Vietnamese mall operator Vincom Retail is planning a $600 million IPO, which would make it the country’s biggest share sale in the private sector.

Bloomberg reports that the subsidiary of VinGroup plans to sell existing shares as well as issue new stock.

The exact size and timetable of the offering has not been revealed, with representatives of Vingroup declining to comment.

The fundraising is believed to be aimed at helping Vincom Retail boost its retail business activities and take advantage of Vietnam’s solid economic growth which is increasing citizens’ disposable incomes.

Vincom Retail is backed by the US private equity firm Warburg Pincus, which owns a 20 per cent stake after investing $300 million.

Since then, Vincom Retail has expanded its portfolio to around 40 malls, with a total floor area of 1.1 million sqm in 21 cities and provinces. Its brands include Vincom Center, Mega Mall Royal City and Vincom Mega Mall Times City.

Bloomberg’s source estimates Vincom Retail has more than 60 per cent market share in the country’s modern retail industry.