Vietnam sets 65% state ownership floor for major banks, to retain control of strategic groups
People ride motorcycles in front of the headquarter of the State Bank of Vietnam in Hanoi, Vietnam, November 19, 2024. REUTERS/Khanh Vu
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HANOI, Oct 29 : Vietnam has approved a plan to set the minimum state ownership level for state-run lenders at 65 per cent by 2030, part of a broader programme to restructure state capital in major enterprises and banks.
The restructuring plan, released late on Wednesday, covers 21 state-owned and state-backed enterprises, and forms part of Vietnam’s 2026-2030 programme to restructure state capital, with the aim of preserving state control in strategic sectors while giving authorities the flexibility to adjust their holdings in selected companies and lenders.
• The state plans to retain shares of at least 65 per cent in BIDV, Vietcombank and VietinBank by 2030. The government’s stakes currently stand at 76.73 per cent in BIDV and 74.80 per cent in Vietcombank, above the new 65 per cent threshold, while its holding in VietinBank is 64.46 per cent
• The decision did not specify which mechanism would be used to reach those ownership levels or whether any stake sales, placements or capital raising will be undertaken
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• The plan also maintains 100 per cent state ownership in Agribank through 2030, making it the only bank among those covered that will remain fully state-owned
• The state will maintain 100 per cent state ownership through 2030 in other major strategic enterprises, including Vietnam Electricity (EVN), the Vietnam National Industry-Energy Group (PetroVietnam), the Vietnam Expressway Corporation (VEC)
• Under the plan, the state’s direct holding in Vietnam Airlines is set to rise to 86.42 per cent by 2030 from the current level of 39.29 per cent
• The state-owned investor, the State Capital Investment Corporation, already holds a stake of about 47 per cent in the airline, according to LSEG data
• The plan also envisages a reduction in the state’s stake in Vietnam Rubber Group to 75 per cent from 96.77 per cent, maintaining its majority control
• Vietnam had 695 state-owned enterprises by the end of 2025, including 497 wholly owned by the government, local media reported
Source: Reuters
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