Vinalines changed its name to VIMC

The General Meeting of Shareholders of the Maritime Corporation (VIMC) elected Mr. Le Anh Son to be the Chairman of the Board of Directors, Mr. Nguyen Canh Tinh as the General Director. The approved charter capital of a joint stock company is more than VND 12,005 billion.

Corresponding to the charter capital, VIMC issued more than 1.22 million shares, par value VND 10,000, of which the State holds 99.4% of the charter capital. VIMC publicly auctioned more than 5.42 million shares, the rest sold preferentially to employees and trade unions.

According to Mr. Le Anh Son, Chairman of VIMC, the switch to a joint stock company with a new brand identity is a change of mindset, management innovation, and increased competitiveness for businesses.

Vinalines IPOed on the Hanoi Stock Exchange and sold shares to strategic investors in 2018. However, this company did not find a strategic investor and the number of shares sold to the public did not meet the plan. Therefore, the State Capital Management Committee in enterprises had to adjust the charter capital of Vinalines with the majority held by the state.

According to the business report submitted to the General Meeting of Shareholders, in 2020, VIMC expects to achieve revenue of 1,526 billion VND; Profit before tax is negative 1,024.8 billion. According to General Director Nguyen Canh Tinh, the current difficulty is epidemics, so many countries do not receive cargo ships, reducing the transport market, the turnover of fleets plummets.

The corporation sets a target that by 2025, sea transport output will reach more than 18 million tons, throughput of port will reach nearly 139 million tons, up 5%, revenue is over VND 10,000 billion, consolidated profit more than VND 1,230 billion.

VIMC holds capital in 19 subsidiaries and 16 associates, currently owns shares of 16 seaport enterprises, manages and operates more than 13,000 m of berths (accounting for about 30% of the total national berths). Including key ports of the country such as Hai Phong port, Saigon port, Da Nang port and Quy Nhon port.

Vinalines had many years of losses, even on the verge of bankruptcy due to the prolonged recession of the world maritime market, the corporation received the loss of shipping businesses from Vietnam Shipbuilding Industry Corporation. After the restructuring, in the past 3 years, the enterprise has initially balanced and profitable, the seaport block after equitization has brought a profit of more than 1,000 billion per year, compensating for shipping activities.

Phaata (Adapted from VnExpress)