The State Capital Investment Corporation (SCIC) has announced a list of 31 enterprises for the first round of divestment in 2025.

As planned, 30 state-owned enterprises (SOEs) must be equitized within the remaining nine months of 2025. The plan for equitizing these 30 SOEs during the 2023–2025 period aims to raise approximately VND 36.823 trillion. However, no enterprises were equitized in 2023, 2024, or Q1/2025. Therefore, the full equitization target now rests on the final nine months of 2025.

Year-End Pressure Builds

According to the Ministry of Finance's Q1/2025 activity report, no divestments were made during the quarter. Additionally, as of March 1, 2025, the Ministry of Finance has assumed ownership rights and responsibilities over 18 groups and general corporations as the representative of State capital.

“The Ministry of Finance, in its role as representative of state capital, has issued documents requesting 23 groups, general corporations, and enterprises under the ministry to report on their 2024 business performance and formulate their 2025 business plans. The plans must ensure growth no lower than in 2024, with a targeted increase of at least 8%. In particular, the planned revenue targets for parent companies and consolidated entities must achieve no less than 8% growth — key indicators in GDP calculation,” the ministry stated.

Deputy Prime Minister Hồ Đức Phớc emphasized, “The transfer of these 18 enterprises to the Ministry of Finance is intended to streamline the apparatus and strengthen the economy, aiming to fulfill the mission of national advancement and prosperity.”

This is also a time for SOEs to play a pioneering role in driving high growth, coordinating with each other and with private enterprises to achieve breakthroughs. However, the heavy workload of equitization and divestment, now pushed to the end of the year, presents a significant challenge for regulators — especially given the multiple targets they must meet simultaneously. Additionally, limitations in planning, execution, and supervision — as acknowledged by the Ministry of Finance — are not issues that can be resolved overnight.

Filtering Opportunities from “Golden Egg-Laying Hens”

A recent move highlights the urgency of meeting deadlines: SCIC has announced the first batch of 31 enterprises for divestment in 2025. Notable names on this list include FPT, DMC, HND, QTP or SEA.

Some of these companies, such as Binh Thuan Mineral and Building Material, NTP, and FPT, were also listed in SCIC’s second divestment round in 2024. NTP and FPT in particular are considered "golden egg-laying hens" due to their attractive dividends.

Earlier this year, SCIC received over VND 71 billion in dividends from NTP. FPT, having already paid the first dividend installment for 2024, is expected to make further payments in Q2/2025, with a total approved rate of 20%.

FPT Telecom (FOX), a subsidiary of FPT in which SCIC holds a 50.17% stake, is also expected to pay out dividends amounting to more than VND 494 billion to SCIC.

Given NTP’s position as the "king of plastics" and FPT’s leading role in IT — particularly with its currently discounted share price post-foreign selloffs — as well as Domesco’s untapped growth potential in the healthcare sector (with its SCIC stake up for auction on May 12), these divestments are highly anticipated by investors and expected to succeed.

This creates favorable conditions for investors looking to “ride the divestment wave,” as seen previously with FPT, NTP, and other companies like BMP. However, a financial expert warned that such speculative strategies can be risky and may result in losses.

Furthermore, even for companies already listed — especially those on the UPCoM exchange with low liquidity — SCIC's large holdings could hinder divestment success. If SCIC opts for bulk auctions or holds a minority stake (under 25%), which isn’t appealing for M&A deals involving control, auction outcomes may fall short of expectations.

Dr. Nguyễn Đức Độ of the Institute of Economics and Finance (Academy of Finance) noted that pricing is the key to successful divestments. Valuation must not only be based on internal assessments but also reflect macroeconomic conditions and stock market dynamics. As such, while equitization and divestment goals may face delays, the upcoming launch of the KRX trading system and the potential for market reclassification offer broader opportunities for state divestment efforts in the future.