Vietnam to sell stakes in refinery, power firm

Vietnam’s government hopes to raise at least US$297 million by selling a 20 % stake in Petrovietnam Power Corporation and at least US$155 million by selling 7.79 % of the Binh Son Refining and Petrochemical company, it said.

The communist state has recently accelerated its privatisation programme.In addition to the sale of shares in initial public offerings, the government said it planned to sell a 28.9 % stake in the power company and a 49 % stake in the refinery to strategic investors.