The share volume, equivalent to a 3.33% stake, will be available for all investors, and the reverse price will be determined at a later date, after market factors are all taken into account, said SCIC executives at a roadshow in HCMC on October 18.

Non-resident foreign investors interested in Vinamilk shares, coded VNM and traded on the Hochiminh Stock Exchange, can place deposits in either Vietnam dong or U.S. dollar at all banks. This is a softer condition than the previous VNM share sale last year whereby such investors could place dollar deposits at one designated bank, in that case Bank for Foreign Trade of Vietnam (Vietcombank).

In addition, due to the large value of investment in Vinamilk’s shares, investors will be allowed to suspend the share transfer in case of force majeure, or can cancel their bids as of November 9 – or one day ahead of the share auction - if the share prices in the market fluctuate wildly.

At the roadshow on October 18, Dang Thi Thu Ha, deputy head of Investment Department 3 at SCIC, said the new conditions approved by the Government and the Ministry of Finance are aimed at facilitating investor participation in the November 10 share auction.

Meanwhile, resident foreign investors can make deposits in Vietnam dong only, Ha said.

She added the starting price will not be announced until November 1 as the price of this stock is often volatile.

SCIC Chairman Nguyen Duc Chi said the starting price would be set based on several factors, including its market price.

After the upcoming offering, SCIC representing the State will remain a major shareholder at Vinamilk with a 36% stake, sizeable enough for the Government to have a decisive voice in the decision making process at Vinamilk. Chi said whether more VNM shares will be offloaded in the coming time or not rest with the Government’s discretion.

SCIC is completing procedures to divest State stakes from other enterprises such as Binh Minh Plastics JSC, Sa Giang Import Export Corporation and Tien Phong Plastics JSC this year.

As for FPT Corporation, SCIC will offer its 6% stake to foreign investors to raise the foreign holdings at the company to a maximum of 49% as stipulated in the current law.