Vietnam's State-Owned Enterprises Face Delisting Risk Amid Shareholder Structure Reform

The State Securities Commission warned that nearly 70 former state‑owned enterprises (SOEs) that went public after privatization risk losing their public‑company status after 1 January 2027. Under the revised securities law, listed firms must have at least 10 % of voting shares held by a minimum of 100 small investors. Companies that fail this requirement will be forced to withdraw from the stock exchange.

SOEs account for roughly half of Vietnam’s 1,575 listed firms – about 789 companies – and contribute around 30 % of the market’s total capitalization, including major banks and energy firms such as Vietcombank, BIDV, and PV GAS. The sector holds assets estimated at VND 4.5 million trillion and generates revenue close to VND 2.9 million trillion, contributing about VND 390 000 trillion to the state budget.

Officials highlighted that the broader SOE restructuring effort remains sluggish. Of 676 enterprises slated for reform, only 180 have completed restructuring plans, and none have finished full privatization. The transfer of state capital to enterprises often lacks accompanying management rights, and procedural hurdles such as land‑use approvals further delay capital restructuring.