MobiFone is owned by government-controlled Vietnam Post and Telecommunication (VNPT), and is the group’s largest subsidiary.
It will be the first state-owned telecoms company in the country to sell shares to the public.
Vietnam's prime minister, Nguyen Tan Dung, has approved restructuring plans which will see the mobile company renamed MobiFone Telecom Corporation and take over liabilities worth $75.2 million from VNPT.
MobiFone generated about $4 billion in revenues last year, with about $330 million in operating income.
The company was founded by the government in 1993 and had a market share of almost 18% in 2012.
