Vietnam’s 20 state-owned enterprises to be equitized

Petrovietnam, Vietnam Electricity (EVN), Viettel, Agribank, Petrolimex, and State Capital Investment Corporation (SCIC) are among 20 state-owned enterprises (SOE) in Vietnam to be equitized as per a newly-issued government decree.

The list also includes chemical group Vinachem, Vietnam Rubber Group (VRG), mining group Vinacomin, Vietnam Posts and Telecommunications Group (VNPT), Vietnam Airlines (HVN), Vietnam Maritime Corporation (MVN), Vietnam Railways Corporation, Vietnam Expressway Corporation, Airports Corporation of Vietnam (ACV), Vietnam National Coffee Corporation, Vietnam Southern Food Corporation (VSF), Vietnam Northern Food Corporation, Vietnam Forestry Corporation, and Bao Viet Group (BVH).

Under the Government’s Decree No. 57/2026/NĐ-CP on restructuring state capital in enterprises, effective from February 13, 2026, the equitization of enterprises wholly owned by the state (100% charter capital) must be associated with the objective of improving business efficiency, operational capacity, business performance, and competitiveness.

Those subject to equitization are Level-I enterprises to be converted into joint stock companies, including the parent company of state-owned economic groups and corporations; the parent company within a parent-subsidiary group structure; and independent single-member limited liability companies wholly owned by the state.

Eligible buyers and conditions for purchasing SOEs’ shares

Under Article 8 of Decree 57, three groups of investors are eligible to purchase shares in state-owned enterprises. They are domestic investors (with no limit on purchase volume), foreign investors (required to open accounts at credit institutions in accordance with Vietnamese foreign exchange regulations, allowed to make deposits and escrow payments in foreign currency via bank transfer when participating in share or capital auctions as prescribed), and strategic investors, both domestic and foreign, who meet the prescribed conditions.

Organizations and individuals not permitted to purchase initial shares of equitized enterprises comprise members of the Steering Committee for the Equitization of SOEs and its assistant team (except members representing the enterprise); intermediary financial institutions and their personnel involved in equitization consultancy, financial statement audits, and agencies auditing enterprise valuation; subsidiaries and affiliated companies within the same group, corporation, or parent-subsidiary structure.

Auction organizations and their related personnel involved in the share auction as well as related persons as defined in Clause 23, Article 4 of the Law on Enterprises 2020, with respect to the organizations and individuals specified in Points a, b, and d, Clause 4, Article 8 of Decree 57, are also not be allowed.

The issuance of Decree 57 is considered a noteworthy signal for investors, as it opens up the possibility of accelerating the equitization process of many large-scale state-owned enterprises. This may increase the supply of quality assets and create expectations for new investment opportunities in the stock market.

Earlier, the Politburo, the country's highest decision-making body, in January 2026 issued Resolution 79 on state economic sector development, targeting 50 state-owned enterprises (SOEs) ranked among Southeast Asia’s 500 largest companies, with 1-3 of entering the world’s top 500 by 2030.

Under the resolution, Vietnam will develop a number of strong, large-scale state economic groups and state-owned enterprises with modern technology and international/regional competitiveness. They will play a pioneering and leading role in enabling domestic enterprises to integrate more deeply into global production and supply chains, particularly in the key and strategic sectors of the economy.