Vietnam Construction and Import - Export Joint Stock Corporation (Vinaconex) is seeking to divest its stake in the Van Ninh general port project, which carries a price tag of VND2.248 trillion (US$88.2 million) in phase one and is located in Quang Ninh Province, northern Vietnam.

The management board of Vinaconex recently passed a plan to transfer its entire two million shares, equivalent to a 40-percent stake, in Van Ninh International Port JSC, the developer of the project.

Vinaconex is set to complete the deal prior to June 20 this year, after which it will no longer be a shareholder of the port developer.

According to Vinaconex, the Van Ninh general port is projected to span some 480 hectares.

In the first phase, the port will cover an area of 82.8 hectares and is slated for completion this year.

This general port will be capable of receiving vessels of up to 20,000 metric tons and serve as a logistics hub for goods transported between Vietnam and China.

The management board of Vinaconex, which began investing in the port project in September 2021, did not elaborate on why it decided to divest its stake from the project.

As for its business performance, Vinaconex booked close to VND2.65 trillion ($104 million) in revenue in the first quarter of 2024, soaring 35 percent year on year.

Its earnings from construction activities accounted for over 51 percent, equal to VND1.358 trillion ($53 million). 

The proceeds in the real estate sector reached VND270 billion ($10.6 million), while its remaining revenue came from investment projects in many fields such as industrial production, education and training, and energy.

Vinaconex posted its after-tax profit of VND482 billion ($18.9 million) during the first quarter of 2024, surging more than 25-fold against the same period last year.

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