Vietnam National Shipping Lines (Vinalines) is to undertake IPOs at five additional large ports by the end of the current year.
This forms part of the state-owned companys restructuring plans, which will see stakes offered in Cam Ranh, Nghe Tinh, Can Tho and Nam Can by the end of 2014, while the process already commenced at Saigon will be completed.
Consultants to help implement the process have already been appointed, with Nghe Tinh Port having already submitted a proposed valuation to Vinalines.
The shipping line, which has posted four consecutive years of losses, is privatising ten subsidiaries as part of a group restructuring arrangement, although is still expected to make a loss of $47.4m for 2014.
However, the experience with other, recent port IPOs does not augur well for the proposed sell off, since the ports of Quang Ninh, Hai Phong, Da Nang and Nha Trang did not attract many potential buyers.
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