This move was detailed in the ministry’s 2025 year-end report and 2026 work plan.

According to the ministry, following Government Resolution 220, Central Party Office Notice No. 23 (dated December 28, 2023), and Decision No. 136 (dated February 7, 2024) on the handling of SBIC, the court has so far declared 11 companies bankrupt and ordered the dissolution of one.

Bankruptcy proceedings have been initiated for 41 companies, including SBIC’s parent firm, seven subsidiaries, and 33 affiliated enterprises across 12 localities.

To date, a total of 64 enterprises have submitted petitions to the court for resolution in 18 provinces and cities.

In parallel, the Ministry of Construction has submitted a master plan to the Prime Minister aimed at strengthening the capacity of domestic shipbuilding enterprises through 2030, with a vision to 2050.

The ministry is also studying policy mechanisms to ensure the rights of workers and managers at SBIC are protected.

Following the merger of the former Ministry of Transport and the former Ministry of Construction, from March 1, the Ministry of Construction now oversees 13 state-affiliated enterprises.

These include eight wholly state-owned firms: Vietnam Cement Corporation (Vicem), Housing and Urban Development Corporation (HUD), Shipbuilding Industry Corporation (SBIC), Vietnam Air Traffic Management Corporation (VATM), Vietnam Maritime Safety Corporation (VMSC), Vietnam Maritime Communication and Electronics Company (Vishipel), Transport Publishing House LLC, and Da Nang Automobile and Electrical Equipment Mechanical Company (DAMCO).

Additionally, the ministry represents state capital at five partially state-owned companies: Vietnam Machinery Erection Corporation – JSC (Lilama, 97.88% state capital), Hanoi Construction Corporation – JSC (Hancorp, 98.83%), Viglacera Corporation – JSC (38.58%), Construction Machinery Corporation – JSC (COMA, 98.76%), and Vietnam Waterway Construction Corporation – JSC (Vinawco, 36.62%).

In terms of SOE restructuring, the ministry said the reorganization of parent companies has followed the Prime Minister’s instructions and approved plans.

Five major firms - VATM, VMSC, Vishipel, the Transport Publishing House, and Vicem - are actively implementing approved restructuring proposals.

The ministry also completed the merger of the Northern and Southern Maritime Safety Corporations into the Vietnam Maritime Safety Corporation.

Four other firms - HUD, Lilama, Hancorp, and COMA - are undergoing restructuring as directed by the Prime Minister.

Efforts are also being made to resolve longstanding issues such as finalizing the equitization settlement of Vinawco and divesting state capital from Viglacera.

The ministry has completed the transformation of DAMCO into a single-member limited liability company and approved its new charter.

For restructuring affiliated companies, the ministry has instructed boards of members and state capital representatives at joint-stock corporations to strictly follow the approved 2021–2025 restructuring plan. This includes formulating and implementing divestment strategies, especially from loss-making or inefficient investments.

In terms of business performance, the ministry reported that most enterprises under its management achieved strong results in 2025, meeting or surpassing assigned targets with positive growth compared to 2024.

From 10 major companies - Vicem, HUD, Hancorp, Viglacera, Lilama, COMA, VMSC, Vishipel, VATM, and the Transport Publishing House - total production value reached over VND 71.2 trillion (about USD 2.96 billion), achieving 101.6% of the 2025 plan and 120.4% year-over-year growth. Parent companies accounted for over VND 26.36 trillion (USD 1.1 billion), equivalent to 97.6% of their 2025 target.

Total revenue came in at approximately VND 63.16 trillion (USD 2.62 billion), 98.8% of the annual plan, with parent companies contributing VND 23.22 trillion (USD 963 million).

The combined profit across all companies reached VND 4.689 trillion (USD 195 million), while total state budget contributions stood at VND 6.942 trillion (USD 289 million).

Hong Khanh