Vietnam Pharmaceutical Corporation, wholly owned by the Ministry of Health, sold a stake of 18 percent for more than VND443 billion (US$19.6 million) in its initial public offering on Thursday, local media reported.
Investors subscribed for 61 million shares, compared to 42.5 million shares put up for sale, news website Thoi Bao Tai Chinh said.
The shares were sold at an average of VND10,443 each.
Vinapharm, as the company is better known, will sell another 17 percent stake to strategic partners after the IPO, according to local media.
A major trader in drugs, supplements and healthcare equipment with stakes in 22 pharmaceutical companies, Vinapharm reported revenue of VND204.1 billion ($9 million) in 2015, up 46.14 percent.