PHP board finalises 2016 business plans

Hai Phong Port Joint Stock Company has set itself a profit target of VND480 billion ($21.29 million) on revenues of VND1.91 trillion (US$84.7 million) for next year.

At a board meeting on November 23 company directors also approved an investment of VND330.76 billion ($14.6 million) in the business next year.

They expected to turn Hoang Dieu and Bach Dang ports, a medical centre and a vocational and technical school into one-member limited liability companies responsible for their own operations.

The board also agreed to establish a joint venture in depot exploiting at Dinh Vu Port and reduce the company's stake in Dinh Vu Port Development JSC from 51 to 49 per cent.

In the first nine months this year PHP earned revenues of VND1.252 trillion ($55.3 million) and after-tax profit of VND265.8 billion ($11.7 million).

The port, established in the northern city of Hai Phong in 1857, is one of the biggest in the northern region. It equitised earlier this year and listed in August on the Ha Noi Stock Exchange.

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