Vietnam: What is the list of State-owned enterprises of the special category? What are the conditions for State-owned enterprises to be under the special category?
What are the conditions for State-owned enterprises to be under the special category in Vietnam?
Pursuant to Decision 185-TTg of 1996, there are the following provisions:
The State-owned enterprises of the special category include:
1. The State Corporations established by Decision No.91-TTg of March 7, 1994 of the Prime Minister on the experimental establishment of business corporations;
2. The State Corporations established by Decision No.90-TTg of March 7, 1994 of the Prime Minister on the continued rearrangement of State-owned enterprises with a prescribed capital of 500 billion VND or more;
3. The independent State-owned enterprises must meet the following conditions:
- Playing a key role in the national economy;
- Having a prescribed capital of 500 billion VND or more;
- Their general directors are appointed by the Prime Minister.
Accordingly, State-owned enterprises are under the special category in Vietnam when:
- Being a State corporation established by Decision No.91-TTg of the Prime Minister of Vietnam
- Being a State corporation established by Decision No.90-TTg of the Prime Minister of Vietnam on the continued rearrangement of State-owned enterprises with a prescribed capital of 500 billion VND or more
- Or being an independent State-owned enterprise which meets the following conditions:
+ Playing a key role in the national economy;
+ Having a prescribed capital of 500 billion VND or more;
+ Their general directors are appointed by the Prime Minister.
What is the list of State-owned enterprises of the special category in Vietnam?
Pursuant to Decision 186-TTg of 1996, Decision 72/2000/QD-TTg, Decision 153/2001/QD-TTg, and Decision 55/2004/QD-TTg, the list of State-owned enterprises of the special category in Vietnam is specified as follows:
The list of 25 State-owned enterprises of the special category in Vietnam includes:
(1) Vietnam Electricity Corporation,
(2) Vietnam Coal Corporation,
(3) Vietnam Oil and Gas Corporation,
(4) Vietnam Cement Corporation,
(5) Vietnam Maritime Corporation,
(6) Vietnam Airlines Corporation,
(7) Vietnam Post and Telecommunications Corporation,
(8) Vietnam Rubber Corporation,
(9) Vietnam Steel Corporation,
(10) Vietnam Coffee Corporation
(11) Vietnam Tobacco Corporation
(12) Vietnam Paper Corporation
(13) Vietnam Textile and Garment Corporation
(14) Northern Food Corporation
(15) Southern Food Corporation
(16) Vietnam Chemical Corporation
(17) Vietnam Gem and Gold Corporation
(18) Vietnam Railways Union
(19) Vietnam National Petroleum Corporation
(20) Bank for Foreign Trade of Vietnam
(21) Vietnam Bank for Industry and Trade
(22) Vietnam Agricultural Bank
(23) Bank for Investment and Development of Vietnam
(24) Saigon Tourism Corporation.
(25) Mekong Delta Housing Development Bank
(26) The company for purchase and sale of enterprises' outstanding debts and assets under the Ministry of Finance.
What are the current regulations on state-owned enterprises in Vietnam?
Pursuant to Article 88 of the Enterprise Law 2020 as follows:
State-owned enterprises
1. State-owned enterprises shall be limited liability companies or joint stock companies, including:
a) Wholly state-owned enterprises (100% of charter capital of which is held by the State)
b) Partially state-owned enterprises (over 50% of charter capital or voting shares is held by the State, except the enterprises specified in Point a Clause 1 of this Article).
2. Wholly state-owned enterprises specified in Point a Clause 1 of this Article include:
a) Single-member limited liability companies 100% of charter capital of which is held by the State that are parent companies of state-owned corporations or parent companies in groups of parent company – subsidiary companies;
b) Independent single-member limited liability companies 100% of charter capital of which is held by the State.
3. Partially state-owned specified in Point b Clause 1 of this Article include:
a) Multiple-member limited liability companies and joint stock companies over 50% of charter capital or voting shares of which is held by the State that are parent companies of state-owned corporations or parent companies in groups of parent company – subsidiary companies;
b) Independent multiple-member limited liability companies and joint stock companies over 50% of charter capital or voting shares of which is held by the State.
4. The Government shall elaborate this Article.
According to the above regulations, State-owned enterprises in Vietnam shall be limited liability companies or joint stock companies including:
- Wholly state-owned enterprises (100% of charter capital of which is held by the State)
- Partially state-owned enterprises (over 50% of charter capital or voting shares is held by the State, except the enterprises specified in Point a Clause 1 Article 88 of the Enterprise Law 2020).
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