State-owned stocks surge on Decree 40; GAS, GVR hit limit-up

Overview

On August 10, 2026, state-owned enterprise (SOE) stocks rallied sharply on the HOSE, with GAS, GVR, BCM, and IJC all hitting limit-up. The surge followed Prime Minister Decision 40, which sets criteria for classifying enterprises for state capital restructuring. Despite a modest VN-Index gain of 8.7 points, the market saw broad buying, while foreign investors net sold over 278 billion VND (~11.12 million USD).

Key Facts

• VN-Index closed at 1,776 points, up 8.7 points, with over 230 stocks advancing.
• GAS and GVR both hit limit-up on August 10; GAS closed at 79,800 VND, GVR at 31,800 VND.
• BCM and IJC also hit limit-up, continuing BCM’s strong run from the previous week.
• TCB rose over 5% to 31,350 VND; SHB gained over 2.5% to 12,000 VND.
• Foreign investors net sold 278 billion VND (~11.12 million USD), concentrated in TCB, VHM, and FPT.
• VIC fell over 3% and VHM nearly 2%, while real estate stocks like DXG, CEO, DIG, TCH, PDR, KDH stayed green.
• Prime Minister Decision 40, issued recently, defines criteria for classifying enterprises for state capital restructuring.

What Happened

The Vietnamese stock market closed the first trading session of the week on August 10 with modest gains, but the VN-Index’s 8.7-point rise masked significant sector rotation. While some large-cap stocks faced selling pressure, capital flowed into state-owned enterprise (SOE) stocks, pushing GAS, GVR, BCM, and IJC to their daily limit-up. The catalyst was Prime Minister Decision 40, which outlines criteria for classifying enterprises for state capital restructuring, reigniting investor interest in SOE reform plays.

Among large caps, TCB surged over 5%, SHB gained more than 2.5%, and GEX, VPB, CII, and other high-liquidity stocks also advanced. The VN30 index closed with most constituents in positive territory, with improved afternoon liquidity indicating active buying. In real estate, VIC fell over 3% and VHM nearly 2%, but other names like DXG, CEO, DIG, TCH, PDR, and KDH held gains. BCM’s continued strength, following its rally late last week, added to expectations for the state-owned enterprise group.

Foreign investors remained net sellers, offloading over 278 billion VND (~11.12 million USD) worth of shares, primarily in TCB, VHM, and FPT, according to the article from Tiền Phong.

Market Context

GAS, listed on HOSE, closed at 79,800 VND on August 10, hitting limit-up. The stock’s surge reflects a broader rotation into SOE names, which have been under-owned relative to private-sector peers. The VN-Index’s modest gain belied the strong breadth, with over 230 stocks advancing. The rally in SOE stocks comes amid a broader market trend where investors are seeking opportunities in policy-driven themes, particularly state capital restructuring. Foreign net selling, however, remains a headwind, with outflows concentrated in large-cap financials and real estate.

Strategic Significance

For long-term investors, the surge in SOE stocks signals a potential re-rating of state-owned enterprises as the government pushes forward with restructuring under Decision 40. This policy could unlock value in companies like GAS, GVR, BCM, and IJC, which may see improved capital efficiency or asset divestments. The market’s positive reaction suggests that investors are betting on clearer state capital allocation and potential privatization or strategic partnerships. However, the sustainability of this rally depends on concrete implementation and corporate-level actions.

What to Watch

• Official implementation guidelines and timelines for Decision 40 from relevant ministries.
• Q3 earnings reports from GAS, GVR, BCM, and IJC to assess operational impact.
• Foreign ownership changes in SOE stocks, particularly any relaxation of caps.
• Continued foreign net selling in large caps like TCB, VHM, and FPT, which could pressure market sentiment.
• Any announcements of specific state capital divestment plans or strategic sales in affected companies.