Many large enterprises in Vietnam, such as the Vietnam Oil and Gas Group (PV GAS) and Binh Son Refining and Petrochemical Co. (BSR), have recently announced that they do not meet the conditions to be classified as public companies due to the low percentage of shares held by small shareholders. PV GAS currently has only 4.24% of shares owned by 17,494 shareholders, apart from the major shareholder, PVN, which holds 95.76%. Similarly, BSR faces the same issue with 92.1% of shares owned by PVN. According to new regulations, in order to maintain the status of a public company, the enterprise must have at least 10% of shares held by non-major shareholders. If they do not meet this requirement after one year, they must submit a file to revoke their public company status, which means their shares will not be eligible for listing. Other companies in this situation include BIDV, GVR, and firms like ACV, VGI. These companies are actively seeking solutions to reduce the ownership percentage of major shareholders, including plans for divestment and seeking strategic investors.
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