Vietnam: What to do when state-invested enterprises implement equitization of the state capital ratio before November 29, 2022?
When is the deadline for reporting on the rearrangement of state-owned enterprises in Vietnam?
Pursuant to the provisions of Point h, Clause 1, Article 2 of Decision No. 1479/QD-TTg in 2022 on the responsibilities of ministries, ministerial agencies, Governmental agencies, and People’s Committees of provinces and central-affiliated cities in the rearrangement of state-owned enterprises as follows:
Organizing implementation
1. Ministries, ministerial agencies, Governmental agencies, and People’s Committees of provinces and central-affiliated cities are responsible for:
…
h) submitting reports on enterprise rearrangement specified under this Decision to the Steering Committee for Enterprise Innovation and Development, Ministry of Planning and Investment, Ministry of Finance before January 15 of each year.
Thus, before January 15 of each year, ministries, ministerial agencies, Governmental agencies, and People’s Committees of provinces and central-affiliated cities must submit reports on state-owned enterprise rearrangement specified under this Decision to the Steering Committee for Enterprise Innovation and Development, Ministry of Planning and Investment, Ministry of Finance.
Vietnam: What to do when state-invested enterprises implement equitization of the state capital ratio before November 29, 2022?
What is the plan for rearrangement of state-owned enterprises in Vietnam approved?
The plan for rearrangement of state-owned enterprises and state-invested enterprises for the period of 2022 - 2025 is approved in the following models: maintenance of single-member limited liability company; equitization and rearrangement (including via merger and acquisition, dissolution); partial or total transfer of state capital (hereinafter referred to as “divestment”) for the period of 2022 - 2025.
Specifically, in Article 1 of Decision No. 1479/QD-TTg in 2022 on the following contents:
- Plan for maintaining 195 single-member limited liability companies for the period of 2022 - 2025 according to the List of enterprises of which 100% charter capital is held by the State for the period of 2022 – 2025 specified in Appendix I enclosed with Decision No. 1479/QD-TTg in 2022.
- Plan for equitization of 19 enterprises, merger and acquisitions of 4 enterprises, and dissolution of 01 enterprise for the period of 2022 - 2025 according to the List of enterprises of which 100% charter capital is held by the State to be equitized, merged or acquired, dissolved for the period of 2022 - 2025 specified in Appendix II enclosed with Decision No. 1479/QD-TTg in 2022.
- Plan for divestment of 141 enterprises for the period of 2022 - 2025 according to the List of state-owned enterprises and state-invested enterprises divesting for the period of 2022 - 2025 specified in Section 1 Appendix III enclosed with Decision No. 1479/QD-TTg in 2022.
- Plan for retention of state capital of 126 enterprises for the period of 2022 - 2025 according to the List of state-owned enterprises and state-invested enterprises retaining state capital for the period of 2022 - 2025 specified in Section 2 Appendix III enclosed with Decision No. 1479/QD-TTg in 2022.
- 21 state-invested enterprises rearranging according to separate plans for the period of 2022 - 2025 according to the List of state-owned enterprises and state-invested enterprises rearranging according to separate plans for the period of 2022 – 2025 specified in Appendix IV enclosed with Decision No. 1479/QD-TTg in 2022.
In addition, state-owned enterprises and state-invested enterprises affiliated to: Ministry of Health, People’s Committee of Ho Chi Minh City, People’s Committee of Hai Duong Province, and enterprises not specify hereunder (not transferred to State Capital and Investment Corporation) shall comply with plan approved by the Prime Minister upon rearranging.
What to do when state-invested enterprises implement equitization of the state capital ratio before November 29, 2022?
According to the provisions of Clause 1, Article 3 of Decision No. 1479/QD-TTg in 2022, state-invested enterprises which equitize prior to the effective date of Decision No. 1479/QD-TTg in 2022 (November 29, 2022) shall implement as follows:
- With respect to enterprises whose equitization and divestment solutions have not been approved by competent authorities, state investment representative agencies shall adjust share held by the Government when developing Solutions in accordance with the Plan for rearrangement of state-owned enterprises and state-invested enterprises for the period of 2022 - 2025 attached hereto and report to the Ministry of Planning and Investment and Ministry of Finance.
- With respect to enterprises whose equitization and divestment solutions have been approved, comply with approved Solutions and continue to develop solutions for divestment in accordance with the Plan for rearrangement of state-owned enterprises and state-investment enterprises for the period of 2022 - 2025 attached hereto.
LawNet
