Government owned Viet Nam Steel (VNS) is reported to move ahead on privatization as it soon to be reorganized as a joint stock company from October 2011.

Under the joint stock rules, the state will still have a controlling interest of 65% and 5.76% of shares will be offered to investors while 29% of shares will be sold to foreign strategic investors.

It is learned that Russian investors such as Novolipetsk Steel Corporation and Evraz Group have expressed the interest but VNS is planning to have more news from Asian steel makers especially Japanese such as Nippon Steel, JFE Steel, Tokyo Steel, Kobe Steel, Mitsubishi and Marubeni Itochu.

It's said that VNS will complete the process of finding foreign strategic partners in the Q4 of 2012.