What are regulations on wages, salaries, remunerations, other benefits and relationship of Comptrollers of State Capital Investment Corporation (SCIC) of Vietnam?

What are regulations on wages, salaries, remunerations, other benefits and relationship of Comptrollers of State Capital Investment Corporation (SCIC) of Vietnam?

Pursuant to Article 21 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating wages, salaries, remunerations, other benefits and relationship of Comptrollers of State Capital Investment Corporation (SCIC) of Vietnam as follows:

1. Wages, salaries, remunerations and other benefits of Comptrollers:

a) He/she shall be entitled to wages, salaries, remuneration and bonuses determined on the basis of the level of fulfillment of their assigned tasks and SCIC's business efficiency;

b) The Ministry of Finance shall decide the levels of wages, salaries, remunerations and bonuses, and payments thereof to Comptrollers, based on the levels of fulfillment of their assigned tasks and as per law;

c) The regime on payment of wages, salaries, remunerations and other benefits to Comptrollers shall be subject to regulations currently in force;

d) Operational costs of Comptrollers shall be recorded into the account of SCIC’s administrative expenses in accordance with laws;

dd) Full-time Comptrollers shall be entitled to preferential treatment, welfare benefits and participation in operations of SCIC like those granted to SCIC’s other officers and employees.

2. Relationship between Comptrollers on one side and the state owner’s representatives, the Board of Directors or Director General of SCIC on the other side, or between Comptrollers, shall be subject to laws currently in force and regulations on operations of Comptrollers.

What are rights of SCIC of Vietnam?

Pursuant to Article 22 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating rights of SCIC of Vietnam as follows:

1. Select and decide a capital investment or business sector or form according to the market principles, ensure efficiency and profitability and conformance to laws.

In case of carrying out capital investment and business tasks to achieve sociopolitical targets within the scope of its duties assigned by the Government or the Prime Minister, SCIC must prepare a monitoring report clearly specifying results gained after carrying out these tasks for submission to the Prime Minister to seek his decision on possible actions to be taken.

2. Make capital and property contributions to domestic and foreign investors for the purposes of entering into joint venture or affiliation in the following forms: Acquiring part or all of other companies, investing in establishment of new enterprises, and signing business cooperation contracts; doing so in other forms as provided by law.

3. At their discretion, decide additional capital investments, sell shares of capital available at enterprises receiving state capital from ministries, ministry-level bodies and provincial People’s Committees under laws currently in force and this Charter; of their own accord, select the approach to selling capital that SCIC has received from or invested in enterprises under the Government’s regulations on functions, duties and regime of SCIC’s operations and this Charter; enter into agreements to redeem shares and contributed capital already sold to investors to assure the State’s rights and interests.

4. Receive investment capital in trust from the State, domestic and overseas organizations and individuals.

5. Establish and make equity participation in establishing subsidiaries and affiliates (including fund management companies and investment funds) in accordance with laws and this Charter.

6. Make decision on establishment of domestic and overseas branches, representative offices and dependent accounting units under laws after receipt of the Prime Minister’s approval decision on policies for such establishment.

7. Carry out rights and responsibilities of the state owner to single-member limited liability companies of which charter capital is wholly owned by SCIC; rights and obligations of a state owner to SCIC’s portions of capital contribution to joint stock companies and multiple-member limited liability companies (including those that SCIC has received) in accordance with laws.

8. Appoint, authorize and assess performance of representatives; discharge, reward and punish representatives; decide the levels of remunerations, bonuses and other benefits of which representatives to enterprises are authorized to take control. It may mandate representatives to decide matters prescribed in laws or the Government’s regulations on functions, duties and regime for operations of SCIC and this Charter. It may involve in the process of selection of representatives for shares to enterprises that must transfer their capital to SCIC.

9. Exercise other rights as stipulated by law.

What are obligations of SCIC of Vietnam?

Pursuant to Article 23 of the organizational and operational charter of state capital investment corporation issued together with the Decree 148/2017/NĐ-CP stipulating obligations of SCIC of Vietnam as follows:

1. Effectively manage and use, preserve and appreciate state capital that the State invests and owns at enterprises under the state management in accordance with laws and this Charter.

2. Request the Ministry of Finance to assess and propose the general program for restructuring and reform of single-member limited liability companies with their wholly state-owned charter capital that are put under SCIC’s delegated authority to seek the Prime Minister's approval decision.

3. Request the Ministry of Finance to assess and propose the business strategy, plan, investment and development proposal for the period of 5 years to seek the Prime Minister’s approval decision.

4. Carry out the state owner’s obligations to single-member limited liability companies of which charter capital is wholly owned by SCIC; obligations of a state owner’s representative of SCIC’s portions of capital contribution to joint stock companies and multiple-member limited liability companies (including those that SCIC has received) in accordance with the Government’s regulations on functions, duties and regime for operations of SCIC.

5. Make public disclosure and dissemination of information in accordance with laws.

6. Fulfill other obligations as stipulated by law.

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