Vinamilk, the rapidly expanding Vietnam Dairy Products Company, is expected to launch an initial public offering next summer.

Vinamilk would be the largest State enterprise to go public so far, reported the Saigon Times Daily.

"The Government has allowed Vinamilk to undergo equitisation this year," Ngo Thi Thu Trang, chief accountant and head of the company's equitisation board, told the Daily. "As planned, the company will complete the equitisation procedures and announce share sales in June 2003."

The country's leading dairy product maker now has total assets of VNĐ1.35 trillion (US$87.4m). Last year it reported sales in excess of Đ4.7 trillion), a year-on-year improvement of 18.5% and exports up 17% to $166m. Pre-tax profit came in above Đ700bn.