HCM City plans to reduce State stake in Becamex to above 65%

HCM City plans to reduce State stake in Becamex to above 65%

The plans are part of the city's restructuring scheme for State-owned enterprises and businesses with State capital under its management for the 2026–30 period, recently approved by the HCM City People's Committee.

Becamex's building in HCM City. — Photo becamex.com.vn

HCM City plans to reduce the State's ownership stake in Becamex Group to over 65 per cent by 2030, while transferring the State's ownership representation rights in Saigon Jewellery Company (SJC) and six other enterprises to the HCM City Finance and Investment State-Owned Company (HFIC).

The plans are part of the city's restructuring scheme for State-owned enterprises and businesses with State capital under its management for the 2026–30 period, recently approved by the HCM City People's Committee.

Under the scheme, 11 enterprises will maintain their existing State ownership ratios, with the HCM City People's Committee continuing to represent the State. These include HFIC, Saigon Water Corporation, Saigon Industry Corporation, HCM City Urban Railway No. 1 Company, and several lottery, tourism, trading and public service companies.

Meanwhile, 60 State-owned enterprises will undergo restructuring through measures including mergers, transfers of ownership representation rights, adjustments to State capital holdings, dissolution or bankruptcy.

Becamex Group is among the enterprises whose State ownership will be reduced. The HCM City People's Committee currently holds 95.44 per cent of its charter capital, with the stake scheduled to fall to above 65 per cent before 2030.

The city will also transfer State ownership representation rights in seven enterprises to HFIC. These are SJC, Saigon Pharmaceutical Company, Ba Ria-Vung Tau Province Work Traffic JSC, Vung Tau Shipping and Services JSC, Thanh Le Corporation, Ba Ria-Vung Tau Water Supply JSC and AGC Chemicals Vietnam Company.

Another major restructuring measure involves establishing a corporation for urban services to consolidate and take over State ownership representation rights in 32 enterprises.

The group includes public service companies formerly managed by districts and counties in HCM City, as well as public service and green-space companies in Bà Rịa-Vũng Tàu. Twenty-nine enterprises in this group are scheduled to transfer 100 per cent of their State ownership representation rights before 2030.

Three other companies: Urban Environment Limited Company, Green Trees Park Limited Company and Urban Drainage Company, will be merged and transferred to the new urban services corporation before 2029.

The plan also provides for transferring ownership representation rights in four enterprises to Saigon Industry Corporation, including Saigon Transportation Mechanical Corporation, Liksin Industry-Printing-Packaging Corporation, Saigon Culture Products Corporation and 27/7 Ho Chi Minh City Company Limited.

The city has also set a deadline of December 2027 for the dissolution or bankruptcy of eight enterprises.

The city said the restructuring process must proceed gradually and reflect the actual conditions of each enterprise. An interim review will be conducted by the end of 2028 to assess initial results and propose measures for 2029–30.

From January 1, 2029, through the end of 2030, the city will continue restructuring enterprises that have not completed their assigned tasks, with the aim of substantially completing the planned changes to State capital holdings.

It will then conduct a comprehensive review and propose a restructuring plan for enterprises with State capital for 2031–36.

The city said the process must be effective, preserve businesses' production and operating capacity and competitiveness, and ensure the preservation and growth of State capital and assets. 

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