Ho Chi Minh City plans to cut state stake in Becamex to above 65 per cent

Ho Chi Minh City plans to lower its holding in Becamex Group from 95.44 per cent to above 65 per cent before 2030, under an enterprise restructuring scheme approved by the city's People's Committee.

The programme covers 2026–30 and provides for the restructuring of 60 state-owned enterprises. Options include mergers, changes to state capital holdings, transfers of ownership representation rights, dissolution and bankruptcy. Another 11 enterprises will retain their current state ownership ratios, with the People's Committee remaining the state's representative.

The HCM City Finance and Investment State-Owned Company (HFIC) is to assume state ownership representation rights in seven businesses, including Saigon Jewellery Company (SJC), Saigon Pharmaceutical Company and Thanh Le Corporation.

The city also plans a new urban services corporation to consolidate state ownership representation rights across 32 enterprises. These include public service businesses previously managed by city districts and counties, alongside public service and green-space companies in Ba Ria-Vung Tau.

For 29 of those businesses, the transfer of 100 per cent of state ownership representation rights is scheduled before 2030. Urban Environment Limited Company, Green Trees Park Limited Company and Urban Drainage Company are to be merged and transferred to the new corporation before 2029.

Saigon Industry Corporation is to take over ownership representation rights in four other enterprises. Separately, eight businesses face a December 2027 deadline for dissolution or bankruptcy.

City authorities said implementation must be gradual and suited to each enterprise's circumstances. An interim assessment is due by the end of 2028, followed by further restructuring during 2029–30 for businesses with unfinished tasks. A comprehensive review will then inform proposals for 2031–36.