SCIC to Divest Stakes in 66 Firms, Retains VNM, SAB, FPT in 2026-2030 Plan

Overview

State Capital Investment Corporation (SCIC) has announced its 2026-2030 capital restructuring plan, which includes divesting all stakes in 66 enterprises while retaining investments in 21 others. The retained list features major listed companies such as Vinamilk (VNM), Sabeco (SAB), FPT, DHG, TRA, and BMI, signaling a strategic focus on key sectors. The divestment list includes notable names like NTP, DMC, TVN, VGT, SEA, PPC, LIC, and FIC, which could increase share supply in the market.

Key Facts

• SCIC plans to divest all capital from 66 enterprises during 2026-2030.
• SCIC will retain stakes in 21 enterprises, including Vinamilk (VNM), Sabeco (SAB), FPT, Dược Hậu Giang (DHG), Traphaco (TRA), and Bảo Minh (BMI).
• SCIC maintains 100% ownership in SCIC Investment One Member LLC (SIC).
• The divestment list includes Nhựa Thiếu niên Tiền Phong (NTP), Domesco (DMC), Vietnam Steel Corporation (TVN), Vietnam Textile and Garment Group (VGT), Vietnam Seafood Corporation (SEA), Phả Lại Thermal Power (PPC), Licogi (LIC), and Building Materials Corporation No.1 (FIC).
• The list is not fixed and may be adjusted based on enterprise performance, market conditions, and regulatory criteria.
• Recent closing prices (2026-08-13): VNM 61,600 VND; SAB 45,850 VND; FPT 69,200 VND; DHG 94,900 VND.

What Happened

SCIC, the state investment arm, has published its capital restructuring plan for the 2026-2030 period, outlining a strategy to sell all stakes in 66 enterprises. This move is part of a broader effort to streamline state capital allocation. The retained portfolio includes 21 companies across manufacturing, technology, pharmaceuticals, insurance, and construction, such as Vinamilk, Sabeco, FPT, DHG, TRA, and BMI. SCIC will also keep full ownership of its subsidiary SIC.

The divestment list spans various sectors, including industrial production, steel, textiles, energy, construction, logistics, trade, and seafood. Notable names include NTP, DMC, TVN, VGT, SEA, PPC, LIC, and FIC. SCIC emphasized that the list is not static; it can be revised based on each company’s performance, market dynamics, and compliance with classification criteria. Actual divestment progress and scale will depend on specific plans developed and implemented over the period.

Market Context

This announcement comes amid a period of active state divestment in Vietnam, which has historically influenced market liquidity and investor sentiment. For retained tickers like VNM (HOSE), SAB (HOSE), and FPT (HOSE), the news provides clarity on state ownership stability, potentially reducing overhang concerns. On the divestment side, companies like NTP (HNX) and PPC (HOSE) may see increased share supply, which could pressure prices in the short term. The recent price context shows VNM at 61,600 VND, SAB at 45,850 VND, FPT at 69,200 VND, and DHG at 94,900 VND as of 2026-08-13.

Strategic Significance

For long-term investors, SCIC’s plan signals a continued state presence in key consumer, technology, and pharmaceutical sectors, which may offer stability and policy support. Retained companies like VNM and SAB benefit from state backing, which can facilitate strategic initiatives. Conversely, the divestment list indicates a reduced state role in cyclical and commodity-linked industries, potentially leading to more private-sector-driven management. The flexible nature of the list suggests that SCIC will adapt to market conditions, so investors should monitor specific divestment plans for opportunities or risks.

What to Watch

• Specific divestment plans for individual companies, including timelines and methods (e.g., auctions, block sales).
• Adjustments to the retained and divestment lists as SCIC reviews enterprise performance and market conditions.
• Regulatory approvals and implementation of divestment transactions, which could affect share supply and liquidity.
• Quarterly earnings reports from retained companies like VNM, SAB, and FPT to assess operational stability.
• Market reactions to potential supply increases from divested companies, particularly in the steel, textile, and energy sectors.