Two Thai brewers are seeking to acquire a stake in Saigon Beer Alcohol Beverage, which is 89%-owned by the Government of Vietnam.

Chang beer maker Thai Beverage is planning to buy 40% of Saigon Beer in a deal valued at around $1bn.

This comes after ThaiBev’s collapsed deal to buy a Myanmar brewer owned by Fraser & Neave and is expected to open up an alternative emerging market to Thai Beverage.

The Wall Street Journal reported that Singha, which produces beer in addition to snack foods in Thailand, is also seeking to buy the government’s stake in Saigon Beer.

Vietnamese government, however, did not put Saigon Beer stake on sale officially, according to the journal.

Its plans to sell its stake in Saigon Beer to strategic investors in the past were delayed due to certain procedural issues.

Currently, the $2.4bn worth Saigon Beer controls around 46% of the beer market in Vietnam.

The sale, if occurs, will be the latest in a series of Vietnamese government privatizations that are aimed at reforming state-owned enterprises.

The proposed sale negotiations will commence if Vietnam Prime Minister Nguyen Tan Dung gives consent.

Vietnamese beer market is attracting foreign investors because of its growth prospects.