<p>河内——证券监管机构强调，国有企业和国有支持企业在股市上日益重要的角色，因为该国寻求吸引更大规模的国内和国际资本流入，以支持未来几年的雄心勃勃的经济增长目标。</p>
<p>在 5 月 14 日举行的关于上市公司法规的会议上，财政部和国家证券委员会（SSC）的官员表示，国有企业（SOEs）在证券交易所的上市和注册不再仅仅是股权转让后的法律合规问题，而是成为了全经济资本动员的战略要求。</p>
<p>越南国家证券委员会主席武氏真芳表示，FTSE Russell 可能将越南升级为次级新兴市场地位，这可能为吸引国际投资流入创造重大机会，特别是来自长期机构基金和被动全球投资基金的资金。</p>
<p>“在这种背景下，上市或注册在股市交易的国有企业发挥着特别重要的作用，因为它们拥有较大的市场资本化，运营于经济的关键领域，并能对国内外资本流动产生强大的吸引力，” 她说。</p>
<p>政府设定了在 2026-2030 年期间实现两位数经济增长的目标，这给国有企业带来了更大的压力，要求它们在现有资源的限制之外扩大生产和商业活动。</p>
<p>财政部国有企业发展司司长武洪芳表示，仅依靠国有企业和国家部门的内部资源不足以实现国家的增长目标。</p>
<p>“企业需要通过多个渠道动员资本，包括股市，” 芳说。</p>
<p>尽管上市的国有企业具有战略重要性，监管机构承认，许多具有国有背景的公司仍面临与上市公司地位和上市要求相关的合规问题。</p>
<p>根据管理机构的评估，789 家源自国有公司的企业中，有 67 家尚未满足股东结构要求。根据现行规定，至少 10% 的表决权股份必须由至少 100 名非主要股东持有。</p>
<p>另外 53 家企业未能满足资本要求，规定的注册资本至少为 300 亿越南盾。尽管在股权转让后有义务，仍有几家公司尚未在股市上市或注册其股份进行交易。</p>
<p>此前，几家具有国有背景的主要上市企业同时宣布不再满足维持上市公司地位的条件，包括平顺炼油与石化股份公司（股票代码 BSR）、DHG 制药股份公司和 PV Gas。</p>
<p>官员表示，最大障碍之一仍然是许多国有控股企业的自由流通比例极低，主要股东或国家通常持有 90% 至 99% 的注册资本。</p>
<p>为了解决这一问题，监管机构正在考虑两大类解决方案。</p>
<p>第一类涉及大股东，特别是国家股东，通过公开拍卖或交易所交易减少持股比例，以改善自由流通和股东多样化。</p>
<p>第二类解决方案允许企业发行额外股份以增加注册资本，并稀释现有主要股东的持股比例。</p>
<p>根据官员的说法，公司可以通过多个渠道动员资本，包括公开发行、向战略投资者的私募配售和员工持股计划的发行。</p>
<p>在这些方法中，私募配售被视为更灵活，因为它们不要求公司满足盈利条件或避免累计亏损，这与公开发行不同。——BIZHUB/VNS</p>

越南 ETF - VanEck Vectors

<p>越南证券监管机构强调国有企业（SOEs）在股票市场中吸引国内外资本以促进经济增长的重要作用。为了实现 2026-2030 年双位数增长的目标，国有企业必须动员超出内部资源的资本。面临的挑战包括合规问题和低自由流通比例。提出的解决方案包括减少国有股权和发行额外股份，以增强资本并多样化股东结构</p>

<p>HÀ NỘI — Securities regulators have underscored the increasingly important role of state-owned and state-backed enterprises listed on the stock market as the country seeks to attract larger domestic and international capital flows to support ambitious economic growth targets in the coming years.</p>
<div class="lb-trans"><p>河内——证券监管机构强调，国有企业和国有支持企业在股市上日益重要的角色，因为该国寻求吸引更大规模的国内和国际资本流入，以支持未来几年的雄心勃勃的经济增长目标。</p>
</div><p>Speaking at a conference on public company regulations on May 14, officials from the Ministry of Finance and the State Securities Commission (SSC) said the listing and registration of state-owned enterprises (SOEs) on the stock exchange is no longer merely a legal compliance issue following equitisation, but has become a strategic requirement for capital mobilisation across the economy.</p>
<div class="lb-trans"><p>在 5 月 14 日举行的关于上市公司法规的会议上，财政部和国家证券委员会（SSC）的官员表示，国有企业（SOEs）在证券交易所的上市和注册不再仅仅是股权转让后的法律合规问题，而是成为了全经济资本动员的战略要求。</p>
</div><p>State Securities Commission of Việt Nam Chairwoman Vũ Thị Chân Phương said Việt Nam's potential upgrade by FTSE Russell to secondary emerging market status could create significant opportunities to attract international investment flows, particularly from long-term institutional funds and passive global investment funds.</p>
<div class="lb-trans"><p>越南国家证券委员会主席武氏真芳表示，FTSE Russell 可能将越南升级为次级新兴市场地位，这可能为吸引国际投资流入创造重大机会，特别是来自长期机构基金和被动全球投资基金的资金。</p>
</div><p>“In that context, state-owned enterprises listed or registered for trading on the stock market play an especially important role because they possess large market capitalisation, operate in key sectors of the economy and can create strong attraction for both domestic and foreign capital flows,” she said.</p>
<div class="lb-trans"><p>“在这种背景下，上市或注册在股市交易的国有企业发挥着特别重要的作用，因为它们拥有较大的市场资本化，运营于经济的关键领域，并能对国内外资本流动产生强大的吸引力，” 她说。</p>
</div><p>The Government has set a target of achieving double-digit economic growth during the 2026-2030 period, increasing pressure on state-owned enterprises to expand production and business activities beyond the limits of existing resources.</p>
<div class="lb-trans"><p>政府设定了在 2026-2030 年期间实现两位数经济增长的目标，这给国有企业带来了更大的压力，要求它们在现有资源的限制之外扩大生产和商业活动。</p>
</div><p>Vũ Hồng Phương, general director of the Department of State-Owned Enterprise Development under the Ministry of Finance, said relying solely on internal resources from SOEs and the state sector would not be sufficient to achieve the country’s growth ambitions.</p>
<div class="lb-trans"><p>财政部国有企业发展司司长武洪芳表示，仅依靠国有企业和国家部门的内部资源不足以实现国家的增长目标。</p>
</div><p>“Enterprises need to mobilise capital from multiple channels, including the stock market,” Phương said.</p>
<div class="lb-trans"><p>“企业需要通过多个渠道动员资本，包括股市，” 芳说。</p>
</div><p>Despite the strategic importance of listed state-owned enterprises, regulators acknowledged that many companies with state origins continue to face compliance problems relating to public company status and listing requirements.</p>
<div class="lb-trans"><p>尽管上市的国有企业具有战略重要性，监管机构承认，许多具有国有背景的公司仍面临与上市公司地位和上市要求相关的合规问题。</p>
</div><p>According to reviews conducted by management agencies, 67 out of 789 enterprises originating from state-owned companies have yet to satisfy shareholder structure requirements. Under current regulations, at least 10 per cent of voting shares must be held by a minimum of 100 non-major shareholders.</p>
<div class="lb-trans"><p>根据管理机构的评估，789 家源自国有公司的企业中，有 67 家尚未满足股东结构要求。根据现行规定，至少 10% 的表决权股份必须由至少 100 名非主要股东持有。</p>
</div><p>Another 53 enterprises have failed to meet capital requirements, which stipulate a contributed charter capital of at least VNĐ30 billion. Several companies have also yet to list or register their shares for trading on the stock market despite post-equitisation obligations.</p>
<div class="lb-trans"><p>另外 53 家企业未能满足资本要求，规定的注册资本至少为 300 亿越南盾。尽管在股权转让后有义务，仍有几家公司尚未在股市上市或注册其股份进行交易。</p>
</div><p>Previously, several major listed enterprises with state origins simultaneously announced that they no longer met the conditions to maintain public company status, including Binh Son Refining and Petrochemical JSC (ticker BSR), DHG Pharmaceutical JSC and PV Gas.</p>
<div class="lb-trans"><p>此前，几家具有国有背景的主要上市企业同时宣布不再满足维持上市公司地位的条件，包括平顺炼油与石化股份公司（股票代码 BSR）、DHG 制药股份公司和 PV Gas。</p>
</div><p>Officials said one of the largest obstacles remains the extremely low free-float ratio at many state-controlled enterprises, where major shareholders or the State often hold between 90 per cent and 99 per cent of charter capital.</p>
<div class="lb-trans"><p>官员表示，最大障碍之一仍然是许多国有控股企业的自由流通比例极低，主要股东或国家通常持有 90% 至 99% 的注册资本。</p>
</div><p>To address the issue, regulators are considering two major groups of solutions.</p>
<div class="lb-trans"><p>为了解决这一问题，监管机构正在考虑两大类解决方案。</p>
</div><p>The first would involve large shareholders, particularly State shareholders, reducing ownership stakes through public auctions or on-exchange transactions to improve free float and shareholder diversification.</p>
<div class="lb-trans"><p>第一类涉及大股东，特别是国家股东，通过公开拍卖或交易所交易减少持股比例，以改善自由流通和股东多样化。</p>
</div><p>The second solution would allow enterprises to issue additional shares to increase charter capital and dilute the ownership ratio of existing major shareholders.</p>
<div class="lb-trans"><p>第二类解决方案允许企业发行额外股份以增加注册资本，并稀释现有主要股东的持股比例。</p>
</div><p>According to officials, companies could mobilise capital through multiple channels, including public offerings, private placements to strategic investors and employee stock ownership plan issuances.</p>
<div class="lb-trans"><p>根据官员的说法，公司可以通过多个渠道动员资本，包括公开发行、向战略投资者的私募配售和员工持股计划的发行。</p>
</div><p>Among these methods, private placements are viewed as more flexible because they do not require companies to meet profitability conditions or avoid accumulated losses, unlike public offerings. — BIZHUB/VNS</p>
<div class="lb-trans"><p>在这些方法中，私募配售被视为更灵活，因为它们不要求公司满足盈利条件或避免累计亏损，这与公开发行不同。——BIZHUB/VNS</p>
</div>

国有企业被建议利用股票市场来获取发展资金