To urge the reorganization, equitization, and divestment of state capital in enterprises in Vietnam

To urge the reorganization, equitization, and divestment of state capital in enterprises in Vietnam (Internet image)

Regarding this issue, LawNet answers as follows:

November 21, 2023, the Ministry of Planning and Investment has issued Official Dispatch 9734/BKHDT-PTDN urging the implementation of the Plan to reorganize, equitize, and divest state capital in enterprises for the period 2022–2025 according to Decision 1479/QD-TTg.

To urge the reorganization, equitization, and divestment of state capital in enterprises in Vietnam

To promote the arrangement and improve the operational efficiency of state-owned enterprises (SOEs), contribute to increasing revenue for the state budget (State budget), and carry out assigned tasks in Official Dispatch 1026/TTg-DMDN, the Ministry of Planning and Investment requests ministries and branches; The People's Committees of provinces and centrally-run cities shall organize the implementation of plans to reorganize state-owned enterprises and enterprises with state capital as follows:

- Continue to thoroughly grasp and organize the effective implementation of the Party's Resolutions, the Conclusions of the Central Committee, the Politburo and the National Assembly's Resolutions, and the Government's and Prime Minister's directions on the arrangement of SOEs, an enterprise with state capital.

In particular, according to assigned functions and tasks, seriously implement the Plan to reorganize SOEs and state-owned enterprises for the period 2022-2025 approved by the Prime Minister in Decision 1479/QD-TTg dated November 29, 2022, focusing on performing the following tasks:

(i) Drastically implement equitization, ensuring that by 2025, equitization will be completed for enterprises listed in Section 1, Appendix II, issued with Decision 1479/QD-TTg;

(ii) Accelerate the implementation of divestment according to the approved roadmap for enterprises mentioned in Section 1, Appendix III, issued with Decision 1479/QD-TTg.

In case of divestment in the period 2022–2023, strive to complete the divestment in 2023. In case the framework rate is not guaranteed or/and cannot be implemented during this period due to subjective reasons, please clarify the responsibilities of relevant collectives and individuals (if any). Report to competent authorities for handling according to the provisions of law and send to the Steering Committee for Innovation and Enterprise Development, Ministry of Planning and Investment, and Ministry of Finance for monitoring and synthesis;

At the same time, continue to implement the implementation to ensure the ratio as prescribed in this Decision in the period 2024–2025, with the goal of achieving the proposed ratio by 2025.

(iii) Urgently develop and submit to the Prime Minister for consideration and approval the arrangement policy for enterprises specified in Appendix IV issued with Decision 1479/QD-TTg (for ministries, branches, and localities that have not yet implemented this content).

(iv) Proactively based on the market situation and reality at the enterprise to accelerate the progress of equitization and divestment earlier than the approved roadmap, ensuring publicity, transparency, and bringing the highest benefits for the State, remitting revenues to the State budget in accordance with regulations.

- Strengthen inspection, supervision, and auditing, and prevent loss of state capital and assets during the process of arrangement, equitization, and divestment.

- Take full responsibility before the Government, Prime Minister, inspection, and examination agencies for implementation work and implementation results.

Strictly handle leaders of SOEs and representatives of state capital in enterprises who do not seriously implement, or implement without results, the arrangement, equitization, and divestment of state capital in enterprises and assigned tasks in business management and administration.

In case of improper implementation, wrong purpose, ineffectiveness, or loss of state capital and assets, you must be fully responsible before the law.

- Before January 15 every year, send a report on the implementation of enterprise reorganization according to Decision 1479/QD-TTg to the Steering Committee for Innovation and Enterprise Development, Ministry of Planning and Investment, Ministry of Finance to report to the Prime Minister.

More details can be found in Official Dispatch 9734/BKHDT-PTDN, dated November 21, 2023.

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