HA NOI (Biz Hub) — The Ministry of Transport has asked the Prime Minister to allow Vietnam National Shipping Lines (Vinalines) to reduce State ownership of its registered capital to attract more investors.

According to Dau tu (Investment) newspaper, the ministry wants to lower State ownership of Vinalines capital from 75 per cent to 51 per cent at the four major ports of Hai Phong, Quang Ninh, Da Nang and Sai Gon.

It also wants to lower State ownership of Vinalines capital from 75 per cent to 49 per cent at other ports, including Can Tho, Nghe Tinh and Cam Ranh, and from 65 per cent to below 50 per cent at the ports of Khuyen Luong and Nam Can.

Earlier, Vinalines reported that capital sources collected from the launching of initial public offerings of Vinalines' member companies in the first three quarters of this year was not as high as expected.

Shares sold at the ports of Hai Phong, Quang Ninh, Da Nang and Nha Trang were below five per cent of the total while the target of State divestment was five times higher than that.

Le Anh Son, Vinalines general director, attributed the low sales of shares to the high level of State ownership of registered capital, up to 75 per cent, which has repelled investors. If the Prime Minister approves the proposal, sales of the ports' shares will increase significantly, said Son.

A number of domestic and foreign investors have expressed interest in the purchase of Vinalines ports' shares. Vietnam-Oman Investment Joint Stock Company (VOI) has proposed the purchase of 19.68 per cent of State ownership of Hai Phong Port Joint Stock Company, which held its first shareholders' meeting last June. Meanwhile, Vingroup has registered to buy Nha Trang Port.

Although Hai Phong Port is the biggest in the northern region, only 5 per cent of shares were bought during the first IPO last May.

"Vinalines expects to collect VND2 trillion (US$95.23 million) more to restructure its finances and improve the ports' administration," said Son. — VNS