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Like any other business entity, the State-owned Vietnam National Shipping Lines (Vinalines) heavily suffered from the global economic recession.
However, there are still opportunities in the
time of crisis and the shipping corporation has grasped any
opportunities to stabilise, develop and “rejuvenate” its ship fleet,
accelerate infrastructure construction investment projects and more
importantly reshuffle its corporate structure.
Not confining its vision to existing difficulties,
leaders of Vinalines proactively sought out opportunities even when the
financial crisis was forcing many world-leading corporations to contract
operations. Those opportunities were presented on the annual report on
production and business activities of the corporation in 2009. To be
precise, proper and flexible solutions and policies of the Government
helped avert economic recession and business collapse, maintain economic
growth, macroeconomic stability and ensure social security.
In addition, the sea-based economy is attached much
importance for development and the government has actively participated
in multilateral, multi-sector international cooperation in maritime
industry, implemented signed conventions, promulgated mechanisms,
policies and legal documents related to maritime economic activities,
created favourable environment for maritime companies to operate and
develop, including Vinalines.
While not a few small businesses only know economic
downturn consequences like declining input production costs (interest,
fuel, construction materials, labour, ship prices, etc), Vinalines feels
that this is the opportunity to focus on mobilising capital sources for
intensive investment to create momentum for following development.
“Rejuvenate” ship fleet
According to the development plan, Vinalines would
add up a tonnage of 200,000 tonnes to its shipping capacity by building
and purchasing used ships. However, taking the advantage of falling ship
price, the corporation’s subordinated companies seek capital sources
and liquidate their old ships to buy 13 dry-bulk cargo ships and one
container ship with a total tonnage of about 320,000 DWT at a total
investment of about US$180 million. The corporation was delivered one
22,500 DWT dry cargo ship from Vinashin, bringing the total number of
completely built ships to 25 ships with a total tonnage of approximately
319,000 DWT.
Also, the corporation liquidated about 140,000
tonnes of ship loading capacity for buying younger ships.
Thus, atthe end of 2009, the corporation’s total
tonnage of the ship fleet reached approximately 2.7 million DWT,
accounting for about 45 % of the total tonnage of ships in the country.
Speeding up infrastructure development
investment projects
Chosen the investor for national key seaport
construction programme, the corporation has proactively prepared and
launched two important projects, namely Van Phong international
transhipment port and Hai Phong international gateway port.
A number of other projects kicked off previous
years ago are also sped up. Specifically, the second phase of Dinh Vu -
Hai Phong port project has completed and put into operation piers 3 and 4
with a total length of 450 m and commenced construction on pier 5 with a
length of 225 m. The second phase of Cai Cui port project consisted of
three wharves with a total length of 500 m, costing VND830 billion. Dinh
Vu international container port project was also accelerated. The first
phase of Saigon Port - Hiep Phuoc port was started with a capacity of
handling about 8.5 million tonnes per year and accommodating vessels of
50,000 DWT and required a total investment of about VND3,700 billion.
SP-PSA international terminal joint venture
developed by PSA Corporation in Ba Ria - Vung Tau province; Cai Mep
international port project; Saigon Port - SSA international container
port project in Ba Ria - Vung Tau developed in cooperation with APMT and
SSA; southern Vinalines ship repairing yard; Nosco - Vinalines ship
repairing yard; Vinalines Hai Phong container warehouse; Lao Cai inland
clearance depot and a series of projects are prepared for investment.
Perfect operating model
Starting being operated in the form of holding
company since 2007, the governance of the corporation has been gradually
adjusted to fit the new operating model, facilitating its subsidiaries
and joint venture companies to boost production and business and promote
the efficiency of the State capital. At present, the corporation is
managing over VND6,000 billion of State capital in joint ventures, joint
stock companies and one-member limited liability companies. In the
coming time, Vinalines leaders determined that the parent company needs
to continue improving the legal framework to enhance the role and
performance of representatives of State equity in its subsidiaries and
associated companies. The corporation will rearrange and set up several
advisory boards, adjust, supplement and promulgate regulations on
internal administration, reform administrative procedures, invest to
enhance the performance of production and business management and
administration, and create favourable conditions for member enterprises
to develop.
In addition to streamlining the working apparatus
of the parent corporation, Vinalines is actively reshuffling and
changing operating model of its Saigon Port Trading Services Company
from a State-owned company to a joint stock one; admitting three ports
of Nghe Tinh, Quy Nhon and Nha Trang to be its member enterprises and
completing the operating model transformation of its member companies.
Representing the right and interest of members
Beside the role of an organiser and creator of
accommodating corridor and assistant of its member units, Vinalines was,
last year, a positive representative for the rights and interest of its
member units and made worthy contributions to the process of building
legal documents to adjust the operation of enterprises in the industry.
The corporation has submitted proposals to the
Government and competent authorities for reviewing, building and issuing
legal documents, planning and amending policies related to maritime
activities such as the Resolution 29/2009/ND-CP dated March 26, 2009 on
registration, purchase and sale of vessels, the Decree 09/2009/ND-CP
dated May 2, 2009 that promulgates regulations on financial management
of State-owned company and management of State equity invested in other
enterprises, Circular 18/2009/TT-BTC that instructs the implementation
of the 50 % tax cut on value for imported goods including ships;
Circular 112/2009/TT-BTC providing value-added tax of 0 % on
international shipping, draft decrees on the detained ships, ports
management, etc.
Remarking on advantages and disadvantages on the
road ahead, Mr Duong Chi Dung, President and General Director of
Vinalines, said: Continuing with achievements attained during more than
10 years of operation, especially during the peak from 2006 to 2008 and
premises created in 2009, the corporation has firmly entered the
so-called golden year, 2010, with the belief that the country will
victoriously complete the five-year socioeconomic development plan
2005-2010.
VCCI (05/02/2010)
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