The measure is part of the group’s restructuring process.

The group’s charter capital is planned to raise to 13.5 trillion dong ($604.7 million) from its current capital of VND10.7 trillion.

The Ministry of Industry and Trade (MOIT) said that in order to increase Petrolimex’s charter capital and reduce the State’s ownership proportion at the group to fewer than 75 per cent of charter capital, the ministry has approved a plan to issue more ownership to Petrolimex’s foreign strategic shareholders.

The deputy prime minister reminded the ministry to revise regulations, which are unsuitable with the current situation, to ensure that foreign strategic investors will partner with Petrolimex to invest long-term in the Nam Van Phong oil refinery project in the central Khanh Hoa Province.

Previously, Nikkei reported that the Japanese JX Nippon Oil & Energy Corporation planned to buy 10 per cent of Petrolimex’s stake.

The Japanese partner will pay about 20 billion yen ($177 million) for its share at Petrolimex.

As of December 31, Petrolimex’s total assets reached VND51 trillion. The company earned VND146 trillion of revenue and VND3.76 trillion of pre-tax profit.

By the end of 2014, Petrolimex accounted for 48 per cent share of the petroleum distribution market in Vietnam with more than 2,300 gas stations nationwide.