Vietnam oil leader Petrolimex ready to be privatized

The Ministry of Industry and Trade said Monday that it has decided to privatize Vietnam National Petroleum Corp., or Petrolimex. The government will retain a stake of at least 75% in the company when it is privatized, the ministry said. The decision comes a month after Prime Minister Nguyen Tan Dung said he agreed in principle to privatize the company. Petrolimex, which holds a 60% share of Vietnam's retail oil products market, said last week that it aims to complete its privatization process this year.