BSC Insight | Market Waves – Equitization and Divestment of State-Owned Enterprises (Part 3)

Continuing the thematic report series on key market drivers in Vietnam’s stock market, BSC Research is pleased to present to investors our special report: “Market Waves – Equitization and Divestment of State-Owned Enterprises (Part 3)”. This report focuses on a turning point in the approach to national resource governance and the legal breakthroughs introduced in the first half of 2026.

This third issue covers the following key topics:

1. Systematizing policy decisions and breakthrough thinking on the State economy: The report reviews the transformation journey from the “Doi Moi” reform period in 1986 to the present. It provides an in-depth analysis of Resolution 79/2026, which defines a new “scope and substance” for the State economy, positioning State-owned enterprises (SOEs) as “leading cranes” that pioneer key sectors, high technology, and digital infrastructure.
2. Decoding legal breakthroughs and removing bottlenecks: The report examines the impact of the latest legal documents, including the Law on Management and Investment of State Capital (2025), Decree 57/2026 on State capital restructuring, and the two Decrees 365 and 366. It clarifies solutions to long-standing bottlenecks, including the valuation of land-use rights advantages, the handling of legacy assets, and the autonomy mechanism for loss-cutting divestment at market-based prices.
3. Equitization status and strategic vision for 2030–2045: The report assesses the actual picture of equitization and divestment in terms of both number of transactions and capital value across different periods. It also analyzes the roadmap to achieve the target of having at least 50 SOEs ranked among the top 500 largest enterprises in Southeast Asia and forming financial–industrial conglomerates with international reach.