VietinBank acquires stake in Vietnam's second biggest port: report

Thanh Nien News

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 A file photo of Hai Phong Port. Photo credit:
State-owned shipping firm Vinalines has transferred nearly 7 million shares in Hai Phong Port, or a 2.12 percent state, to one of the country's biggest lender VietinBank, according to media reports. 
The transport ministry's news website Bao Giao Thong reported on Wednesday that the deal, completed late last month, was worth VND147-billion (US$6.45 million).
With the sale, Vinalines' ownership in the port has been cut to 92.56 percent. The company will have to bring that to 20 percent under an order from the government.
It was the second time VietinBank acquired a stake in a seaport run by Vinalines, which is trying to refinance its debts. 
In September, the bank took a 9.07 percent stake in Saigon Port in Ho Chi Minh City.
Vinalines, which has drowned in debts for years, owed VietinBank more than VND2.3 trillion ($100.94 million), including interest, the Ministry of Planning and Investment's news website Bao Dau Tu reported in July.

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