The Vietnamese government raised 6.997 trillion dong ($308.1 million) from selling 20 percent of state electricity firm PetroVietnam Power at its initial public offering (IPO) on Wednesday, exchange data showed. The proceeds slightly exceeded the government's target of raising at least $297 million from the sale, which is part of a plan to privatise hundreds of state-owned enterprises to boost their performances and ease budget pressure.
The government earlier this month raised $429 million combined from selling stakes at IPOs of Binh Son Refining and Petrochemical and Petrovietnam Oil Corp earlier this month, which are also units of PetroVietnam.