In brief
On 29 October 2026, Vietnam’s Deputy Prime Minister Nguyen Van Thang approved a restructuring plan that will reduce state stakes in three major banks to 65% while boosting ownership of Vietnam Airlines to 86.42%. The plan also keeps full state control of several vital sectors, including agriculture, energy, and railways, while shifting equity in maritime and rubber companies.
On 29 October 2026, Vietnam’s Deputy Prime Minister Nguyen Van Thang announced the approval of a plan to restructure state capital in 21 major enterprises over the period 2026 to 2030. The plan, reported by Xinhua and published on the national portal Vietnam.vn, details a series of adjustments to state ownership that will reshape the country’s strategic economic landscape.
The most pronounced changes involve the banking sector. Under the new arrangement, the state’s stake in the Joint Stock Commercial Bank for Investment and Development of Vietnam will fall from 76.73 percent to 65 percent, while the stake in the Joint Stock Commercial Bank for Foreign Trade of Vietnam will be cut from 74.8 percent to 65 percent. The stake in the Joint Stock Commercial Bank for Industry and Trade will be modestly raised from 64.46 percent to 65 percent, bringing the three banks to roughly equal levels of state ownership.
In a significant move to strengthen national airlines, state ownership in Vietnam Airlines JSC will rise dramatically from 39.29 percent to 86.42 percent. This 47‑percentage‑point increase marks a clear shift toward greater government control of the country’s flagship carrier, a change that is expected to influence the airline’s strategic direction and public accountability.
The plan also adjusts equity in other key companies. State ownership in Vietnam Maritime Corporation will be cut from a near‑total of 99.46 percent to 65 percent, while the stake in Vietnam Rubber Group will fall from 96.77 percent to 75 percent. These reductions represent the first major recalibrations of state power in Vietnam’s maritime and rubber sectors in more than a decade.
Conversely, the government will retain full control over 100 percent of the Vietnam Bank for Agriculture and Rural Development, and it will maintain complete ownership of nine other enterprises, including Vietnam National Industry–Energy Group, Vietnam Electricity, Vietnam Coal‑Mineral Industry Group, and Vietnam Railways Corporation. These holdings underscore the state’s continued focus on maintaining direct oversight of core utilities and infrastructure.
Deputy Prime Minister Nguyen Van Thang noted that the restructuring plan is intended “to improve the efficiency of state enterprises, encourage private participation, and strengthen public accountability.” This statement signals an effort to balance state control with market dynamics, a theme that has guided Vietnam’s economic policy in recent years.
The changes in bank ownership come at a time of increasing international scrutiny of state‑owned banks in Southeast Asia. By reducing its stakes to 65 percent, Vietnam aligns the banks more closely with global best practices while preserving a substantial government influence. The modest increase in the industry and trade bank’s stake is designed to maintain national strategic oversight without creating excessive dominance.
The rise in state ownership of Vietnam Airlines also reflects a broader debate among policymakers about the role of state enterprises in national infrastructure. Supporters argue that a larger stake will enable the airline to secure government backing for critical routes, while critics raise concerns about potential conflicts of interest and reduced market competitiveness.
In the maritime and rubber sectors, the shifts are set to alter the governance structure of companies that play pivotal roles in Vietnam’s trade and exports. The reduction in state holdings proposes a framework that may invite greater private investment, yet the decision also signals the state’s willingness to curtail its direct influence in market‑led industries.
These adjustments are part of a wider strategy to modernize Vietnam’s state‑owned enterprises and align them with accountability standards set by domestic legislation and international expectations. The plan’s publication on Vietnam.vn and the subsequent approval indicates that the government views institutional reform as a civic priority, aiming to balance public interests with the need for operational efficiency in key sectors that directly affect citizens’ daily lives.
