Vietnam targets 10 state firms worth over $5 bln by 2025
The Vietnamese government aims to have at least 10 state-owned companies with market capitalization of over $5 billion on local bourses in the next five years.
Under a new resolution signed by Deputy Prime Minister Le Minh Khai, the country is set to have at least 25 state-owned enterprises (SOEs) with equity or market capitalization reaching $1 billion on the stock exchanges. Of these, at least 10 have market capitalization of over $5 billion.
“All SOEs will shift their investment towards projects using green technology, with lower carbon emissions,” the resolution stated.

BIDV is one of Vietnam's biggest listed companies by market capitalization, with the state being the majority shareholder. Photo by The Investor/Trong Hieu.
According to the Ministry of Finance, SOEs account for about 0.08% of operating enterprises across the country but make up 7% of total assets and 10% of equity.
Wholly state-owned enterprises contributed nearly VND241,730 billion ($10.47 billion) to the state budget in 2020, of which state-run economic groups, corporations and holding companies accounted for 84%.
The Ho Chi Minh Stock Exchange (HoSE) is currently home to 49 enterprises with billion-dollar market capitalization, which account for 80% of the main bourse’s capitalization, like Vietcombank, BIDV, VietinBank, and Sabeco. The state holds the dominant stake in the first three.
The government required ministries and local administrations to increase mobilization of SOE resources for economic development. "SOEs should be assigned to invest in important projects in priority fields like renewable energy, clean energy, semiconductor manufacturing, transport infrastructure, digital transformation infrastructure, and important materials like inputs for production of steel and petrochemicals."
Ministries and sectors were asked to provide mechanisms to encourage cooperation between SOEs and private enterprises in implementing large-scale projects. "This is to increase the efficiency of value chains and expand business space."
The government ordered State Capital Investment Corporation (SCIC) to enhance its role as a government investor to attract more financial resources of important, large enterprises and projects.
"SOEs will definitely divest from non-core sectors, focusing only on core businesses," it added.
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