The auction by Bourbon Tay Ninh, which has a registered capital of 1.4 trillion dong (US$87 million), would be held by October 6, the statement said.
Parent company Group Bourbon said in April it had sold 24% of the sugar refiner's shares for -36 million to Vietnamese investors including dairy product maker Vinamilk, confectionery maker Bibica and investment funds including VinaCapital.
It aimed to raise 32 million euro (US$43 million) from the share auction, suggesting a price of about -1.14 (US$1.54) each, or 2.5 times their face value.
Group Bourbon has said it would retain a 51% stake in the company for the next three-years.
The company, based in the southern province of Tay Ninh, refines sugar and generates electricity from sugarcane waste to serve its refineries.
Trung tâm Thông tin Phát triển Nông nghiệp Nông thôn