Fifty-one state-owned enterprises listed on the stock market recorded nearly VND200 trillion (US$7.8 billion) in after-tax profit in 2025, up 26% year-on-year. With the issuance of Resolution 79, the figures may continue to shift.

Economic “heavyweights” of the market

Vietnam currently has 473 enterprises wholly owned by the State and more than 800 if including those with controlling state capital.

Although the number of listed state-owned enterprises (SOEs) is modest, their scale is significant. The group accounts for about 30% of total stock market capitalization, with combined market value estimated at VND3 quadrillion (US$118 billion).

In terms of business performance, net profit of 51 listed SOEs reached VND197,817 billion (US$7.8 billion) in 2025, up about 26% compared to 2024. The average annual net profit growth rate for the 2021-2025 period is estimated at around 21%, marking a strong recovery after the Covid-19 pandemic. Notably, state-owned commercial banks represent 40% of the group’s total market capitalization and contribute 50% of its after-tax profit.

According to Vu Thi Linh, Head of Business at Yuanta Securities Vietnam Co., Ltd., in absolute terms, net profit of the SOE group accounts for roughly 30% of total net profit across the entire market.

Although the SOE group’s profit growth in 2025 was lower than the overall market average - with total market after-tax profit estimated to rise 29.7% - the quality of growth stands out. Most profits stem from core operations in key sectors such as energy, infrastructure, banking and telecommunications. These industries are less sensitive to short-term economic cycles and benefit directly from public investment and macroeconomic stability.

Overall, the 2025 performance of listed SOEs reflects structural improvement, demonstrated through stable profit growth at large scale and substantial contribution to overall market earnings.

“While profit growth is below the market average, it reflects sustainable expansion anchored in strategic sectors of the economy and less dependent on cyclical factors,” Linh said.

Resolution 79 fuels investor optimism

Recently, the Politburo issued Resolution 79-NQ/TW on the development of the state economy.

The resolution affirms that the state economy plays a particularly important role in the socialist-oriented market economy. Its foundation includes resources held, managed and directed by the State to achieve socio-economic development goals, maintain macroeconomic stability and ensure national defense and security.

From a market perspective, Linh noted that Resolution 79, issued on January 6, 2026, has had a direct impact on SOE stocks through several mechanisms.

First, the resolution allows SOEs to retain all proceeds from equitization and divestment, while increasing the proportion of profits they may keep. This provides stronger financial capacity and sufficient scale to invest in key sectors.

The policy has had a clear effect on state-owned commercial banks as they move toward the goal of entering the Top 100 Asian banks by 2030.

For example, at Vietcombank (VCB), the resolution reinforces its leading position in operational efficiency, risk management and asset quality. Meanwhile, BIDV and VietinBank are better positioned to expand scale, address Tier 1 capital constraints, improve capital adequacy ratios and broaden credit growth capacity. Shares of major state-owned banks have risen 20-30% since the resolution was announced.

Second, the mechanism for land resource exploitation offers new opportunities. The orientation toward more efficient land management is seen as a major driver for SOEs, particularly rubber companies with vast land holdings, to unlock significant net asset growth potential.

Specifically, converting part of rubber plantation land into industrial park land could become a strategic direction.

Among beneficiaries, Vietnam Rubber Group (GVR) stands out with approximately 400,000 hectares of land and plans to convert 40,000 hectares into industrial parks by 2030, creating long-term growth momentum.

As of February 6, GVR shares had surged 50% since Resolution 79 was issued. Related companies such as Phuoc Hoa Rubber (PHR) and Dong Phu Rubber (DPR) have also benefited from compensation mechanisms and capital contributions through land use rights in industrial park projects, optimizing revenue and capital efficiency.

Energy and telecom sectors gain traction

The resolution also emphasizes focusing investment on developing several large-scale state economic groups capable of leading in sectors such as energy, digital infrastructure - telecommunications, and banking.

Energy is considered a pillar sector. Vietnam National Industry - Energy Group (PVN) and its subsidiaries are expected to benefit from the spirit of Resolution 79.

Key beneficiaries include PV Gas (GAS) and PetroVietnam Technical Services (PVS), whose shares have climbed 30-40% since early January.

In addition, enterprises represented by Viettel stand to gain directly, given the group’s central role in digital infrastructure and telecommunications technology.

More specifically, Viettel Global (VGI) may benefit from the orientation to expand the scale of leading SOEs, enabling greater investment and broader international telecom expansion, improving cash flow and business efficiency. VGI shares have surged nearly 100% since January 6, 2026, according to Yuanta Securities Vietnam.

Tran Chung