Vietnam Airlines expects IPO nod in June

[HANOI] Vietnam Airlines Corp, the national carrier, said that it expects to get approval in June for the number of shares to be sold at an initial public offering (IPO) as the government speeds share sales to win overseas investors.

The airline has been valued at US$2.74 billion and will offer a "suitable" stake based on market demand, chief executive officer Pham Ngoc Minh said in a response to questions. Approval for the valuation as well as the amount of stake to be offered in the IPO, planned for September, will be sought from Prime Minister Nguyen Tan Dung, he said.

Vietnam is speeding share offerings, with a target to sell stakes in more than 400 state-run companies by the end of next year, as part of efforts to restructure the economy and lure more overseas investors. The carrier is one of the biggest state-owned companies being considered for stake sales in the country.