--- title: State capital restructuring plan under Decision 2054 description: Analysis of Vietnam's state capital restructuring plan for 2026-2030 under Decision 2054/QD-TTg across 21 enterprises and major state-owned banks. url: https://ginity.vn/en/blog/state-capital-restructuring-decision-2054 canonical: https://ginity.vn/en/blog/state-capital-restructuring-decision-2054 markdown: https://ginity.vn/en/blog/state-capital-restructuring-decision-2054.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: - VCB - BID - CTG - HVN - MVN - GVR sources: - name: Portal of the Government of Vietnam url: https://vanban.chinhphu.vn/?pageid=27160&docid=220118&classid=2 title: Decision 2054/QD-TTg approving the state capital restructuring plan in enterprises for 2026-2030 - name: Government Data Archive url: https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/10/2054_qd-ttg_27102026-signed.signed.pdf title: Digitally signed Decision 2054/QD-TTg with Appendix I and Appendix II - name: Portal of the Government of Vietnam url: https://vanban.chinhphu.vn/?pageid=27160&docid=219111 title: Decision 40/2026/QD-TTg on enterprise classification criteria for state capital restructuring - name: Bao Dien tu Chinh phu url: https://baochinhphu.vn/phe-duyet-ke-hoach-co-cau-lai-von-nha-nuoc-tai-doanh-nghiep-giai-doan-2026-2030-102261028144938779.htm title: Approval of the state capital restructuring plan in enterprises for 2026-2030 - name: Vietnam Economic Review (VnEconomy) url: https://vneconomy.vn/vietcombank-va-bidv-se-giam-ty-le-so-huu-nha-nuoc-xuong-con-65.htm title: Vietcombank and BIDV to reduce state ownership ratio to 65% publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # State capital restructuring plan under Decision 2054 > Analysis of Vietnam's state capital restructuring plan for 2026-2030 under Decision 2054/QD-TTg across 21 enterprises and major state-owned banks. Gini · Macro & monetary · 2026-11-02 · https://ginity.vn/en/blog/state-capital-restructuring-decision-2054 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Prime Minister issued Decision 2054/QD-TTg on October 27, 2026, approving the state capital restructuring plan across 21 enterprises for 2026-2030. - The portfolio comprises 15 enterprises retaining existing state ownership and 6 enterprises subject to capital restructuring by 2030. - State-owned lenders BIDV and Vietcombank have target state ownership thresholds of at least 65% compared to current levels of 76.73% and 74.80%. - VietinBank currently has a 64.46% state stake, with a target restructuring level set at 65.00% through 2030. - All 6 enterprises and commercial banks subject to capital restructuring have designated completion targets through 2030. On October 27, 2026, Deputy Prime Minister Nguyen Van Thang signed Decision 2054/QD-TTg on behalf of the Prime Minister, officially approving the state capital restructuring plan in enterprises for the 2026-2030 period. This legal document specifically applies to enterprises stipulated under Clause 1, Article 5 of Decision 40/2026/QD-TTg dated August 5, 2026, which established classification criteria for state-owned enterprises and state capital restructuring. According to official reporting from [Bao Dien tu Chinh phu](https://baochinhphu.vn/phe-duyet-ke-hoach-co-cau-lai-von-nha-nuoc-tai-doanh-nghiep-giai-doan-2026-2030-102261028144938779.htm) on October 28, 2026, the restructuring roadmap was established to implement enterprise reorganization policies under Government Decree 57/2026/ND-CP dated February 12, 2026. The decision details a portfolio of 21 key state enterprises, categorized into two distinct groups: those maintaining existing state equity proportions and those designated for capital restructuring through 2030. Understanding these state ownership orientations is a vital baseline for institutional investors monitoring the broader [stock market capitalization target](/en/blog/stock-market-capitalization-target-120-percent-gdp) of Vietnam. Importantly, the newly approved document provides a five-year planning horizon for asset managers, rather than an order for immediate equity divestment or secondary market trades. ## Objectives and legal framework of Decision 2054 As outlined in the official document on the [Portal of the Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=220118&classid=2) on October 27, 2026, Decision 2054/QD-TTg focuses state resources on foundational industries and strategic economic pillars. State capital management agencies must systematically review operational efficiency, financial performance, and capital requirements for each designated entity. The plan closely aligns with the classification criteria outlined in [Decision 40/2026/QD-TTg](https://vanban.chinhphu.vn/?pageid=27160&docid=219111) issued on August 5, 2026. Under these statutory guidelines, sectors providing public utility services, primary infrastructure, or strategic national energy networks remain under absolute state ownership or high controlling stakes. Decision 2054/QD-TTg does not set precise transaction calendar dates or specific execution channels for individual companies. Instead, it delegates discretionary authority to the Ministry of Finance and the State Bank of Vietnam to choose suitable timing and implementation structures over the 2026-2030 timeframe. ## List of 15 enterprises retaining state ownership According to Appendix I attached to Decision 2054/QD-TTg published on the [Portal of the Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=220118&classid=2) on October 27, 2026, a total of 15 state corporations and enterprises will maintain their current state equity proportions through the end of 2030. Among these, 10 enterprises will remain wholly 100% state-owned, while 5 joint-stock corporations will keep their existing state shareholdings unchanged. As reported by [VnEconomy](https://vneconomy.vn/vietcombank-va-bidv-se-giam-ty-le-so-huu-nha-nuoc-xuong-con-65.htm) on October 29, 2026, the 10 wholly state-owned entities holding 100% state ownership consist of: - 9 major state conglomerates represented by the Ministry of Finance: Vietnam Oil and Gas Group (PVN), Vietnam Electricity (EVN), Vietnam National Coal and Mineral Industries Group (TKV), Vietnam Posts and Telecommunications Group (VNPT), Vietnam National Chemical Group (Vinachem), State Capital Investment Corporation (SCIC), Vietnam Expressway Corporation (VEC), Vietnam Railways (VNR), and Northern Food Corporation (Vinafood 1). - According to published figures, 1 state commercial bank represented by the State Bank of Vietnam: Bank for Agriculture and Rural Development of Vietnam (Agribank), retaining 100% state ownership. According to data published by [VnEconomy](https://vneconomy.vn/vietcombank-va-bidv-se-giam-ty-le-so-huu-nha-nuoc-xuong-con-65.htm) on October 29, 2026, 5 partially privatized corporations represented by the Ministry of Finance retain their exact ownership percentages through 2030: Vietnam Forestry Corporation (Vinafor) maintains 51.00%; Southern Food Corporation (Vinafood 2) maintains 51.43%; Vietnam National Petroleum Group (Petrolimex - PLX) maintains 75.87%; Airports Corporation of Vietnam (ACV) maintains 95.40%; and Bao Viet Holdings (BVH) maintains 67.98%. ## List of 6 enterprises restructuring capital by 2030 Appendix II of Decision 2054/QD-TTg identifies 6 prominent enterprises subject to state capital restructuring during the 2026-2030 period. This roster includes 3 large corporations under the Ministry of Finance and 3 major commercial joint-stock banks under the State Bank of Vietnam. According to the official signed decree published on the [Government Data Archive](https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/10/2054_qd-ttg_27102026-signed.signed.pdf) on October 27, 2026, and covered by [VnEconomy](https://vneconomy.vn/vietcombank-va-bidv-se-giam-ty-le-so-huu-nha-nuoc-xuong-con-65.htm) on October 29, 2026, the specific ownership metrics include: According to Appendix II released on October 27, 2026, Vietnam Airlines (ticker HVN) has a current state stake recorded in the regulatory appendix of 39.29%. The target regulatory range under Decision 40/2026/QD-TTg is at least 65%. Following restructuring, the state ownership target is set at 86.42%, with completion scheduled by 2030. According to published metrics on October 27, 2026, Vietnam Maritime Corporation (VIMC - ticker MVN) has a current state ownership level standing at 99.469%. The guided post-restructuring state equity level is targeted at 65.00%, with completion scheduled by 2030. According to published metrics on October 27, 2026, Vietnam Rubber Group (VRG - ticker GVR) has a current state equity ownership recorded at 96.77%. Following planned restructuring adjustments, state capital is guided toward 75.00% by 2030. According to published metrics on October 27, 2026, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV - ticker BID) has a state ownership currently standing at 76.73%. The statutory range in Decision 40/2026/QD-TTg is 65% or higher, and the guided post-restructuring ownership is maintained at 65% or higher through 2030. According to published metrics on October 27, 2026, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank - ticker VCB) has a state ownership currently standing at 74.80%. The statutory range is 65% or higher, and the guided post-restructuring ownership is similarly set at 65% or higher through 2030. According to published metrics on October 27, 2026, Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank - ticker CTG) has a state equity stake sitting at 64.46%. Following the restructuring process, the target state ownership is set at 65.00% by 2030. Market participants analyzing banking sector balance sheets and capital adequacy can consult our detailed guide on [reading bank financial statements](/en/blog/reading-bank-financial-statements) for relevant valuation perspectives. ## Summary of state ownership across 21 enterprises The following structured table provides a comprehensive overview of the 21 state enterprises designated under Decision 2054/QD-TTg dated October 27, 2026, comparing baseline holdings against 2030 orientation targets based on data from the [Portal of the Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=220118&classid=2) and [VnEconomy](https://vneconomy.vn/vietcombank-va-bidv-se-giam-ty-le-so-huu-nha-nuoc-xuong-con-65.htm): | Enterprise Name | Ticker | Owner Representative | Current State Stake | 2030 Target Stake | Classification Group | | :--- | :---: | :---: | :---: | :---: | :---: | | Vietnam Oil and Gas Group (PVN) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Vietnam Electricity (EVN) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Vietnam National Coal and Mineral (TKV) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Vietnam Posts and Telecommunications (VNPT) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Vietnam National Chemical (Vinachem) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | State Capital Investment Corp (SCIC) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Vietnam Expressway Corp (VEC) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Vietnam Railways (VNR) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Northern Food Corp (Vinafood 1) | Unlisted | Ministry of Finance | 100% | 100% | Retain Existing Stake | | Agribank | Unlisted | State Bank of Vietnam | 100% | 100% | Retain Existing Stake | | Vietnam Forestry Corp (Vinafor) | Unlisted | Ministry of Finance | 51.00% | 51.00% | Retain Existing Stake | | Southern Food Corp (Vinafood 2) | Unlisted | Ministry of Finance | 51.43% | 51.43% | Retain Existing Stake | | Petrolimex | PLX | Ministry of Finance | 75.87% | 75.87% | Retain Existing Stake | | Airports Corporation of Vietnam (ACV) | ACV | Ministry of Finance | 95.40% | 95.40% | Retain Existing Stake | | Bao Viet Holdings (BVH) | BVH | Ministry of Finance | 67.98% | 67.98% | Retain Existing Stake | | Vietnam Airlines | HVN | Ministry of Finance | 39.29% | 86.42% | Restructure Capital | | Vietnam Maritime Corp (VIMC) | MVN | Ministry of Finance | 99.469% | 65.00% | Restructure Capital | | Vietnam Rubber Group (VRG) | GVR | Ministry of Finance | 96.77% | 75.00% | Restructure Capital | | BIDV | BID | State Bank of Vietnam | 76.73% | 65% or higher | Restructure Capital | | Vietcombank | VCB | State Bank of Vietnam | 74.80% | 65% or higher | Restructure Capital | | VietinBank | CTG | State Bank of Vietnam | 64.46% | 65.00% | Restructure Capital | Source: Portal of the Government of Vietnam and VnEconomy (October 2026). > Chart: Current state equity stakes across 6 restructured enterprises. %. VIMC (MVN): 99.47; VRG (GVR): 96.77; BIDV (BID): 76.73; Vietcombank (VCB): 74.80; VietinBank (CTG): 64.46; Vietnam Airlines (HVN): 39.29. ## Formulas for ownership share and planned shift In public corporate finance, the state ownership ratio of a joint-stock entity is calculated as the total number of voting shares owned by the state representation agency divided by total outstanding voting shares: $$\text{State Ownership Share} = \frac{\text{State Shares Held}}{\text{Total Shares Outstanding}} \times 100\%$$ To measure the targeted structural adjustment between 2030 orientation targets and baseline ownership levels, the planned percentage change is formulated as follows: $$\text{Planned Ownership Shift} = \text{Target Ownership by 2030} - \text{Current Ownership}$$ Applying this quantitative formula to enterprises with explicit terminal targets in Appendix II approved on October 27, 2026: - For Vietnam Maritime Corporation (ticker MVN), the planned ownership shift according to published metrics is: $$\text{Planned Ownership Shift (MVN)} = 65.00\% - 99.469\% = -34.469\%$$ - For Vietnam Rubber Group (ticker GVR), the planned ownership shift according to published metrics is: $$\text{Planned Ownership Shift (GVR)} = 75.00\% - 96.77\% = -21.77\%$$ - For VietinBank (ticker CTG), the planned ownership shift according to published metrics is: $$\text{Planned Ownership Shift (CTG)} = 65.00\% - 64.46\% = +0.54\%$$ - For Vietnam Airlines (ticker HVN), the planned ownership shift according to published metrics is: $$\text{Planned Ownership Shift (HVN)} = 86.42\% - 39.29\% = +47.13\%$$ These planned shifts provide clear benchmarks regarding the statutory delta that government authorities aim to address over the multi-year planning cycle. ## Distinguishing policy framework from market execution Decision 2054/QD-TTg serves as a strategic five-year policy framework spanning 2026 to 2030. It should not be misinterpreted as an immediate block sale, public auction mandate, or market order on the Ho Chi Minh City Stock Exchange or Hanoi Stock Exchange. In practice, translating strategic ownership guidelines into completed capital transactions requires state representatives to design custom divestment or capital increase plans for each enterprise. These specific plans must undergo rigorous regulatory approval processes, including formal asset appraisals, minimum reserve price determinations, and market liquidity assessments. For major commercial banks such as Vietcombank and BIDV, according to Decision 2054/QD-TTg, the statutory framework specifies a minimum threshold of 65% or higher. This statutory language grants regulatory bodies strategic flexibility to adjust capital levels while safeguarding majority state control over nationally critical financial institutions. ## Implementation responsibilities and reporting duties According to the official announcement by [Bao Dien tu Chinh phu](https://baochinhphu.vn/phe-duyet-ke-hoach-co-cau-lai-von-nha-nuoc-tai-doanh-nghiep-giai-doan-2026-2030-102261028144938779.htm) on October 28, 2026, the Prime Minister tasked the Ministry of Finance and the State Bank of Vietnam with organizing capital restructuring for enterprises under their respective ownership portfolios. Both institutions are empowered to proactively choose the timing and structural format of execution to protect state asset value. Regarding monitoring and compliance, state ownership representatives must submit annual progress reports on enterprise restructuring to the Ministry of Finance before January 31 each year. The Ministry of Finance aggregates these findings for submission to the Prime Minister. Should state ownership ratios fail to meet designated policy thresholds or face delays during the 2026-2030 implementation cycle, representing bodies must clearly identify root causes and report to competent government authorities for appropriate regulatory resolution. ## Sources - Portal of the Government of Vietnam: [Decision 2054/QD-TTg approving the state capital restructuring plan in enterprises for 2026-2030](https://vanban.chinhphu.vn/?pageid=27160&docid=220118&classid=2) (27/10/2026) - Government Data Archive: [Digitally signed Decision 2054/QD-TTg with Appendix I and Appendix II](https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/10/2054_qd-ttg_27102026-signed.signed.pdf) (27/10/2026) - Portal of the Government of Vietnam: [Decision 40/2026/QD-TTg on enterprise classification criteria for state capital restructuring](https://vanban.chinhphu.vn/?pageid=27160&docid=219111) (05/08/2026) - Bao Dien tu Chinh phu: [Approval of the state capital restructuring plan in enterprises for 2026-2030](https://baochinhphu.vn/phe-duyet-ke-hoach-co-cau-lai-von-nha-nuoc-tai-doanh-nghiep-giai-doan-2026-2030-102261028144938779.htm) (28/10/2026) - Vietnam Economic Review (VnEconomy): [Vietcombank and BIDV to reduce state ownership ratio to 65%](https://vneconomy.vn/vietcombank-va-bidv-se-giam-ty-le-so-huu-nha-nuoc-xuong-con-65.htm) (29/10/2026) ## Frequently asked questions ### What enterprises fall under Decision 2054/QD-TTg? The decision covers 21 state corporations, groups, and commercial banks under the ownership representation of the Ministry of Finance and the State Bank of Vietnam. ### What are the ownership targets for Vietcombank and BIDV? Under Decision 2054/QD-TTg, state ownership at BIDV (currently 76.73%) and Vietcombank (currently 74.80%) is guided to remain at or above 65% through 2030. ### How does this strategic plan differ from actual divestment executions? Decision 2054/QD-TTg sets long-term orientation targets; actual executions require specific transaction plans prepared by owner representatives in accordance with market conditions. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._