Vietnamese state owner Vinalines is looking to sell off more shares in its subsidiaries to cut debt.
Acting general director Nguyen Canh Tinh said in a statement cited by the Sai Gon Times that after converting to a joint stock company it will cut its holdings in companies like Vietnam Ocean Shipping (Vosco) and Vinaship, in which it has 51%.
It wants to streamline operations and increase its focus on ports and maritime services.
Vinalines has already reduced its ownership in Vietnam Sea Transport and Chartering (Vitranschart) from 58% to 36%.
It has 11 shipping companies under its umbrella, with 82 cargo vessels in the fleet.
Vinalines earned VND 14 trillion ($604m) in revenue and VND 365bn in pre-tax profit last year.
