These bright spots once again underscore the leading role of the state sector in promoting sustainable growth.
A notable example is State Capital Investment Corporation (SCIC), whose total revenue was estimated at $536.3 million, exceeding the annual plan by 12 per cent and rising 30 per cent compared to 2024.
Its net profit also surged strongly to around $448 million, equivalent to 128 per cent of the full-year target. In 2025, SCIC completed divestments from eight enterprises, generating proceeds of approximately $162.8 million.
Many state-owned businesses witnessed upbeat business outcomes in 2025
In terms of investment activities, SCIC disbursed about $414.9 million into key portfolios, including around $60 million in BIDV shares; using approximately $310.8 million to purchase additional shares issued by Vietnam Airlines; and spending about $40 million to raise charter capital at SCIC Investment Co., Ltd.
SCIC will continue to study opportunities to invest in equities and bonds of major banks such as Vietcombank, BIDV, and several other financial institutions.
In the finance-banking sector, state lender BIDV continued to affirm its position as the largest bank in Vietnam by assets, with total assets exceeding $130 billion by the end of 2025, up 20 per cent from 2024.
BIDV’s business performance recorded consolidated pre-tax profit of around $1.44 billion, up 12.5 per cent on-year, pushing return on equity (ROE) to 19.02 per cent, among the leading levels in the industry.
Capital mobilisation and outstanding credit balances also maintained positive growth, touching $96 billion and around $92 billion, respectively, while asset quality was tightly controlled with a non-performing loan ratio of 1.2 per cent.
Another bright spot was Vietnam National Chemical Group (Vinachem), with estimated industrial production value of approximately $2.46 billion, up 10.3 per cent on-year.
The group’s consolidated revenue approximated $2.57 billion, an increase of 8 per cent, while pre-tax profit was estimated at $154.4 million, soaring 73 per cent.
Profits at several Vinachem member units saw breakthrough growth, such as up 3.5 times at DAP – Vinachem JSC, up 2.6 times at DAP No.2 JSC, and up 2.5 times at Ninh Binh Phosphate Fertiliser JSC.
The parent company Vinachem cleared all accumulated losses, reaching this milestone six months ahead of the 2021-2025 plan.
Riding the same positive momentum, Vietnam Railways (VNR) reported consolidated revenue in 2025 of around $428 million, up 10 per cent from 2024. Its consolidated profit approximated $5.6 million, an increase of 5.3 per cent.
The parent company’s revenue alone amounted to $121.2 million, up 10.2 per cent. Entering 2026, VNR will focus on two strategic tasks: ensuring safe operations of its existing network and preparing resources to receive new railway lines, striving for double-digit growth and beyond.
The list of profitable state-owned businesses also included the strong recovery of Vietnam National Cement Corporation (Vicem), with pre-tax profit of around $11.5 million, officially returning to profitability.
Vietnam Rubber Group likewise recorded positive results, with estimated pre-tax profit of approximately $277.2 million, up nearly 24 per cent on-year.
Earlier, major players such as Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin), Vietnam Posts and Telecommunications Group (VNPT), and Vietnam National Textile and Garment Group (Vinatex) had also announced upbeat financial figures, further consolidating the strength of the state sector.
These achievements vividly demonstrate the spirit of Resolution No. 79-NQ/TW dated January 6, 2026, of the Politburo on the development of the state economy, affirming a renewed vision: state-owned enterprises are not only a key force but also a macroeconomic regulatory instrument, playing a leading and pioneering role for other economic sectors.
State-owned enterprises are closely associated with the mission of taking the lead in building strategic infrastructure and ensuring energy and food security.
By promoting greater autonomy and clearly separating state management from corporate governance, state-owned enterprises are becoming strong economic groups, contributing to ushering the country into a new era of growth, building an independent and sustainably developing economy.
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Economist Le Xuan Nghia provides an in-depth look at the factors shaping Vietnam’s interest and exchange rate trends as 2025 draws to a close.
