Bao Viet Group, one of Vietnam's major insurers, has announced a VND1 trillion (US$43.89 million) investment fund specific for its investment in state-owned enterprises.
Managed by its subsidiary Bao Viet Fund Management Company, the fund will buy shares in initial public offerings and look for merger and acquisition opportunities.
With assets of nearly VND28 trillion ($1.23 billion), Bao Viet Fund Management Company said it also plans to set up an open fund for bond investment soon.
As part of its efforts to restructure the economy, the Vietnamese government has been selling shares in thousands of state-owned enterprises.
Official figures showed that Vietnam has privatized around 90 percent of more than 12,000 state companies over the past 20 years. In the last four years alone, 350 businesses had their initial public offerings.
In the latest move, the government recently announced a plan to sell its stakes in 10 companies, including dairy giant Vinamilk and information technology leading group FPT.