Vietnam’s state run shipping group Vinalines will change its name to Vietnam Maritime Corporation from September 1 as part of the company officially operating as a joint stock company.
Le Anh Son, who has been elected as the new chairman of the group, said the switch to a joint stock company with a new brand identity represents a change of mindset, innovation of management and increased business competitiveness.
Vinalines commenced an IPO on the Hanoi Stock Exchange in 2018, however, the company didn’t secure strategic investors for the IPO and share sale to public didn’t meet the target as well, forcing the government to give up on the original privatization plan and regain control of the company.
Following the latest capital restructuring scheme, the government will hold 99.4% of the Vietnam Maritime Corporation while the rest will be held by employees and trade unions.
VesselsValue data shows Vinalines currently owns a fleet of 62 vessels made up of 46 bulk carriers, 11 containerships and five tankers. It also has shares in 16 seaports in the country.
Reporting by Jason Jiang