State Divestment List: 13 Firms Including ACV, VNM, BSR in Focus
This Aveluro analysis covers ACV on UPCOM in the Industrial Goods & Services sector. The classified event type is macro policy, with neutral sentiment and a deterministic market-impact score of 8.0/10. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
KBSV Securities has published a list of 13 listed companies that are in the state divestment pipeline under Decision 40/2026/QĐ-TTg, which sets criteria for restructuring state capital in state-owned enterprises for 2026-2030. The list includes major names such as ACV, VNM, DPM, BSR, and GAS, alongside smaller caps slated for full divestment. While the overall market impact is seen as modest, individual stocks could face significant trading activity as the state reduces or exits its stakes.
Key Facts
- Decision 40/2026/QĐ-TTg was issued on August 5, 2026, by the Prime Minister, outlining state capital restructuring for 2026-2030.
- KBSV lists 13 companies in the divestment pipeline, including ACV, VNM, DPM, HVN, BID, VCB, GVR, GAS, BSR, BCM, MSB, NTP, HND, QTP, VGC, PVI, and DMC.
- At BCM, the Ho Chi Minh City People’s Committee holds 95.4% and plans to reduce by about 21%, bringing state ownership to roughly 74%.
- At BSR, PVN holds 92.1%, with a minimum divestment ratio of 57.7% noted by KBSV.
- At GAS, PVN holds 95.76%, with a minimum divestment of about 5.76%.
- Full divestment is planned for MSB, NTP, HND, QTP, VGC, PVI, and DMC.
- VNPT holds 6.1% of MSB; SCIC holds 37.1% of NTP and 34.7% of DMC; the Ministry of Construction holds 38% of VGC; PVN holds 35% of PVI.
- For large firms like GVR, GAS, and BSR, KBSV says more details on timeline and method are needed.
What Happened
On August 5, 2026, the Prime Minister issued Decision 40/2026/QĐ-TTg, establishing criteria for classifying enterprises to restructure state capital in state-owned enterprises and state-invested enterprises for the 2026-2030 period. KBSV Securities analyzed the decision and identified 13 listed companies that are likely to see state divestment actions in the near term.
KBSV notes that the impact on the overall market is not large, as most companies with high or full divestment ratios are small- or mid-cap. However, for large-cap names such as GVR, GAS, and BSR, the brokerage says investors should wait for detailed roadmaps and methods. Companies not in Appendix III of Decree 57/2026, such as ACV and VNM, may be approved directly by their owner agencies within 30 working days, while those in the appendix, including HVN, BID, and VCB, must wait for Prime Ministerial approval, with the earliest possible date estimated at August 2026 based on a 75-working-day process.
Market Context
ACV (UPCOM) closed at 41,500 VND on August 12, 2026, while DPM closed at 22,300 VND, HVN at 23,700 VND, and VNM at 61,800 VND. The divestment news comes amid a broader market that has been sensitive to supply-side pressures from state sell-downs. Historically, large block sales have weighed on liquidity and sentiment for affected tickers, though the impact varies by the method of divestment (e.g., public auction, private placement, or share issuance).
Strategic Significance
For long-term investors, the divestment pipeline represents a potential overhang on share prices, but also an opportunity for improved free float and corporate governance. Companies like ACV and VNM, which are in the faster approval track, may see quicker clarity, potentially reducing uncertainty. For BSR and GAS, the large planned reductions could attract strategic buyers, but the sheer size of the stakes may require careful execution to avoid market disruption. The use of price adjustments (up to 10% per attempt, max three times) under Decree 57/2026 could facilitate transactions but also signal potential downside risk to current valuations.
What to Watch
- Approval timelines for divestment plans at ACV, VNM, and other non-Appendix III firms (expected within 30 working days).
- Detailed divestment roadmaps for GVR, GAS, and BSR, including methods and pricing.
- Announcements of public auctions or private placements for full divestment targets like MSB, NTP, HND, QTP, VGC, PVI, and DMC.
- Any adjustments to initial offering prices under the new rules, which could affect investor appetite.
- Market reactions in terms of liquidity and price volatility for the listed tickers as divestment news unfolds.