Vietnam Sets 65% State Ownership Floor for Major Banks Under 2030 Restructuring Plan

Three banks face different routes to the same ownership floor

Vietnam will retain at least 65% state ownership in BIDV, Vietcombank and VietinBank by 2030 under a restructuring plan covering 21 enterprises. The starting positions differ: the government owns 76.73% of BIDV and 74.80% of Vietcombank, while its 64.46% stake in VietinBank sits below the threshold.

Deputy Prime Minister Nguyen Van Thang signed Decision No. 2054/QD-TTg on October 27, 2026, approving the programme for 2026-2030. The plan was released late on October 28 and became public news on October 29. It preserves government control across banking, energy and transport while allowing selected ownership stakes to change.

Agribank will remain entirely owned by the state through 2030. Outside banking, the plan sets lower government stakes for Vietnam Maritime Corporation, known as VIMC, and Vietnam Rubber Group. Vietnam Airlines has a different target: the state's direct holding is to reach 86.42%, matching the combined holdings currently held by the Ministry of Finance and the state investment corporation.

The programme divides the 21 enterprises into two groups. Fifteen will retain their existing state ownership percentages, while six, including the three banks, will undergo capital restructuring. In simple terms, capital restructuring changes how ownership is held or how much of a company each shareholder owns.

What 65% means for BIDV, Vietcombank and VietinBank

BIDV's current government stake stands 11.73 percentage points above the minimum. Vietcombank's holding is 9.80 percentage points above it. Both therefore have room for a lower state ownership percentage while remaining within the plan's requirement of 65% or more.

VietinBank needs movement in the opposite direction. Its state holding must rise by 0.54 percentage points, from 64.46% to 65%. The detailed enterprise schedule specifies a 65% target for VietinBank, compared with the more flexible wording of at least 65% for BIDV and Vietcombank.

A percentage point measures the gap between two percentages. For example, a move from 64.46% to 65% is an increase of 0.54 percentage points. At 65%, the state would hold roughly two out of every three shares, preserving a clear majority of the bank's ownership.

The Ministry of Finance and the State Bank of Vietnam will choose the timing and methods of restructuring. The plan leaves the transaction details open, including whether authorities will use share sales, placements, capital raising or other arrangements, and gives no transaction dates before the 2030 completion deadline.

Vietnam Airlines already has 86.42% combined state ownership

Vietnam Airlines presents the biggest apparent increase in direct government ownership: from 39.29% to 86.42%, a rise of 47.13 percentage points. The ownership breakdown explains why the target requires a closer look.

The Ministry of Finance currently holds 39.29%, while the State Capital Investment Corporation, or SCIC, holds 47.13%. Together, those stakes equal 86.42%. SCIC is itself entirely owned by the state and will remain so under the plan.

The airline's target therefore concerns where the shares are held within the state ownership structure. The planned direct holding of the agency representing the state owner equals the combined percentage already held through the ministry and SCIC. LSEG data also puts SCIC's holding at about 47%.

For shareholders, this ownership map is central to understanding the airline's place in the programme. The headline increase concerns the direct holding, while the government already controls the same total percentage through two state entities. The practical change will depend on how authorities organise those holdings.

Maritime and rubber holdings are set to fall

VIMC has the largest planned reduction in state ownership among the enterprises with specified starting and ending stakes. The government intends to lower its holding from 99.469% to 65% by 2030, a decline of 34.469 percentage points.

At the starting level, shareholders outside the state hold just 0.531% of VIMC. At the target level, their combined share would be 35%. The state would still retain majority control, but the ownership structure would allow a much larger place for other shareholders.

Vietnam Rubber Group's state stake is scheduled to fall from 96.77% to 75%, a reduction of 21.77 percentage points. The share outside state ownership would correspondingly rise from 3.23% to 25%.

These targets show how the programme treats enterprises differently. VIMC is headed towards the same 65% level specified for VietinBank, while Vietnam Rubber Group will retain a larger state holding of three quarters. BIDV and Vietcombank have minimum levels rather than a single required endpoint.

Fifteen enterprises will keep their existing ownership

The unchanged group accounts for 15 of the 21 enterprises, or about 71%. Fourteen fall under the Ministry of Finance's ownership representation, with Agribank falling under the State Bank of Vietnam.

Ten of those 15 will remain entirely owned by the state: PetroVietnam, formally the Vietnam National Industry-Energy Group; Vietnam Electricity; Vietnam National Coal and Mineral Industries Group; Vietnam Posts and Telecommunications Group; Vietnam National Chemical Group; SCIC; Vietnam Expressway Corporation; Vietnam Railways; Northern Food Corporation, known as Vinafood 1; and Agribank.

The other five will retain mixed ownership, with the government holding a majority in each:

• Vietnam Forestry Corporation, or Vinafor: 51%.
• Southern Food Corporation, or Vinafood 2: 51.43%.
• Petrolimex: 75.87%.
• Airports Corporation of Vietnam, or ACV: 95.4%.
• Bao Viet Group: 67.98%.

The range is wide, from a narrow majority at Vinafor to almost complete ownership at ACV. For these companies, the programme's instruction is to preserve the existing percentages through the end of 2030.

The legal framework and the dates that matter

Decision No. 2054/QD-TTg applies to enterprises covered by Clause 1, Article 5 of Decision No. 40/2026/QD-TTg, dated August 5, 2026. That earlier decision sets the criteria used to classify enterprises for restructuring state capital.

The plan also refers to Decree No. 57/2026/ND-CP for permitted restructuring methods, alongside other lawful ways of changing state shareholdings or capital contributions. The framework allows authorities either to maintain an existing percentage or to reorganise ownership within the approved targets.

The main dates are:

• August 5, 2026: Decision No. 40/2026/QD-TTg establishes enterprise classification criteria.
• October 27, 2026: Deputy Prime Minister Nguyen Van Thang signs Decision No. 2054/QD-TTg approving the restructuring plan.
• October 28, 2026: The plan is released late in the day.
• Before January 31 each year: Responsible agencies must submit progress reports to the Ministry of Finance.
• 2030: The six enterprises undergoing restructuring must complete their approved plans.

The signing, release and publication dates explain why the policy became widely known on October 29 even though the approval document carries an earlier date.

Who must deliver the changes?

The Ministry of Finance and the State Bank of Vietnam are responsible for implementing the restructuring programme. Their duties include choosing when to act, selecting lawful methods and completing the approved changes within the 2026-2030 period.

Agencies that cannot meet the ownership requirements or finish within the period must explain the reasons. They must also identify the responsibilities of the organisations and individuals involved and report to the competent authorities for consideration under the law.

The annual reporting requirement creates a recurring checkpoint before the final deadline. Reports must reach the Ministry of Finance before January 31 for monitoring and consolidation.

Changes to the approved plan require another decision. The Ministry of Finance must gather proposals from the agencies representing state owners and submit them to the prime minister for consideration. This gives the programme a route for adjustments while keeping approval at the government level.

A focused programme within a much larger state sector

Vietnam had 695 state enterprises at the end of 2025, including 497 wholly owned by the government. That means about 71.5% of the total were entirely state owned. The 21 enterprises in this plan amount to roughly 3% of that reported national count.

The selected companies nevertheless span banking, electricity, energy, telecommunications, transport, food, forestry, insurance and rubber. The government is using different ownership settings across that group: full ownership for ten enterprises, unchanged majority stakes for five, and restructuring targets for six.

Other parts of the state sector have a separate planning deadline. Ministries, agencies and provincial or city authorities representing owners of agricultural and forestry companies, enterprises directly serving defence and security, and enterprises combining economic activities with those duties must prepare and submit their restructuring plans for approval in 2026.

For bank customers and users of electricity, transport and other services, the decision centres on who owns the providers. Its concrete instructions concern shareholding percentages, implementation responsibilities and deadlines. Commercial decisions about individual services remain with the relevant institutions and their governing arrangements.

Control is the common thread

Vietnam's approach combines selective reductions in state ownership with continued control. Even at the lower planned levels, the state would hold 65% of VIMC and 75% of Vietnam Rubber Group. The three banks would remain at or above 65%, while Agribank would stay entirely government owned.

Vietnam Airlines illustrates another part of that approach: reorganising direct ownership within an existing state majority. The unchanged group shows a third choice, retaining current holdings rather than requiring a transaction.

The next measurable steps are the annual progress reports and any implementation decisions issued by the Ministry of Finance and the State Bank. By 2030, the programme calls for the six enterprises undergoing restructuring to reach their approved ownership settings, with explanations required when targets cannot be achieved.

Key Points

• BIDV and Vietcombank must retain state holdings of at least 65% by 2030; VietinBank has a 65% target.
• Agribank and nine other enterprises will remain entirely owned by the state.
• Vietnam Airlines' planned direct state holding of 86.42% equals the current combined Ministry of Finance and SCIC stakes.
• VIMC's state stake is set to fall from 99.469% to 65%, and Vietnam Rubber Group's from 96.77% to 75%.
• Fifteen of the 21 enterprises will keep their existing ownership percentages.
• Progress reports are due before January 31 each year, with restructuring to be completed by 2030.