Petrolimex

The participation of new players in the petroleum market would create benefits for businesses and customers.

With this deal, the Japanese firm has become the third-largest shareholder at Petrolimex with a total share amount of 63 million, or a 4.87% stake.

Cement, petroleum and retail stocks are those that could see strong rises in 2021.

With Petrolimex share price of VND50,400 (US$2,17) apiece at the close on August 25, Eneos is set to fork out at least VND650 billion (US$28 million) to complete the deal.

Under the revised regulation, local oil and petrol traders are now allowed to transfer their stakes to foreign investors but foreign ownership should not exceed 35%.

Most major state-firms are facing a gloomy outlook as Covid-19 is wreaking havoc on the economy.