Vietnam reportedly plans to sell its stake in Vinamilk, the country’s largest dairy company, in increments.

Citing unnamed sources, Reuters reported Vietnam’s investment arm, the State Capital Investment Corporation (SCIC), plans to offload a 10% chunk of its 44.7% stake in Vinamilk and then sell the rest of the stake in stages.

The newswire claimed the Vietnamese government has asked a clutch of investment banks, including HSBC and Rothschild, to advise it on selling its shares in Vinamilk.

Officials at Vinamilk had not returned a request for comment at the time of writing.

Last month, Singapore-based food and beverage group Fraser and Neave, which owns just over 11% of Vinamilk, said it was open to upping its stake in the company.

In August, Vinamilk reported a 29% increase in second-quarter net profit to VND2.8trn. Net sales for the second quarter was VND11.6trn compared to VND10trn for the same period last year.

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By GlobalData

In 2015, Vinamilk’s net profit after tax reached VND7.77trn, an increase of 28.1% on the year. Net revenue rose 14.3% to VND40.08trn.