Strict Handling of State-Owned Enterprises Violating Information Disclosure Regulations

Decree 81/2015/ND-CP prescribes strict handling of state-owned enterprises that violate information disclosure regulations, specifically:

Illustrative image (source: internet)

- The state ownership representative agency shall apply the form of reprimand or warning to enterprise managers in case of violations such as: Failing to implement or inadequately implementing, not complying within the prescribed time limit the regulations on information disclosure; information disclosure content is not truthful as stipulated in this Decree;

- Enterprises violating the information disclosure regulations as prescribed in this Decree will be administratively sanctioned according to the Government of Vietnam's Decree on administrative sanctions in the field of planning and investment;

- In case enterprises violate information disclosure regulations as stipulated in this Decree, leading to the state ownership representative agency not promptly providing guidance, recommendations, solutions, resulting in the enterprise's operations falling into difficulties, causing the loss of state capital, the state ownership representative agency shall apply disciplinary measures from salary reduction to dismissal and recommend the competent authorities to initiate criminal prosecution against the enterprise manager.

Additionally, the state ownership representative agency must be responsible to the Government of Vietnam for failing to implement or inadequately implementing the responsibilities of urging, supervising, inspecting, and inspecting the information disclosure contents of the enterprise as stipulated in this Decree; not publicly posting promptly on the portal or electronic information site of the agency the periodic and extraordinary information disclosures of the enterprise under its management.

For cases where enterprises do not fully comply with information disclosure according to the regulations in this Decree; delay the information disclosure by up to twenty (20) working days: The Ministry of Planning and Investment is responsible for publicly listing these enterprises on http://www.business.gov.vn and informing the state ownership representative agency to urge, and concurrently report to the Prime Minister of the Government of Vietnam the list of enterprises that do not fully fulfill their information disclosure obligations as per the regulations.

Read the full text of the regulations at Decree 81/2015/ND-CP, effective from November 5, 2015.

Thu Ba

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE