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Vietnam’s Vinamilk says scrapping foreign ownership cap

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The board of Vietnamese dairy firm Vinamilk has decided to remove its 49 percent foreign ownership cap, Reuters says.

Vinamilk, or Vietnam Dairy Products JSC, has long been the country’s most sought after firm among foreign investors due to its strong prospects and expansion plans. Vinamilk’s share value has grown 18 times since it first listed in 2006 to 146,000 dong ($6.54) as of Monday’s close.

Foreign investors have been frustrated by Vietnam’s lack of progress toward liberalizing equities following a surprise announcement last year that it would dismantle foreign ownership limits in many sectors, one of the communist country’s boldest economic reforms yet.

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