Vietnam National Shipping Lines (Vinalines) will officially begin operations as a joint stock company on September 1 and change its name to the Vietnam Maritime Corporation (VIMC).

The news was announced at its first shareholders’ meeting, on August 13 in Hanoi.

Le Anh Son, Chairman of Vinalines’ Members’ Council, said this is an important step in the corporation’s development, adding that it helps increase resources for VIMC to improve its management system, thus enhancing service quality and increasing competitiveness to ensure sustainable development.

The corporation will continue to focus on the key business lines of seaports, marine transportation, and marine services.

VIMC currently holds capital in 19 subsidiaries and 16 associates and shares in 16 seaport enterprises, and manages and operates more than 13,000 metres of wharves, including at key ports around the country such as Hai Phong Port, Saigon Port, Da Nang Port, and Quy Nhon Port.

It has set a target of transporting 18 million tonnes of goods and shipping 139 million tonnes of commodities via its port network by 2025. Revenue and consolidated profit are to reach VND10.77 trillion (US$466.4 million) and VND1.2 trillion (US$51.9 million), respectively.