Vietnam to retain stakes in strategic sectors through 2030 amid push to cut holdings in state-owned firms

VIETNAM’S government, while planning to slash its holdings in some state-owned companies, will retain full ownership of major energy groups and existing stakes in other enterprises deemed strategically important through 2030, according to a statement on the government’s website. 

The Communist government has embarked on a broad campaign to make state-owned enterprises more efficient, improve capital allocation and governance. This includes allowing greater private sector participation in selected businesses.  

Hanoi, however, will continue to concentrate state ownership in strategically important sectors such as energy.

The state will keep 100 per cent ownership of Vietnam Electricity, known as EVN, and Vietnam National Industry-Energy Group, or PetroVietnam, under its state capital restructuring plan for 2026 to 2030, according to the statement. 

Ownership levels will also remain unchanged at 13 other enterprises, including Vietnam Bank for Agriculture and Rural Development, Vietnam National Coal and Mineral Industries, Vietnam Posts and Telecommunications Group and Vietnam National Chemical Group, according to the statement. 

The government, though, will reduce its shares to at least 65 per cent from as high as 76.7 per cent in Bank for Foreign Trade of Vietnam, known as Vietcombank, and Bank for Investment and Development of Vietnam, according to the statement. 

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The Ministry of Finance and the State Bank of Vietnam will oversee the restructuring, which must be completed by 2030, the statement said. 

Vietnam had 695 state-owned enterprises as at the end of 2025, including 497 wholly owned by the government, according to VnExpress. BLOOMBERG