Vietnam sets 65% state ownership floor for major banks, to retain control of strategic groups

Hanoi, on October 29, has approved a plan that sets a minimum state ownership level of 65% for state-run banks by 2030. This move is part of a larger program to restructure state capital in major enterprises and banks. The plan covers 21 state-owned and state-backed enterprises and aims to preserve state control in strategic sectors while allowing authorities flexibility to adjust their holdings in selected companies and lenders.

The state intends to maintain a minimum 65% stake in BIDV, Vietcombank, and VietinBank by 2030. Currently, the government holds 76.73% in BIDV, 74.80% in Vietcombank, and 64.46% in VietinBank, which meets the new threshold. The plan does not specify the mechanism for achieving these ownership levels or any potential stake sales, placements, or capital raising.

Other notable aspects of the plan include the continued 100% state ownership in Agribank, making it the only bank among the covered entities that will remain fully state-owned. The state will also retain 100% ownership in other major strategic enterprises, such as Vietnam Electricity (EVN), the Vietnam National Industry-Energy Group (PetroVietnam), and the Vietnam Expressway Corporation (VEC).

Vietnam Airlines' state holding is set to increase to 86.42% by 2030 from the current 39.29%. The State Capital Investment Corporation, the state-owned investor, currently holds approximately 47% in the airline. The plan also foresees a reduction in the state's stake in Vietnam Rubber Group from 96.77% to 75%, ensuring its continued majority control. As of the end of 2025, Vietnam had 695 state-owned enterprises, with 497 wholly owned by the government.