Shareholders of Airports Corporation of Vietnam, which manages 22 airports around the country, on Wednesday approved a plan to sell a 7.4 percent stake to France's Aeroport de Paris.
The sale, equivalent to more than 166 million shares, is much smaller than a 20 percent stake reportedly sought after by ADP, which operates many airports in France.
Nguyen Nguyen Hung, chairman of ACV, told news website Saigon Times Online that his company is waiting for the transport ministry's permission to hire consultants before moving forward with the deal.
According to the plan, the shares will be sold at a minimum price of VND13,100 (nearly 58 US cents) per share, meaning that ACV will raise at least VND2.2 trillion ($97.38 million).
However, speaking to the website, several investors expected the selling price will be higher than that.
They also said ACV needs money for many big projects, such as the expansion of Ho Chi Minh City's Tan Son Nhat Airport and the construction of Long Thanh Airport in the southern province of Dong Nai.
The government is currently owning 97 percent in the company.
ACV raised a higher than expected US$51.6 million in an initial public offering at the end of last year. More than 77.8 million shares, equivalent to 3.47 percent, were sold at an average of VND14,300 per share. The starting price was VND11,800.
Under the government's plan, ACV will have to sell more stake to private investors until the state ownership falls to around 75 percent.
ACV reported a 2.37 percent revenue increase to over VND11.87 trillion ($525.64 million) last year.