What are regulations on charter capital of State Capital Investment Corporation (SCIC) of Vietnam?

What are regulations on charter capital of State Capital Investment Corporation (SCIC) of Vietnam?

Pursuant to Article 5 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating charter capital of SCIC of Vietnam as follows:

1. SCIC’s charter capital shall be VND 50,000 billion (fifty thousand billion dong).

2. Adjustment to SCIC’s charter capital shall be subject to provisions of laws and regulations laid down in Article 65 herein.

What are regulations on State owner’s representative to SCIC of Vietnam?

Pursuant to Article 6 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating State owner’s representative to SCIC of Vietnam as follows:

1. The Government shall be accorded the central authority to carry out rights and obligations of a state owner’s representative to SCIC.

2. The Prime Minister shall directly implement rights and obligations of a state owner’s representative under his duties assigned by the Government, or shall mandate the Ministry of Finance to do so.

3. The Ministry of Finance shall implement rights and obligations of a state owner’s representative under its duties assigned by the Government or its authority delegated by the Prime Minister.

4. SCIC’s Board of Directors shall act as a direct agent of the state owner’s representative to SCIC, implement rights and obligations of a state owner's representative to enterprises and shares that SCIC are assigned and invest.

What are regulations on party’s organization and sociopolitical associations inside SCIC of Vietnam?

Pursuant to Article 8 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating party’s organization and sociopolitical associations inside SCIC of Vietnam as follows:

1. The organization of Communist Party of Vietnam inside SCIC shall be operated under the Constitution, the legislation and the Charter of the Communist Party of Vietnam.

2. Sociopolitical associations inside SCIC shall be operated under the Constitution and their Charters conforming to law.

3. SCIC shall provide necessary conditions and assume its responsibilities for support for Party’s organization, trade union and other sociopolitical associations inside SCIC to ensure SCIC’s business conforms to legislation and their Charters.

What are rights and responsibilities of a State owner’s representative to SCIC of Vietnam?

Pursuant to Article 9 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating rights and responsibilities of a State owner’s representative to SCIC of Vietnam as follows:

1. Make the decision on establishment, objectives, duties and business lines of SCIC; corporate restructuring, ownership transition, business insolvency and bankruptcy petition; capital contribution to other enterprises.

2. Issue, amend and supplement the Charter.

3. Make the decision on charter capital increases; adjust and dispose of a part or all of SCIC’s charter capital.

4. Decide SCIC‘s management structure; appointment, re-appointment, discharge, resignation, signing and termination of the contract with, offer of awards to and imposition of punishment on the Chairperson and members of Board of Directors, Comptrollers, Director General, Deputy Directors General and Chief Accountant of SCIC.

5. Make decision on the business strategy, plan and investment and development plan.

6. Approve policies for investment, construction and trading of fixed assets, capital mobilization and external investment projects of SCIC under the jurisdiction of that representative.

7. Regulate the financial regime, distribution of profits, establishment and use of funds; approve annual financial statements.

8. Set regulations on staff recruitment, salaries, wages or bonuses; decide pay rates applied to SCIC's Chairperson, members of Board of Directors, Comptrollers, Director General, Deputy Director General and Chief Accountant.

9. Make decisions on market growth, promotion and technological solutions; regulate the mechanism for assignment of tasks and involvement in provision and adequacy of public products and utilities essential for the economy.

10. Superintend, inspect and assess compliance with laws; assess fulfillment of specified objectives and assigned tasks, business outcomes and efficiency; manage, use, preserve and appreciate SCIC’s capital; assess SCIC‘s Chairperson, members of Board of Directors, Comptrollers, Director General, Deputy Director General and Chief Accountant.

11. Implement other rights and duties as stipulated by law.

Best regards!