Reform revives state enterprise agenda

The government is stepping up state capital restructuring efforts amid growing pressure to deepen Vietnam’s capital markets and attract long-term investment flows.

- By Khanh Linh

Deputy Prime Minister Nguyen Van Thang chaired a meeting on May 19 with leaders from 23 state-owned groups and corporations to review a draft decision on criteria for classifying state-owned enterprises and enterprises with state capital subject to restructuring.

The meeting aimed to gather feedback on proposed criteria for state-owned enterprise classification and orientations for restructuring state capital in enterprises in the coming period. The draft is viewed as an important step towards completing the legal framework for restructuring and improving the efficiency of the state-owned sector.

Under the proposal, the state would continue to hold full ownership or controlling stakes in sectors involving monopolies, strategic infrastructure, defence and security, and essential public services. At the same time, the draft opens a clearer roadmap for divestment and equitisation in sectors where private participation has become more effective and market conditions are more mature.

The meeting brought together representatives from major groups and corporations including Vietnam Electricity, Petrovietnam, and Vinacomin, alongside infrastructure, construction, and agricultural enterprises. Feedback from businesses is expected to help refine the criteria to ensure greater practicality and alignment with sector-specific conditions.

More broadly, the draft reflects the government’s intention to concentrate state resources on strategic sectors while creating additional space for private-sector participation and improving governance standards at enterprises with state capital.