HANOI, Sept 21 (Reuters) - Vietnam will let Bank for Agriculture and Rural Development (Agribank), the country's largest bank by assets, go public in 2008 instead of sometime after 2010 as previously planned, state media said on Thursday.The communist government had planned to partially privatise four state-run commercial banks by 2010 and let the Hanoi-based Agribank, with assets totalling nearly $12 billion, undergo the process after 2010.The government told the National Assembly on Thursday that Agribank would first need to boost its financial muscle in late 2007 and shares in it could then be sold in 2008. It quoted the government report to the assembly as saying two other banks, Vietcombank, the second-largest bank by assets, and the Mekong Delta Housing Development Bank, would be partially privatised in 2007 as previously approved.State-run Bank for Investment and Development (Vietindebank) and the Industrial and Commercial Bank (Incombank), the country's third- and fourth-largest banks by assets, will go public in 2007, the report said.
Hanoi fully controls five commercial banks and two policy banks. The five account for more than 70 percent of market lending.
Agribank has said it would begin selling 10-year and 15-year bonds worth 3 trillion dong ($187 million) from Oct. 10 to boost capital.Agribank bonds will be listed on the stock market <.VNI> and bond holders would be given priority in taking up shares when it is partially privatised.Vietcombank is expected to launch its initial public offering in early 2007 while Vietindebank plans its IPO for the third quarter of next year.