Vietnam National Petroleum Corp (Petrolimex) has announced that it will debut its shares in July, despite the current unfavourable conditions of the stock market.

According to Vuong Thai Dung, deputy general director of Petrolimex, the company plans to auction more than 27 million shares to the public equivalent to 2.56 percent of its charter capital.

Dung said the state of the stock market would not negatively affect Petrolimex's initial public offering (IPO) plan, noting that the Prime Minister had approved Petrolimex's equitisation scheme, including the method of deciding the price at auction.

After the equitisation, Petrolimex will have a charter capital of 10.5 trillion VND (519.4 million USD), of which the State will retain 94.99 percent./.