Vietnam's Petrolimex plans to go public in 2011

TN News

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Vietnam National Petroleum Corp, or Petrolimex, which controls around 60 percent of the country's fuel distribution network, said it planned to go public this year.

In its statement it did not give a date for the privatization or say what stake it would sell to the public.

Petrolimex, Vietnam's second-largest company, made a pretax profit of VND1.21 trillion (US$62 million) last year. It did not give a comparison for 2009 or a target for 2011.

National carrier Vietnam Airlines also wants to advance its plans to go public, said spokesman Le Hoang Dung.

"Vietnam Airlines has proposed that the government speed up the pace of the equitization process," he said, adding there was no timetable yet.

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