach VND13.6 trillion (US$603 million), with a profit of VND667 billion (US$29.6 million).
