Government okays Vietcombank stake sale to foreign investorsAfter the government green-lighted Vietcombank to sell the state-owned stake to foreign investors, the bank is expected to sell a total of 10 per cent, commensurate with over 350 million shares, in a separate issuance and/or through public auction to a limited number of foreign investors. Countless foreign investors expressed interest in a slice of VietcombankA representative of Vietcombank noted that the share auction would take place in the first half of 2018. Currently, the Japan-based retail and corporate bank seized a 15 per cent stake at Vietcombank, and is planning to further expand its ownership at the state-owned bank. Over the past eight months, Vietcombank's share price surged to VND72,000 ($3.18) per share, which in turn would heat up the upcoming bidding for the state-owned bank's stakes. However, thanks to the striking recovery in the bank's business performance, BIDV's share price skyrocketed by 50 per cent in the last two months, sending off inviting signals to potential foreign investors.

Source: VietNamNet News March 20, 2018 07:52 UTC