“We’re actively in the process to find foreign investors” and intend to finalize the deals by the end of the year, Vuong said in an interview in Hanoi on Thursday, adding that the timeline for the stake sales was set by Prime Minister Nguyen Xuan Phuc. 

According to Vuong, the following deals are in the works: 

PetroVietnam Oil Corp., known as PV Oil, is working with Idemitsu and SK Energy Co. on a strategic partnership. PetroVietnam Power Corp., or PV Power, is in discussions with foreign investors including Siemens, Ratchaburi Electricity Generating Holding Pcl and Taekwang Industrial Co. on a key stake purchase. Binh Son Refining and Petrochemical Co., which raised VND5.57 trillion (US$245 million) from selling a 7.8% stake in Vietnam’s first oil refinery Dung Quat in January, is in talks with Indian Oil about a partnership; Indian Oil is doing due diligence on the deal before they can firm up a price. Vietnam, which needs billions of dollars in infrastructure investments, is dramatically accelerating sales of stakes in state-owned companies to boost revenue and ease a strained budget, while seeking to exceed its economic growth target of 6.7% this year. Stakes in 245 state companies are up for sale this year, Deputy Prime Minister Vuong Dinh Hue said in a Bloomberg TV interview in January. 

“Vietnamese energy companies have good potential to grow due to rising demand in the domestic market while supply is still limited,” Vu Minh Khuong, an associate professor at the National University of Singapore who researches economic development, said by email to Bloomberg. 

The government is banking on an expanding middle class and its youthful population to lure investors. Among the assets sold last year was a majority stake in the nation’s top brewer Saigon Beer Alcohol Beverage Corp., or Sabeco, to Thai Beverage Pcl and its partner in December, for US$4.8 billion.