Capital Withdrawal Surges
Vietnam National Cement Corporation (Vicem) has announced plans to auction shares in batches across multiple subsidiaries and affiliates, scheduled for December 22-23. This move aligns with Vicem’s restructuring plan for 2021-2025, approved by the Ministry of Construction.
Specifically, Vicem will auction its entire 33,545 shares in Vicem Hoang Thach Transport JSC, valued at VND 100,000 per share, with a starting price of VND 10.43 billion. The auction is set for 10:30 AM on December 23, 2025.
Vicem holds a 51.6% stake in Vicem Hoang Thach Transport as of Q2 2025. Additionally, Vicem plans to auction over 3.4 million shares in Dong Nai Roofing and Construction Materials JSC, starting at VND 51.6 billion.
Vicem is also divesting from three joint ventures: Ha Tien Packaging JSC, Hoang Thach Packaging JSC, and Song Da 12 JSC. The starting prices are VND 73.6 billion, VND 43.14 billion, and VND 2.4 billion, respectively.
These divestments are part of Vicem’s restructuring plan, aiming to optimize its portfolio and focus on core operations.
Vietnam Posts and Telecommunications Group (VNPT) announces the auction of over 188 million MSB Bank shares.
VNPT is auctioning 188 million shares in MSB Bank (5.04% stake) at a starting price of VND 18,239 per share on December 26. This aligns with VNPT’s restructuring plan, aiming to reduce holdings in non-core businesses.
PetroVietnam (PVN) is auctioning 24.9 million shares in Petrosetco (PET), equivalent to 23.2% of its capital, with a starting price of VND 36,500 per share, expected to raise at least VND 909 billion.
Vinataba plans to divest its 20% stake in Colusa-Miliket, the owner of the iconic “two shrimp” instant noodle brand, aiming to raise at least VND 114 billion. The auction is scheduled for mid-December on the Hanoi Stock Exchange, with a starting price of VND 119,500 per share.
HDBank has announced plans to sell its 6 million Vietjet (VJC) shares, representing 1.01% of Vietjet’s capital, though details remain undisclosed.
Businesses Revise Strategies
According to Dr. Dinh Trong Thinh, Senior Lecturer at the Academy of Finance, the surge in capital withdrawal in 2025-2026 reflects a cyclical restructuring trend rather than a sign of economic weakness. Post-pandemic shocks, including rising interest rates and declining demand, have prompted Vietnamese businesses to reassess their strategies.
“Divestment is a strategic move to streamline finances, reduce debt, and focus on core operations,” Thinh explained. “It’s a proactive step toward preparing for the next growth cycle.”
Thinh emphasized that divestment is common in developed economies and is essential for sustainable business strategies. As the government pushes for state-owned enterprise restructuring, accelerated divestment will attract social capital and enhance operational efficiency.
“The upcoming divestment wave signals businesses’ adaptability to the new economic landscape. Those that trim excess and strengthen core operations will lead the recovery in the next cycle,” Thinh concluded.
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Masan’s Nui Phao Tungsten Mine Receives Planning Adjustment Approval
On November 24, 2025, Deputy Prime Minister Tran Hong Ha signed Decision 2581/QD-TTg, amending the master plan for the exploration, exploitation, processing, and utilization of mineral resources for the period 2021–2030, with a vision to 2050 (originally issued under Decision 866/QD-TTg on July 18, 2023). Among the adjusted areas is the Nui Phao Tungsten Mine in Thai Nguyen Province.
