Government ratifies State capital divestment plan

Under Decision 2054/QĐ-TTg signed by Deputy Prime Minister Nguyen Van Thang, the enterprises and banks slated for capital restructuring are Vietnam Airlines, Vietnam Maritime Corporation, Vietnam Rubber Group, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (Eximbank).

Meanwhile, 15 enterprises will retain their current proportions of State-held capital through 2030. Of these, the Ministry of Finance represents the State’s interest in 14 entities, while one entity falls under the State Bank of Vietnam. Notably, 10 of the enterprises on this list are 100% State-owned.

According to the plan, the Ministry of Finance and the State Bank of Vietnam are tasked with organising divestment for enterprises subject to State capital restructuring. They are authorised to determine the timing and methods of implementation, ensuring compliance with legal regulations and the completion of the plan within the 2026-30 period.

In cases where the State ownership ratio does not meet the prescribed thresholds, or if the plan cannot be completed within the 2026-30 period, the relevant agencies must clarify the causes and the responsibilities of those involved, and report to authorities for review and resolution.

By January 31 each year, the responsible agencies must submit reports on the progress of enterprise reorganisation and restructuring to the Ministry of Finance for monitoring and consolidation.

Should it be necessary to adjust an approved plan, the Ministry of Finance will consolidate proposals from the agencies acting as the owner’s representatives and submit them to the Prime Minister for consideration and decision.

Ministries, ministerial-level agencies and the people’s committees of provinces and centrally-run cities will act as the owner’s representatives for agricultural and forestry enterprises.

Enterprises that directly serve national defence and security, as well as those that combine economic activities with national defence and security, are required to develop and submit to authorities for approval a plan for the arrangement and restructuring of State capital for the 2026–30 period.

This process must be completed by the end of the year, in accordance with guidelines set out by the Party, legal regulations and the directives of relevant authorities.

State capital divestment faces pressure

Capital divestment from State-owned enterprises (SOEs) had slowed and was still facing difficulties, said Dang Quyet Tien, Director of the Corporate Finance Department under the Ministry of Finance.