Foreign owners are lining up to take part in an IPO planned by Vietnamese state owner Vinalines.

The Saigon Times cited a company representative as saying it has met with firms like Hyundai Motor, SK Holdings and Siam Cement Group.

The car maker has officially registered to participate, the report said.

Vinalines will sell 34.8% of its capital to strategic investors through an IPO and share auctions, but many investors want to hold at least 49%.