At an event held in HCMC last week to introduce opportunities to invest in VRG shares, Thanh said VRG shares would be traded on the unlisted public company market (UPCoM) 25 working days after the IPO. The group would also make preparations to float its shares on HOSE.

VRG earlier planned to offer more than 475 million shares, or 11.88% of its chartered capital, on February 2 at the starting price of VND13,000 (US$0.57) each. These shares will be sold to strategic investors that are local firms with strong finances.

Ha Cong Tuan, Deputy Minister of Agriculture and Rural Development and head of the steering board for the VRG equitization plan, said the share price would not be lower than the average in the IPO.

Last year, VRG made VND27 trillion in revenue, over VND5 trillion in pre-tax profit and VND4 trillion in net profit, all exceeding the full-year targets, said VRG general director Tran Ngoc Thuan.