The state will keep 100% ownership of Vietnam Electricity (EVN) and the Vietnam National Industry - Energy Group (PVN) until the end of 2030 under the plan to restructure state capital in enterprises for 2026-2030. The same plan will trim the state's stakes in Vietcombank and BIDV and raise its holding in VietinBank.
According to Báo Chính phủ, Deputy Prime Minister Nguyễn Văn Thắng signed Decision 2054/QĐ-TTg on 27 October 2026 approving the plan. It covers the enterprises listed in Clause 1, Article 5 of the Prime Minister's Decision 40/2026/QĐ-TTg of 5 August 2026, which sets the criteria for classifying enterprises for state capital restructuring. VnExpress reported that 15 groups and corporations will keep their current level of state ownership until the end of 2030.
Who keeps the status quo
According to VnExpress, 10 enterprises stay fully state-owned: EVN, PVN, the coal and minerals group TKV, the post and telecoms group VNPT, the chemicals group Vinachem, the agricultural bank Agribank, the State Capital Investment Corporation (SCIC), the Vietnam Expressway Corporation (VEC), Vietnam Railways (VNR) and the Northern Food Corporation (Vinafood 1).
The other five in this group keep their current state stakes:
| Enterprise | State stake kept |
|---|---|
| ACV | 95.4% |
| Petrolimex | 75.87% |
| Bảo Việt | 67.98% |
| Vinafood 2 | 51.43% |
| Vinafor | 51% |
Who has to restructure
Decision 40/2026 requires the state to hold directly at least 65% of charter capital in aviation, maritime and banking enterprises. VnExpress reported the 2030 targets set against that floor:
| Enterprise | Current state stake | Target by 2030 |
|---|---|---|
| Vietnam Maritime Corporation (VIMC) | more than 99.4% | 65% |
| BIDV | 76.73% | 65% or more |
| Vietcombank | 74.8% | 65% or more |
| VietinBank | about 64.46% | 65% |
For VIMC, 65% still preserves the state's controlling position. VietinBank goes the other way: its state stake is below the minimum that applies to banks, so it will be raised after restructuring.
At Vietnam Airlines, the state currently holds 86.42%, with the Ministry of Finance, as owner representative, holding 39.29% and SCIC 47.13%. Under the orientation to 2030, the stake held directly by the owner representative agency at the airline is set at 86.42% to secure state control.
Background: the state enterprise sector
According to VnExpress, Vietnam had 695 state-owned enterprises at the end of 2025: the state held 100% of 497 of them and a controlling stake in 198. Together they held assets of about 4.5 million billion dong, earned revenue of nearly 2.9 million billion dong and paid about 390,000 billion dong to the state budget, a marked increase on 2021.
Báo Chính phủ said the plan can be carried out by keeping the state stake unchanged, by restructuring under Government Decree 57/2026/NĐ-CP of 12 February 2026, or by other legal means that change the state's shareholding or capital contribution.
What happens next
The Ministry of Finance and the State Bank of Vietnam are in charge of choosing the timing and method for the enterprises and banks whose stakes will change, and must finish in 2030. If a target ratio is missed or the work is not done within 2026-2030, the causes and the responsibility of the groups and individuals involved must be clarified and reported to the competent authorities.
Every year, before 31 January, progress reports must be sent to the Ministry of Finance for monitoring. Any change to the plan will be compiled by the ministry from the owner agencies' proposals and submitted to the Prime Minister. Ministries and provinces that own agricultural and forestry companies or enterprises serving defence and security must urgently draw up and submit their own restructuring plans for 2026-2030 and complete them within 2026.