PV Power, the power arm of state-owned oil giant PetroVietnam, will sell a 25 percent stake in an initial public offering this August, the company announced on its website on Monday.
A detailed plan for the IPO will be submitted to the Ministry of Industry and Trade next month for approval. PV Power is the country's second biggest producer, after Electricity of Vietnam (EVN).
PV Power said it has met with many foreign investors such as Japan's Tohoku Electric Power and South Korea's SK and Kospo for strategic partnerships.
The company, which has a charter capital of more than VND13.07 trillion (US$577.9 million), is also expected to divest from some of 22 companies in a restructuring effort.
PV Power raked in a net profit of over VND1.38 trillion ($60.9 million) last year, a staggering 50 percent drop from 2014.