UPDATE 1-Petrovietnam's PVFC plans H2 listing in Singapore

(adds details)

HANOI, July 18 (Reuters) - State oil monopoly Petrovietnam's financial arm PVFC, 10 percent owned by Morgan Stanley (MS.N), plans to float shares on the Singapore Stock Exchange later this year, the company said.

The unlisted partly private company said in a statement obtained on Friday it was also preparing to establish a representative office in Singapore this year.

The Hanoi-based company, which acts as the de facto bank for Petrovietnam which has a 49 percent stake in PVFC, also said revenues in the first half of 2008 soared nearly 38 percent from a year ago to 1.77 trillion dong ($107 million).

It posted a pre-tax profit of 198 billion dong in the period.

PVFC, or Petrovietnam Finance Corporation, raised 29.7 trillion dong in deposits and outstanding loans totalled nearly 16.4 trillion dong at the end of June, the statement said.

Last year Morgan Stanley paid nearly 70,000 dong per share, or about $215 million in total to buy its PVFC stake.

PVFC shares have since tumbled to around 22,000 dong each now, a fate suffered by shares of most banks in Vietnam which has been severely strained by eight months of double-digit inflation and soaring trade deficit.

The present share prices valued the company at about $667 million, about a third of what it was when Morgan Stanley bought it in November last year.

PVFC has also applied in March to list on the Ho Chi Minh Stock Exchange .VNI but so far has not carried out the listing. ($1=16,501 dong) (Reporting by Nguyen Nhat Lam; Editing by Tomasz Janowski)