The Vietnamese government has decided to sell stake in the country’s seaports to attract foreign investment. The Nha Trang Port Company, Quang Ninh Port Company and Hai Phong Port Company were able to sell less than 10 per cent of their stake. Besides, the initial public offering of Vietnam National Shipping Lines (Vinalines) did not perform well. The failure to attract investment is on account of the majority stake held by the government. The Ministry of Transport has ordered Vinalines to reduce the state capital invested in these firms. Therefore, all seaports in the country will be equitised. The state will only retain a majority stake in seven big ports – Haiphong, Quang Ninh, Da Nang, Saigon, Cantho, Nghe Tinh and Cam Ranh. The government is planning to lower its stake from 75 per cent to 51 per cent in Haiphong, Quang Ninh, Da Nang and Saigon, while it will lower its stake to 49 per cent in the other three ports. Vietnam Oman Investments Joint Stock Company, a joint venture between the State of Oman and the State Capital Investment Corporation of Vietnam, is planning to buy about 20 per cent of the capital in Haiphong Port Company.
