The port of Nha Trang locates in centre city.— Photo khanhhoa.gov.vn

HA NOI (Biz Hub) — Prime Minister Nguyen Tan Dung has permitted Vinalines to transfer 8.5 million shares or 34.7 per cent of Nha Trang Port's stake to Vingroup.

The PM also instructed that the transfer would be done in a direct deal at market prices between Vinalines and the group's Vinpearl Nha Trang Corporation.

The PM's instruction aims to remove the obstacles in the process to the transfer the port from the Nha Trang Maritime Corporation Vietnam (Vinalines) to the Khanh Hoa People's Committee. In May 2014, the IPO of Nha Trang Port could sell only 50,800 shares, or 6.3 per cent of the shares on offer.

The port, located at the centre of Nha Trang City, currently has charter capital of VND245.39 billion (US$11.5 million), or 24.54 million shares.

PM Dung also said the remaining 15.07 million shares would be transferred to the Khanh Hoa People's Committee, which represents state capital in the port.

After receiving the capital, the Khanh Hoa People's Committee would begin the process of divesting state capital.

After divestment, the money would be transferred to the provincial fund for supporting the restructuring of entrepreneur firms.

As planned, the Nha Trang Port will be developed as a tourist port to handle international cruise ships, and would have a marina as per the development orientation for Nha Trang City.

Earlier this year, the transport ministry said Vingroup also sought to buy shares in Sai Gon Port and Hai Phong Port.

Local newspapers also reported investments in seaports grew 14 per cent on average last year, making them quite profitable. — VNS