Vietnam Air IPO 'won't boost SOE sell-off drive'

Hanoi

AFTER decades of speculation and multiple failed attempts, Vietnam Airlines' long-awaited initial public offering (IPO) is set for take-off on Friday, but experts say it is unlikely to boost the communist country's lacklustre privatisation drive.

The offer of shares in the "crown jewel" of the country's many state-owned enterprises (SOEs) is a symbolic milestone in a broader government plan to offload stakes in hundreds of companies.

But the state will still retain a controlling 75 per cent stake in the flag carrier, suggesting there is little appetite for real change.

"Officials want to avoid real privatisation,"…