On February 28, the Vietnamese government finalized an unprecedented transfer of 18 state-owned corporations from the State Capital Management Committee (CMSC) to the Ministry of Finance (MOF).

The signing ceremony, held at the MOF headquarters, was overseen by Deputy Prime Minister Ho Duc Phoc, who described it as a historic economic restructuring move.

Deputy Prime Minister: This is an unprecedented transfer

Deputy Prime Minister Ho Duc Phoc emphasized the importance of streamlining state economic management to accelerate Vietnam’s economic growth.

“We are restructuring and optimizing the system to drive Vietnam into a new era of economic strength and sustainability,” he said.

“The Ministry of Finance plays a backbone role in the economy. Whether the economy thrives depends largely on the Finance Ministry’s efficiency in managing capital and public assets.”

The Vietnamese government has set an ambitious GDP growth target of at least 8% in 2025. Deputy PM Phoc urged the Finance Ministry to ensure that state-owned enterprises (SOEs) lead the nation’s economic breakthroughs, tackling high-impact projects with innovation and efficiency.

He also called on SOE executives to adopt new business models, creative thinking, and operational improvements to enhance their contributions to the economy.

Key corporations transferred to the Ministry of Finance

The 18 transferred enterprises are some of Vietnam’s largest and most strategically significant companies, spanning energy, telecommunications, infrastructure, and manufacturing.

Major state-owned corporations now under the Ministry of Finance include:

PetroVietnam (PVN) – Vietnam’s leading oil & gas company.

Vietnam Electricity (EVN) – The national power utility.

Vietnam National Coal and Mineral Industries Group (TKV) – A major coal and mining corporation.

Vietnam National Petroleum Group (Petrolimex) – The country’s largest fuel distributor.

Vietnam Posts and Telecommunications Group (VNPT) – A key player in telecommunications.

Vietnam Airlines (VNA) – The national carrier.

Vietnam Expressway Corporation (VEC) – The main expressway developer.

Vietnam Railways (VNR) – The state-owned railway operator.

Vietnam Maritime Corporation (VIMC) – A leading logistics and shipping firm.

Vietnam Rubber Group (VRG) – The country’s largest rubber producer.

State Capital Investment Corporation (SCIC) – The agency managing state capital investment.

Vietnam National Chemical Group (Vinachem) – The primary chemical industry enterprise.

Vietnam National Tobacco Corporation (Vinataba) – A leading tobacco manufacturer.

Vietnam National Food Group (Vinafood 1 & Vinafood 2) – The two largest state-owned food enterprises.

Vietnam Forestry Corporation (Vinafor) – The main forestry management company.

Vietnam Coffee Corporation (Vinacafe) – The largest state-owned coffee producer.

Airports Corporation of Vietnam (ACV) – The operator of all major airports in the country.

This transfer significantly centralizes economic oversight under the Ministry of Finance, allowing for greater control over public assets and a more streamlined investment strategy for national development.

Finance Minister: SOEs must drive Vietnam’s economic transformation

Finance Minister Nguyen Van Thang highlighted the strategic importance of these enterprises, calling them the "leading wings" of the economy.

“These companies have been at the forefront of economic stability and fiscal contributions,” he said. “Their operations directly impact state revenue, infrastructure, and social welfare.”

Moving forward, the Finance Ministry will:

Enhance legal frameworks governing SOEs, ensuring efficient management.

Develop the State Capital Investment Law, allowing for greater autonomy and competitiveness among SOEs.

Promote decentralized decision-making, enabling enterprises to operate with more flexibility.

What this means for Vietnam’s economy

The transfer marks a major policy shift in how Vietnam manages state-owned assets. Instead of an independent state capital management agency (CMSC), SOEs will now be directly overseen by the Ministry of Finance, which already controls state budget allocation and investment policies.

This move is expected to:

Boost government efficiency by consolidating state asset management under one agency.

Streamline decision-making for SOEs, reducing bureaucratic delays.

Improve financial oversight, ensuring SOEs are profitable and accountable.

Enhance Vietnam’s global competitiveness, as state corporations play a critical role in infrastructure and industrial development.

Future reforms and next steps

The Vietnamese government is also working on a new legal framework for SOEs, expected to be submitted for parliamentary approval later in 2025.

This State Capital Investment Law will likely introduce more transparency, corporate governance reforms, and mechanisms to attract foreign investment into state-controlled enterprises.

As Vietnam continues to modernize its state-owned economy, this landmark transfer represents a key step in aligning public enterprises with national growth strategies.

Binh Minh