Vietnam government to sell $3b of shares in major firms

The Vietnamese government will sell its stakes in companies ranging from a dairy giant to an insurance firm in a move worth up to $3 billion, state media said Wednesday, boosting the communist nation's privatisation drive.

Growth in the Southeast Asian country has been bucking the regional trend with GDP rising to 6.81 percent in the third quarter, backed by strong exports and the service sector.

Vietnam is in the process of easing business regulations as part of its long-running privatisation drive and the newly-announced plans will remove its hold over several major companies.

On Wednesday Thanh Nien newspaper said the government would "obtain up to $3 billion by pulling out capital from 10 enterprises" including dairy giant Vinamilk, the leading Bao Minh Insurance Corporation and FPT Telecom.

The majority of this sum would come from Vinamilk -- the most successful dairy company in Vietnam -- according to the state-run publication, which cited a decision signed last week by Deputy Prime Minister Vu Van Ninh.

Senior economist Le Dang Doanh told AFP that the sales "will help accelerate the process of privatisation of public enterprises".