State-owned enterprises shall ensure the principle of information disclosure in Vietnam.

The information disclosure report must be maintained on the website of the State enterprise, the portal or the website of the agency representing the owner and the enterprise portal for at least 5 years in Vietnam. This is one of the principles that state-owned enterprises need to follow in disclosing information.

The disclosure of information in Vietnam by state enterprises must be complete, accurate and timely as prescribed by law .

On April 1, 2021, the Government issued Decree 47/2021/ND-CP detailing a number of articles of the Law on Enterprises 2020.

According to this Decree, state-owned enterprises should ensure the following principles when disclosing information in Vietnam:

Firstly, the disclosure of information in Vietnam by state enterprises must be complete, accurate and timely in accordance with the law in order to ensure the requirement of disclosure and transparency in the operation of enterprises; ensuring the effectiveness and efficiency in management and supervision activities of state agencies and society.

Secondly, the disclosure of information shall be made by the legal representative of the enterprise or the person authorized to disclose information.

In case of disclosing information through an authorized person, the enterprise shall send a Power of Attorney in the form prescribed in this Decree to the agency representing the owner and the Ministry of Planning and Investment; at the same time, it shall publish this information on the enterprise's website.

The legal representative of the enterprise in Vietnam or the person authorized to disclose information is responsible for the completeness, timeliness, truthfulness and accuracy of the information disclosed.

Thirdly, the information disclosure report in Vietnam is prepared in accordance with the form prescribed in Appendix II to this Decree and converted into electronic data (PDF, Word, Exel format).

The name of the electronic document must correspond to the name of the type of report mentioned in Appendix II to this Decree. The language of information disclosure shall be Vietnamese.

Fourthly, the report on information disclosure via electronic networks of enterprises in Vietnam has the same legal value as a paper, which is the basis for collating, comparing and authenticating information for information collection and synthesis; checking and supervising in accordance with the provisions of law.

Fifthly, the report on information disclosure must be maintained on the website of the enterprise in Vietnam, the portal or the website of the agency representing the owner and the enterprise portal for at least 5 years.

An enterprise disclosing information shall preserve and store the reported and announced information in accordance with law.

Hai An

Source: Financial magazine

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