Vietnam Firms Face Delisting Risk From Concentrated Ownership

Vietnam firms face rising delisting risk as concentrated ownership squeezes out minority investors, raising governance concerns.

State-controlled PV Gas said it no longer qualifies as a public company after parent PetroVietnam held 95.76% of voting shares, breaching free-float rules.

Similar ownership structures exist at PetroVietNam Low Pressure Gas Distribution, Vinacomin and other large firms.

Under Vietnam’s securities law, prolonged non-compliance can trigger revocation of public status, barring listings on HoSE or HNX.

Regulators say the trend threatens market liquidity and sustainability, prompting some companies to consider stake sales.