It expects to wrap up ongoing negotiations for the sale soon, brokerage SSI Securities Corporation said.
A sale of 49 percent stake could fetch the bank around VND21 trillion ($913 million) after tax, it said in a note.
If the talks fail, it would prepare for an IPO later this year, the note added.
FE Credit is the largest player in Vietnam’s consumer lending market with a 55 percent share in 2019, according to financial data provider FiinGroup.
As of the end of 2020, its outstanding loans were VND66 trillion. Its non-performing loans ratio was 6.6 percent.
It reported revenues of VND17.4 trillion and pre-tax profits of VND3.71 billion, a 17 percent decline from 2019.
VPBank has a profit growth target in 2021 of 20-30 percent for itself and 20-25 percent for FE Credit.