In which cases can wholly State-owned enterprises be sold?
In which cases can wholly State-owned enterprises be sold? Who is not allowed to buy wholly State-owned enterprises in Vietnam? Please advice according to the new regulations.
In which cases can wholly State-owned enterprises be sold?
Pursuant to Article 22 of Decree 23/2022/ND-CP (Effective from June 1, 2022), the above contents are as follows:
1. An enterprise is subject to equitization but fails to meet equitization requirements, and is entirely sold under the Prime Minister’s decision.
2. Other cases made according to the Prime Minister’s decision issued at the request of the owner’s representative agency.
Who is not allowed to buy wholly State-owned enterprises in Vietnam?
Pursuant to Article 23 of the above Decree, it is stipulated as follows:
1. Persons who lack legal capacity, are incapacitated or have limited legal capacity, have difficulty in controlling their behaviors, or persons who are unable to control their behaviors at the date of application for participation in auction.
2. Financial intermediaries or audit organizations that take charge of business valuation of the enterprise, and employees of these organizations who directly carry out appraisal, valuation or audit of the enterprise; parents, spouse, children, and siblings of persons who directly carry out appraisal, valuation or audit of the enterprise.
The organization conducting the auction of the enterprise and its employees who directly take charge of the auction; parents, spouse, children, and siblings of auctioneer who manages the auction.
3. The person who is authorized by the owner’s representative agency to take charge of the sale of the enterprise; the person competent to decide the sale of enterprise, and the person who signs the auction service contract;
4. Parents, spouse, children, and siblings of the persons mentioned in Clause 3 of this Article;
5. Persons who do not have the right to establish and manage enterprises as prescribed by law.
6. Foreign investors as prescribed in the Law on investment in respect of conditions concerning market access, assurance of national defense and security to be satisfied by foreign investors, and the Land Law.
Best Regards!
