The Prime Minister’s Decision 40/2026/QĐ-TTg, effective August 5, establishes three main State ownership thresholds: 100 per cent, at least 65 per cent and above 50 per cent to below 65 per cent. Applicable thresholds depend on the strategic importance of each industry and enterprise to the economy.

HÀ NỘI — Việt Nam is accelerating the restructuring of State capital in State-owned enterprises (SOEs), with a new framework setting different ownership thresholds by industry and requiring plans for the 2026-30 period to be completed this month.

The Prime Minister’s Decision 40/2026/QĐ-TTg, effective August 5, establishes three main State ownership thresholds: 100 per cent, at least 65 per cent and above 50 per cent to below 65 per cent, depending on the strategic importance of each industry and enterprise to the economy.

This framework is designed to concentrate State capital in essential sectors, while creating more room for restructuring or divestment and for private sector participation in areas where State ownership can be reduced or withdrawn.

Under the decision, the State will retain 100 per cent ownership in enterprises involved in essential public services, natural monopolies, high technology, science and technology, innovation and digital transformation, as well as major national infrastructure projects in transport, irrigation, energy and digital infrastructure.

The State can retain at least 65 per cent ownership in other key sectors, including airport management and operation, air transport, operation of special seaports, large-scale mineral extraction, finance and banking, mechanical engineering and clean water supply and drainage.

A lower threshold of more than 50 per cent but less than 65 per cent applies to enterprises in areas considered important to major economic balance such as national telecommunications infrastructure and mineral exploration and reserve assessment.

For enterprises outside the sectors listed above, the State may still retain stakes based on their importance, such as cement producers with a market share of at least 30 per cent that operate raw-material mines in areas considered crucial for national defence and security.

This also includes other providers of public utility products and services whose public service revenue accounts for at least 50 per cent of total revenue for three consecutive years, and enterprises with cultural, historical or architectural value, national brands or having an important role in national defence and security.

For multi-sector enterprises, the applicable ownership threshold will be determined by the sector accounting for the largest share of total output or revenue over the three consecutive years preceding approval of the five-year restructuring plan.

The new rules could affect a number of major SOEs.

According to Mirae Asset Securities, Petrolimex could be among the companies most directly affected. Fuel importers with a market share of at least 30 per cent fall into the group where State ownership can range from above 50 per cent to below 65 per cent. The State currently holds about 75.8 per cent of Petrolimex, meaning it would have to relinquish a stake of around 11 per cent.

Mirae Asset also identified Petrovietnam Fertiliser and Chemicals Corporation and DAP-Vinachem as companies whose State ownership could be reviewed. Petrovietnam currently holds about 59.5 per cent of fertiliser company Đạm Phú Mỹ, while Vinachem owns about 64 per cent of DAP-Vinachem.

Airports Corporation of Vietnam (ACV), in which the Ministry of Finance holds 95.4 per cent, could also be under review for potential further divestment, as it only requires State ownership of at least 65 per cent.

BIDV Securities Research (BSC Research) said giving State ownership representatives more discretion will allow greater flexibility in restructuring, transferring or divesting in line with market conditions.

A new wave of State divestment is expected, similar to the 2016-18 period, which would potentially increase the supply of shares on the stock market, BSC said.

Under Decision 40, after excluding Viettel, Vietcombank, VietinBank and BIDV, State ownership representatives are required to propose State capital restructuring plans for 19 major groups and corporations.

These include Petrovietnam, Electricity of Vietnam, Petrolimex, Vietnam National Chemical Group, Vietnam Rubber Group, Vietnam National Coal and Mineral Industries Group, Vietnam Post and Telecommunications Group, Vietnam Airlines, Vietnam Maritime Corporation, Vietnam Railways, Airports Corporation of Vietnam, the State Capital Investment Corporation and Agribank.

The Government is moving quickly to implement the framework.

Under an official Government dispatch dated August 7, ministries, agencies and local authorities must approve five-year State capital restructuring plans by August 31.

SOEs, except Viettel, BIDV, VietinBank and Vietcombank, must submit proposals to the Ministry of Finance by August 12.

The Ministry of Finance is required to report on the restructuring of State capital in SOEs to the Prime Minister by August 25, with a nationwide progress report due in the fourth quarter.

The Government has also called for mergers, consolidation and transfers of enterprises where appropriate to improve economies of scale and strengthen the overall performance of economic sectors.

It has ordered the restructuring of the State Capital Investment Corporation to be accelerated, including the establishment of an independent monitoring mechanism for the transfer and management of its holdings.

Vietnam's General Secretary and President To Lam proposed that bilateral cooperation shift toward long-term programs in innovation, science and technology, human resource development, green finance, high-quality infrastructure, strategic supply chains, education, and research.

General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam received Australia’s Special Envoy for Southeast Asia, Mr. Nicholas Moore, in Sydney on August 10, as part of his ongoing state visit to Australia..

During the meeting, Mr. Moore discussed opportunities to enhance cooperation with Vietnam in implementing Australia’s Southeast Asia Economic Strategy to 2040. This includes expanding two-way trade and investment, as well as strengthening connections between businesses and investors in Vietnam’s priority sectors.

Highlighting the positive results of bilateral trade, Mr. Moore emphasized the need to aim for even greater scale and trade value. He noted that recently signed cooperation agreements in aviation and other sectors will enhance connectivity and provide further momentum for trade and investment.

According to the Special Envoy, many investors are drawn to Vietnam by its dynamic market, clear development goals, and strong aspirations for growth. Furthermore, the Vietnamese community and student population in Australia serve as a vital resource for promoting innovation and startups.

General Secretary and President To Lam expressed his desire for Vietnam to remain a central partner for Australia in the implementation of the Southeast Asia Economic Strategy to 2040.

Affirming that Vietnam considers Australia one of its top priority partners in the Indo-Pacific region, the Vietnamese leader stated that bilateral relations are entering a period of new opportunities. He emphasized that the Comprehensive Strategic Partnership must be advanced substantively and effectively, with a focus not only on expanding trade and investment but also on co-creating new growth drivers.

He noted that Vietnam aims to become a high-income nation by 2045, with development driven by science and technology, innovation, digital transformation, green transition, and private sector growth.

With a stable investment environment, a young workforce, a strategic position in global supply chains, and a growing market, Vietnam is well-positioned to be a priority destination for Australian firms. The country prioritizes projects featuring advanced technology, modern management, and high value-added, which facilitate technology transfer, human resource training, and stronger integration with domestic enterprises.

He proposed that bilateral cooperation shift toward long-term programs in innovation, science and technology, human resource development, green finance, high-quality infrastructure, strategic supply chains, education, and research.

Investment incentives are no longer the decisive factor for foreign investors choosing Vietnam as an investment destination, with policy predictability, human capital, and the strength of the supporting ecosystem becoming increasingly important, said the CEO of Nestlé Vietnam.

Speaking at a government forum titled “Resolution 10: Developing a high-quality FDI ecosystem,” held by the Government Information and Communications Department on Friday, Binu Jacob, CEO of Nestlé Vietnam, said foreign investors had traditionally placed significant emphasis on investment incentives.

But the introduction of the global minimum tax has changed the equation, he said, with incentives increasingly serving as a supplementary factor rather than the core reason for multinational companies to invest or expand in Vietnam.

For global groups such as Nestlé, the first decisive factor is their confidence in the strategic direction set by the Vietnamese government, Jacob said.

A transparent and predictable policy framework is also critical, he noted, adding that while policy adjustments are inevitable as an economy develops, changes should follow a predictable roadmap.

What investors fear most is uncertainty and instability that cannot be anticipated, he stressed.

Jacob highlighted that the quality of Vietnam’s workforce is another key pillar supporting long-term investment decisions, alongside a strong supporting ecosystem that would allow multinational companies to implement long-term investment strategies.

Even if these conditions are not yet fully developed, clear government commitments to improving them could give investors greater confidence to expand, he stated.

The executive said Vietnam has recently made notable progress in governance and sent increasingly positive signals about its policy direction.

The country is among the few countries in the region to demonstrate what he described as a relatively consistent strategic vision, while its investment environment remains stable and its policy framework relatively predictable.

The country also has strong human capital, particularly among its younger generation, which Jacob described as having significant potential. The supporting ecosystem remains an area where Vietnam needs further development, he added.

While the current ecosystem does not yet fully meet investors’ expectations, links between foreign companies, domestic businesses, educational institutions, and research organizations are becoming increasingly established.

He said concrete policy measures and actions to strengthen those links would send a strong signal to investors.

Creating a more business-friendly environment would also allow domestic companies to strengthen their capabilities and become more reliable partners for multinational corporations, the executive remarked.

For foreign investors, long-term cooperation with suppliers ultimately rests on trust, he said. When strategic trust is established, foreign investors would certainly find effective solutions to challenges that arise.

According to the General Statistics Office, Vietnam lured $30.06 billion in registered foreign investment in the first seven months of this year, up 58% year-on-year, including $21.05 billion in newly-registered capital.