Quang Ninh Port Joint Stock Company has a new chairman and leaders on August 18.— Photo baoquangninh.com

HA NOI (Biz Hub ) — Pham Ngoc Tuan, deputy general director of T&T Group, took over as chairman of the Quang Ninh Port Joint Stock Company on August 18. In April this year his company had bought 98 per cent of the port from the State-owned Vietnam National Shipping Lines (Vinalines) as part of the continuing restructure of SOEs.

The group began appointing its nominees to the port's management and supervisory boards earlier this year, and now four out of five of the former and all three of the latter are from T&T.

The only outsider is Bui Quang Dao, general director of Quang Ninh Port.

Quang Ninh Port Joint Stock Company manages terminals 1, 5, 6 and 7 of Cai Lan Port with a total warehouse area of 10,000sq.m and freight yard of 142,000sq.m.

Quang Ninh Port Joint Stock Company faces intense competition from another facility nearby, the modern CICT port.

But in the first half the companys revenues surged by 40 per cent year-on-year to VND185 billion ($8.36 million) while profit after tax rose 15.6 times to VND26.6 billion ($1.2 million).

Established in 1977, the port can handle vessels of over 75,000DWT and also has interests in transportation and warehousing in the northern port province of Quang Ninh.

Its shares are not listed and are only traded in the over-the-counter market. — VNS