UPDATE 1-Vietnam's PVFC plans $900 million flotation

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HANOI, Oct 22 (Reuters) - State oil group Petrovietnam's financial arm PVFC, 10 percent owned by Morgan Stanley (MS.N), plans to raise $900 million by listing all of its shares on Nov. 3 on the Ho Chi Minh Stock Exchange .VNI.

The reference price for PVFC shares has been set at 30,000 dong ($1.80) each, the exchange said in a statement on Wednesday.

Last year, Morgan Stanley paid nearly 70,000 dong per share, or about $215 million in total, to buy 10 percent of PVFC, which acts as the de facto bank for state oil monopoly Petrovietnam.

PVFC shares have since tumbled in the over-the-counter market to around 30,000 dong each, mirroring a sharp slump in Vietnam's stock market as the economy struggles with months of double-digit inflation and a soaring trade deficit.

The Hanoi-based company said earlier this month its 9-month revenues more than doubled from a year ago to 2.89 trillion dong ($175 million).

Pretax profit in the January to September period stood at 497.2 billion dong ($30 million).

Company officials have said PVFC had been working with Morgan Stanley to complete procedures to list its shares in Singapore next year. ($1=16,521 dong) (Reporting by Nguyen Nhat Lam; Editing by Victoria Main)