Vietnam Decision 40: State Ownership Shifts for PLX, DPM, ACV

Overview

Vietnam’s Decision 40/2026/QĐ-TTg, issued on August 5, 2026, establishes new state ownership ratio frameworks by industry, prompting a review of state capital in major enterprises. This could lead to stake adjustments in Petrolimex (PLX), Đạm Phú Mỹ (DPM), DAP-Vinachem (DDV), and ACV, all listed on HOSE or UPCOM.

Key Facts

• Decision 40/2026/QĐ-TTg was signed by Deputy Prime Minister Nguyễn Văn Thắng on August 5, 2026.
• State ownership frameworks are set at 100%, 65% or more, and over 50% to under 65% of charter capital.
• Petrolimex (PLX) currently has state ownership of about 75.8%, but the framework for oil importers with 30%+ market share is 50-65%.
• Đạm Phú Mỹ (DPM) is 59.5% owned by Petrovietnam; fertilizer production may require 65% or more state ownership.
• DAP-Vinachem (DDV) is 64% owned by Vinachem; could be raised to 65% or more if fertilizer is a core business.
• ACV is 95.4% owned by the Ministry of Finance; airport operations require 65% or more state ownership.
• Mirae Asset Securities identifies PLX, DPM, DDV, and ACV as potentially affected.
• State agencies must submit capital restructuring plans by August 2026.

What Happened

On August 5, 2026, Deputy Prime Minister Nguyễn Văn Thắng signed Decision 40/2026/QĐ-TTg, which sets criteria for classifying state-owned enterprises (SOEs) and defines state ownership ratios by sector. Unlike previous directives that listed specific companies for equitization or divestment, Decision 40 establishes industry-based frameworks, dividing enterprises into three ownership brackets: 100% state ownership, 65% or more, and over 50% to under 65%.

According to Mirae Asset Securities’ analysis, Petrolimex (PLX) is among the most affected. As a key fuel importer with over 30% market share, PLX falls into the 50-65% state ownership bracket, yet the state currently holds 75.8%. This suggests potential for reducing state ownership during 2026-2030, which could increase free-float shares. Similarly, fertilizer producers like Đạm Phú Mỹ (DPM) and DAP-Vinachem (DDV) may see adjustments: DPM’s 59.5% state stake could be raised to 65% or more, while DDV’s 64% might be increased. In aviation, ACV, with 95.4% state ownership, exceeds the 65% threshold for airport operators, indicating possible divestment.

Market Context

PLX closed at 35,950 VND on August 9, 2026, on HOSE. DPM closed at 21,850 VND, DDV at 18,800 VND, and ACV at 41,500 VND. These stocks may react to restructuring news as investors anticipate changes in free float and state influence. The broader Vietnamese market has been focused on SOE reforms, and Decision 40 provides a clearer roadmap for capital restructuring.

Strategic Significance

For long-term investors, Decision 40 signals a shift toward more market-oriented ownership in key sectors. PLX’s potential stake reduction could improve corporate governance and free-float liquidity, making it more attractive to foreign investors. For DPM and DDV, increased state ownership might ensure stability in strategic fertilizer supply, but could limit private participation. ACV’s high state ownership may be gradually reduced, aligning with global trends of airport privatization. These changes could unlock value and enhance operational efficiency.

What to Watch

• State agencies’ capital restructuring plans due in August 2026.
• Official announcements from Petrolimex, DPM, DDV, and ACV regarding stake changes.
• Implementation timeline for 2026-2030 restructuring.
• Market reaction to any proposed stake sales or increases.
• Regulatory approvals from the Prime Minister and relevant ministries.