Most major state-firms are facing a gloomy outlook as Covid-19 is wreaking havoc on the economy.

Under the revised regulation, local oil and petrol traders are now allowed to transfer their stakes to foreign investors but foreign ownership should not exceed 35%.

With Petrolimex share price of VND50,400 (US$2,17) apiece at the close on August 25, Eneos is set to fork out at least VND650 billion (US$28 million) to complete the deal.

Cement, petroleum and retail stocks are those that could see strong rises in 2021.

With this deal, the Japanese firm has become the third-largest shareholder at Petrolimex with a total share amount of 63 million, or a 4.87% stake.