Vietnam to Keep Full Ownership of EVN and PetroVietnam Through 2030

Vietnam’s restructuring plan sets a clear boundary for state ownership through 2030: full control of two major energy groups remains in place, while holdings in some other companies will be reduced. The plan combines selective sell-downs with continued state stakes in businesses described as strategically important, making the pace and scope of private-sector participation central to its implementation.

Vietnam Electricity, known as EVN, and Vietnam National Industry-Energy Group, or PetroVietnam, will remain 100 per cent state-owned under the 2026 to 2030 plan. The state will also keep its existing ownership levels in 13 other enterprises. These include Vietnam Bank for Agriculture and Rural Development, Vietnam National Coal and Mineral Industries, Vietnam Posts and Telecommunications Group, and Vietnam National Chemical Group.

At the same time, the state plans to lower its stakes in Bank for Foreign Trade of Vietnam, known as Vietcombank, and Bank for Investment and Development of Vietnam. Its ownership in those banks will be reduced to at least 65 per cent, from levels as high as 76.7 per cent. The plan therefore points to a measured change in ownership at selected firms, rather than a broad retreat from major companies.

Energy remains under full state ownership

Keeping EVN and PetroVietnam wholly owned preserves state control in two large energy businesses. The plan identifies energy as a strategically important sector, but the source gives no further detail on why those ownership levels were chosen or whether the groups’ operations will change alongside the restructuring.

That distinction matters. Ownership targets describe who holds the shares; they don’t, on their own, explain how a company will allocate capital, set priorities or improve performance. The stated aims are to make state-owned enterprises more efficient, improve capital allocation and governance, and allow greater private-sector participation in selected businesses. How those aims translate into company-level changes will depend on implementation.

For companies where ownership remains unchanged, the plan offers continuity in the state’s shareholding. For the two banks facing reductions, it sets a lower target while retaining a substantial state stake. That could create room for a larger role for other shareholders, although the plan as described does not specify the timing of any sale, the buyers, or how the changes will be carried out.

Bank stakes set a defined reduction target

The proposed reduction at Vietcombank and Bank for Investment and Development of Vietnam is the clearest quantified shift in the plan. The state’s stake is to fall to at least 65 per cent, compared with holdings that currently reach as high as 76.7 per cent. The source does not provide separate starting percentages for each bank, so the upper figure should not be read as applying equally to both.

The target leaves the state with a majority position in each bank. It also makes the eventual ownership outcome important to track: a stake reduction can change the balance among shareholders, but the effect on governance or capital allocation depends on how the change is executed and how the companies operate afterward. No sale schedule or expected proceeds are included in the available details.

For investors and other stakeholders, the distinction between a target and a completed transaction is material. The plan sets out intended ownership levels for the period through 2030; it does not establish that the reductions have already happened. The Ministry of Finance and the State Bank of Vietnam will oversee the restructuring, which is to be completed by 2030.

Implementation will shape the result

Vietnam had 695 state-owned enterprises at the end of 2025, including 497 wholly owned by the state, according to VnExpress. That provides a sense of the scale of the broader ownership system, though the source does not say how many of those companies are covered by this particular plan. The named companies and ownership targets offer a more specific picture of where the stated changes will apply.

The plan’s results will turn on more than the final share percentages. Its stated goals include efficiency, capital allocation and governance, so progress will also depend on whether companies make operational changes and whether oversight produces clearer accountability. The source gives no performance benchmarks or reporting timetable for measuring those outcomes.

Private participation is another variable. The plan allows a greater private-sector role in selected businesses, but it does not identify which firms beyond the proposed bank stake reductions, or set out the form that participation will take. Those details will determine whether the ownership changes bring new shareholders into the companies and how much influence they may have.

For now, the plan draws a firm line around full ownership of EVN and PetroVietnam, keeps stakes unchanged in 13 other enterprises, and sets a minimum 65 per cent state holding for the two banks. The next concrete evidence will be the steps taken to carry out the reductions and whether the wider restructuring produces the efficiency and governance improvements its stated aims call for.