Morgan Stanley has become the first foreign shareholder to hold a 10 percent stake in PetroVietnam’s Joint Stock Finance Corporation (PVFC).

PetroVietnam PVFC announced the purchase at its inauguration ceremony in Ha Noi on Mach 18.

In 2008, PVFC will issue petroleum finance and PetroVietnam bonds in domestic and foreign markets.

It is preparing to open a representative office in Singapore and to be listed at domestic and foreign stocks markets. In addition, it plans to focus its operations in oil and gas, energy and real estate.

PVFC plans to achieve an annual growth rate of 30 percent and an asset value of 3 billion USD by 2010.

Source: VNA