Vietnamese dairy firm Vinamilk has posted a 38.5% increase in gross profit for the first half of the year.

The company reported a profit of VND777bn (US$47m), up from the same period last year.

The Ho Chi Minh City-based company said it earned VND693bn in net profit during the first six months, or 60.8% of its profit target for the full year.

In May, Vinamilk may become the first local company to list overseas.

Nguyen Ngoc Canh, head of the international department of Vietnam's State Securities Commission (SSC), revealed that a number of local companies wanted to list abroad.

Local reports claimed that the SSC was considering a listing for Vinamilk on the Singapore Exchange (SGX).

Vinamilk is already listed on Vietnam's HCM City Stock Exchange.