HÀ NỘI — Gemadept Corporation (Gemadept) announced on Wednesday its complete divestment from the Hoa Sen - Gemadept Logistics and International Port Corporation. In 2008, Gemadapt and the Hoa Sen Group signed a deal to establish the company, aimed to develop a logistics and port project in Bà Rịa - Vũng Tàu Province. Gemadept held 51 per cent of shares while the Hoa Sen Group held 45 per cent. The 55ha Hoa Sen - Gemadept International Port is located on a 300m long coast line, and has neither high productivity nor high revenues. The Hoa Sen Group’s port project was set up in 2006 with an initial charter capital of VNĐ39 billion ($1.7 million).

Source: Viet Nam News August 18, 2017 09:41 UTC