HCM City-listed Hoang Anh Gia Lai Group estimates a pre-tax profit of VND1.4 trillion (US$71.8 million) for the first half of the year, almost double the first six months of 2009.
The company's second-quarter profit was VND704 billion ($36.1 million).
The company has asked its shareholders for their agreement that the target for the year's pretax profit will rise to VND3 trillion ($153.8 million) from the original VND2.7 trillion.
Hoang Anh Gia Lai Chairman Doan Nguyen Duc reports that the corporate restructure into the parent company and its five affiliates, which focus on mineral, hydropower, rubber, real estate and timber, is almost complete.
The restructure would help the group avoid any dilution when it raised capital on the equity market, the chairman said.
All five affiliates would be equitised via two steps - the sale of 10 percent of the corporation to strategic partners and the auction of its 20-30 per cent - before listing.
Hoang Anh Gia Lai sold 11.75 per cent stakes of its real-estate affiliate, the equivalent to 23.5 million shares, to such major partners as Saigon Securities Inc, the Jaccar Capital Fund and Dragon Capital last month.
The sale realised VND1.2 trillion ($61.5 million), the chairman said.
Hoang Anh Gia Lai shareholders decided to issue one-year convertible bonds worth of VND1.1 trillion and sell the entire issue to Singaporean sovereign fund Temasek Holdings at a meeting on Friday, July 30.
The sale was expected to be completed this month, said the chairman.