The initial public offering of Vietnam’s largest brewer has raised less than two-thirds of its target in the latest sign of cooling investor demand, and which has forced the government to slow the country’s mass privatisation process.

Sabeco raised $341m with the sale of 78.4m shares out of 128.3m shares on offer, representing a fifth of its capital, the Ho Chi Minh Stock Exchange said on Tuesday. Overseas investors bought just 6.9m shares at this week’s auction; they could have bid for up to 49 per cent of the brewer.