Vietnam raised 1.31 trillion dong ($57.7 million) from the sale of a stake in state-owned Vietnam Rubber Group on Friday, but investors largely shunned the offering, with less than a quarter of available shares finding buyers.

The initial public offering was the latest in Vietnam's plan to privatise hundreds of state-owned enterprises, with energy firms drawing strong interest.

The government put 12 percent of the rubber group up for sale, but sold just 100.7 million of 475.1 million shares, the Ho Chi Minh Stock Exchange said on its website, leaving it well short of its target of at least $272 million.

The IPO was offered to both domestic and overseas investors, including individuals and organisations.

On Wednesday, the IPO of state electricity firm PetroVietnam Power raised $308.1 million from the sale of a 20 percent stake in the firm, exceeding the government's target.