State-owned Vietnam National Chemical Group (Vinachem) said it has sold its 11 percent stake in the $4.6 billion Long Son petrochemical complex, the country's largest, to state oil and gas group Petrovietnam to help speed up the project.
The transfer is part of Vietnam's reform of state-owned enterprises and could help consolidate funding resources to quicken the implementation of the complex in the southern province of Ba Ria-Vung Tau, Vinachem said in a statement. It did not provide a value of the deal.
Petrovietnam's stake in the project has risen to 29 percent after the transfer, the oil and gas group said in a separate statement.
Thailand's Siam Cement Group owns 46 percent in the project, developed by subsidiary SCG Chemicals, and Qatar Petroleum has 25 percent.
The complex, which was licensed in 2008, is now scheduled to start operation in the second quarter of 2019. Developers are working on site clearance while selecting engineering, procurement and construction partners, Petrovietnam said.