VIETNAM

Government Considering Privatization: The country will move swiftly to create capital markets to attract desperately needed domestic and foreign investment for economic development, State Monetary & Financial Council Minister Phan Van Tiem told delegates at a Euromoney conference in Hanoi Friday. Much of Vietnam’s domestic industry is controlled by the state, but the government is considering plans to sell state industries to private investors. Tiem said 10 state enterprises have applied to privatize. Vietnam Airlines, for example, is awaiting government approval to sell a 30% equity stake to a foreign partner to raise funds to expand. Analysts consider other enterprises such as Hanoi Tourism and Saigon Tourism, which own most of the hotels in Vietnam, and the state-owned PetroVietnam oil company to be prime candidates for listing on a stock exchange.