SCIC divestment drive opens investment opportunities across key sectors

SCIC divestment drive opens investment opportunities across key sectors

SCIC's 2026-2030 divestment plan puts dozens of major businesses in focus, offering investors access to valuable assets, strong brands, market positions and growth prospects.

Under its 2026-2030 capital restructuring plan, State Capital Investment Corporation (SCIC) is expected to fully divest its holdings in firms across a wide range of sectors, from industrial manufacturing, steel, textiles and energy to construction, logistics, trade and seafood.

Among the notable names are Tien Phong Plastic JSC, Domesco Medical Import Export Corporation, Vietnam Steel Corporation (VNSTEEL), and Vietnam National Seaproducts Corporation (Seaprodex), to name but a few.

The legal framework for SCIC's capital restructuring plan is provided by prime ministerial Decision No.40/2026/QD-TTg, issued on August 5, and government’s Decree No.57/2026/ND-CP, issued on February 12, establishing a clearer legal framework for the restructuring of state capital during 2026-2030.

Photo: Dung Minh

Under the new regulations, state-owned enterprises are divided into three main groups. The first comprises enterprises in which the state retains 100 per cent ownership, including those in railways, air traffic management, postal services, banknote printing, lotteries and Vietnam Bank for Agriculture and Rural Development.

The second consists of businesses in which the state holds at least 65 per cent of the capital, covering airports, seaports and large-scale mineral extraction units.

The remaining group comprises enterprises in which the state holds from 50 per cent to less than 65 per cent, including key petroleum importers with a market share of at least 30 per cent, such as Petrolimex, and telecommunications infrastructure service providers.

According to experts, once ownership limits for each sector are clearly defined, investors will have a better basis for identifying enterprises where state capital could be increased and those where there is room for the state to reduce its ownership.

Of the 66 enterprises on the list for full divestment over the next five years, many own valuable land banks, having established brands, strong market positions or high state ownership ratios.

A notable example is VNSTEEL, where SCIC is currently the controlling shareholder with a 93.93 per cent stake, equivalent to more than 636.8 million shares. With a market share of around 11.6 per cent in the construction steel segment, it is expected to benefit directly from strong growth in public investment in the coming years.

In terms of business performance, VNSTEEL posted impressive results in the first six months of the year, with revenue reaching $989.9 million and pre-tax profit nearly $28.7 million, up 13.2 per cent and 72.4 per cent, respectively, from the same period in 2025.

Notably, this growth follows a recovery that began in 2025, when the company recorded pre-tax profit of $26.4 million, up 69.6 per cent on-year.

Another company of interest in SCIC's portfolio is Seaprodex. As of the end of 2025, SCIC held approximately 63.38 per cent of the company. Seaprodex's appeal to the market extends beyond its seafood export business to its valuable land bank.

At Tien Phong Plastic, SCIC is currently the largest shareholder, holding a 37.1 per cent stake, and the company is on the list of enterprises slated for full divestment. It is one of the major players in the plastic pipe industry, with approximately 60 per cent of the northern market and 30 per cent of the nationwide market.

According to its business performance reports for 2022-2025, Tien Phong Plastic's pre-tax profit has grown by more than 10 per cent annually. In the first six months of 2026, the company posted pre-tax profit approximating $35.2 million, up 38.4 per cent on-year.

Domesco Medical Import Export Joint Stock Corporation – a company operating four factories meeting GMP-WHO standards, including three pharmaceutical chemical plants and one plant producing herbal medicines and health supplements – will also be divested by SCIC.

SCIC had previously launched its divestment plan three times through auctions of more than 12.1 million shares, equivalent to 34.71 per cent of Domesco's charter capital, but the process has yet to be completed. At the most recent offering in 2025, the total starting price for the share lot was set at more than $61.2 million.

SCIC will continue to invest in and retain stakes in 21 entities operating in its strategic areas of strength, including manufacturing, infrastructure, technology and healthcare.

Notable names in this portfolio include Vietnam Dairy Products JSC, Saigon Beer – Alcohol – Beverage Corporation, FPT Corporation, Hau Giang Pharmaceutical JSC, Traphaco JSC, Bao Minh Insurance Corporation, Vietnam National Reinsurance Corporation and Song Da Corporation.

According to a report by BIDV Securities Company (BSC), the equitisation and divestment of state-owned enterprises, along with IPO activities in the stock market, are showing signs of picking up again after a prolonged subdued period.

Alongside the requirement to restructure the state-owned enterprise sector, the need to mobilise resources for economic development and policy changes, BSC expects the market could be entering a new wave of IPOs, equitisation and divestment through share auctions.

VIR