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Vietnam’s 2026–2030 State Ownership Plan: What Changes—and What Stays
Vietnam’s 2026–2030 plan covers 21 state owned and state backed enterprises. It keeps state ownership at 65% or more at BIDV and Vietcombank, raises VietinBank’s target to 65%, and retains full state ownership in some...
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- Vietnam’s 2026–2030 plan covers 21 state owned and state backed enterprises. It keeps state ownership at 65% or more at BIDV and Vietcombank, raises VietinBank’s target to 65%, and retains full state ownership in some...
- Decision 2054 was signed on October 27, 2026, and approved a plan built on the enterprise classification framework dated August 5.
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Vietnam’s 2026–2030 state-capital plan is a targeted reshaping of ownership, not a general retreat from strategic businesses. Decision No. 2054/QD-TTg, signed on October 27, 2026, approves restructuring for enterprises covered by the classification framework dated August 5; reporting says the plan spans 21 state-owned and state-backed enterprises. 20
22 Its clearest changes concern three major banks, while full state ownership remains in place for some strategic companies.
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The main bank targets: at least 65% state ownership
The plan sets a minimum state holding of 65% at BIDV and Vietcombank, and a 65% target for VietinBank, whose state stake is reported at 64.46%. 11 BIDV’s existing state holding is reported at 76.73%, and Vietcombank’s at about 74.8%.
4 Those two banks could therefore see their state stakes decline, but a 65% minimum is a floor—not a direction to reduce each holding to exactly 65%.
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The August 5 classification framework also provides for direct state ownership of at least 65% of charter capital in banking, aviation and maritime companies. 8 For the banks, the reported plan targets are consistent with retaining a controlling state stake while allowing room for ownership adjustments.
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Some strategic companies remain wholly state-owned
The restructuring does not imply privatization across the board. Reporting on the plan says ten enterprises and banks are to remain 100% state-owned during 2026–2030. 21 Vietnam Electricity (EVN) and Vietnam National Oil and Gas Group (PVN, also known as PetroVietnam) are among the major energy groups reported to retain full state ownership.
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The broader policy picture is therefore mixed: the government plans to adjust holdings in some companies while retaining full ownership or existing stakes in others considered strategically important. 19 This describes the ownership pattern and stated policy direction; it does not establish that the restructuring will itself improve efficiency or attract additional private investment.
Targets are not the same as completed transactions
The reported bank ownership levels are plan targets, not announcements of immediate share sales or new share issues. Reporting says the Ministry of Finance and the State Bank of Vietnam have implementation roles, while the timing and form of any changes are to be decided by the competent authorities. 3
That distinction matters for investors and companies following the plan. A lower permitted state stake can create room for a future ownership change, but the available reporting does not show that a specific transaction has been scheduled or completed. The available excerpts also do not establish a detailed timetable for each enterprise. 3
What the plan signals
The plan balances selective changes in state holdings with continued control in strategic sectors. Its bank targets allow potential reductions at BIDV and Vietcombank while keeping the state at or above 65%; elsewhere, some enterprises remain fully state-owned. 11
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21 The stated policy direction includes greater private-sector participation in selected businesses and efforts to improve state-enterprise efficiency, but those are aims—not demonstrated outcomes of the plan.
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Vietnam’s 2026–2030 plan covers 21 state owned and state backed enterprises. It keeps state ownership at 65% or more at BIDV and Vietcombank, raises VietinBank’s target to 65%, and retains full state ownership in some...
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Vietnam’s 2026–2030 plan covers 21 state owned and state backed enterprises. It keeps state ownership at 65% or more at BIDV and Vietcombank, raises VietinBank’s target to 65%, and retains full state ownership in some... Decision 2054 was signed on October 27, 2026, and approved a plan built on the enterprise classification framework dated August 5.
Sources
vietnam.vnApproval of the Plan for Restructuring State Capital in Enterprises for the period 2026-2030
channelnewsasia.comVietnam sets 65% state ownership floor for major banks, to retain control of strategic groups
upside.pandobit.comVietcombank, BIDV and VietinBank Included in State Capital Restructur…