Vietnam's largest brewer, state-owned Saigon Beer Alcohol Beverage (Sabeco), aims to raise at least $557m by selling a 20 per cent stake in an initial public offering that would value the company at about $2.7bn.

The offering by Sabeco, which has 30 per cent of Vietnam's fast-growing beer market, will take place this month as the Communist-ruled country steps up the pace of its stalled partial privatisation process for large state-owned companies.