Vietnam regulator confirms foreign ownership limits for PV Drilling, PVTrans

Vietnam’s securities regulator has confirmed foreign ownership limits for two major state-controlled oil and gas companies, leaving significant room for overseas investors to increase holdings in both firms.

The State Securities Commission of Vietnam (SSC) on Tuesday issued notices regarding foreign ownership caps at oilfield services provider PV Drilling (HoSE: VPD), a subsidiary of state-owned Petrovietnam, and shipping major PetroVietnam Transportation Corporation (PVTrans, HoSE: PVT).

According to a document released by PV Drilling, the SSC confirmed that the company’s maximum foreign ownership ratio remains at 50%.

As of the close of trading Tuesday, foreign investors held 8.49% of PV Drilling’s outstanding shares. The confirmation means overseas investors can still acquire an additional 41.51% stake in the company, equivalent to approximately 225.4 million shares.

Separately, PVTrans disclosed that it had received a similar notice from the SSC confirming a maximum foreign ownership limit of 49%.

Foreign investors currently own 13.42% of PVTrans. This leaves 35.58% foreign ownership capacity available, equivalent to roughly 167.2 million shares that overseas investors may still purchase.

The regulator said organizations and individuals involved in preparing the ownership review dossiers remain responsible for the accuracy of the information and compliance with applicable regulations.

PVTrans operates one of Vietnam’s largest fleets of crude oil, petroleum product, chemical, and liquefied gas tankers and plays a key role in the logistics chain of Petrovietnam.

In 2025, it recorded consolidated revenue of VND16 trillion ($607.3 million), up 30% year-on-year and beating the target by 7%. It booked pre-tax profit of VND1.55 trillion ($58.83 million) last year, surpassing the goal by 29%.

PV Drilling is one of Vietnam’s largest offshore drilling contractors, providing drilling rigs and technical services to domestic and international oil and gas operators.

The firm posted consolidated revenue of 10.5 trillion ($399.2 million), pre-tax profit of VND1.1 trillion ($41.83 million), and net profit of VND830 billion ($31.56 million) in 2025, far exceeding the year's targets.