100% State capital ownership proposed for some sectors of securities market

The Vietnamese government is set to maintain a State-owned 100% stake in sectors such as policy credit; deposit insurance; buying, selling, and handling bad debts associated with the restructuring of the credit institution system; debt trading; organizing the securities trading market; providing registration, custody, clearing, and settlement services for securities; investing and managing investment capital to promote the process of restructuring and renovating state-owned enterprises, according to a draft proposal by the Ministry of Finance.

Accordingly, the activities of State Capital Investment Corporation (SCIC), the Vietnam Stock Exchange, the Vietnam Securities Depository and Clearing Corporation, and the Vietnam Debt Trading Company Limited will be encompassed. Full state ownership in these entities aims to ensure market stability, protect investor rights, and support the development of the securities market.

The ministry is drafting a new prime ministerial decision to replace Decision 22/2021/QD-TTg, dated June 2, 2021, on criteria for classification of wholly state-owned enterprises and partially state-owned enterprises subject to ownership transformation, reorganization or state capital withdrawal in the 2021-2025 period. 

During the equitization process of State-owned enterprises, several ministries and localities have suggested that the state should retain its capital in enterprises providing public utility products and services. These enterprises often operate in challenging areas where attracting private investment is difficult, and state capital helps ensure service quality. Conversely, state dominance in profitable enterprises can deter investors due to limited governance participation, prompting the need for divestment in non-essential sectors.

The draft proposes clear adjustments to classification criteria by industry and sector for State-owned enterpirses and those with state capital undergoing ownership transformation, restructuring, or divestment. Notably, the basic chemical production sector will see state ownership increase from 50-65% to 100% due to its critical importance. Meanwhile, the gold bullion production sector will be removed from the list, aligning with Decree 232/2025/NĐ-CP, as the state no longer holds a monopoly in gold bullion production.