Recently, the Government of Vietnam issued Decree 47/2021/ND-CP elaborating Law on Enterprise 2020 , in which there have been many new changes in information disclosure of state-owned enterprises, specifically as follows:
Article table of contents
03 important new points on information disclosure of state-owned enterprises in Vietnam (Illustration)
1. Amendments to regulations on means of information disclosure in Vietnam
In Clause 2, Article 21 of Decree 47/2021/ND-CP (effective from April 1, 2021), the means of reporting and disclosing information include:
- The enterprise’s website.
- The state ownership representative body’s website.
- www.business.gov.vn.
Meanwhile, in Clause 3, Article 5 of Decree 81/2015/ND-CP on information disclosure of state-owned enterprises (which expires on April 1, 2021), information must be simultaneously published the following media
- For enterprises: written reports, website or web portals or web portals, publications, and other mass media as prescribed by law;
-
For representative agencies: information receipt system, website or web portals or web portals, publications, and other mass media as prescribed by law;
-
For the Ministry of Planning and Investment of Vietnam: information receipt system, website or web portal (www.business.gov.vn), publications, and other mass media as prescribed by law.
In addition, Decree 47/2021/ND-CP also stipulates that in cases where the time of information disclosure coincides with a holiday or public holiday as prescribed by law, the enterprise shall fulfill the obligation to disclose information on the first working day right after the holiday or public holiday ends.
2. Remove the regulation on the language of information disclosure in Vietnam
Previously, in Article 6 of Decree 81/2015/ND-CP, it was stipulated that the language of information disclosure was Vietnamese. In case it is prescribed to disclose additional information in another language, the language of information disclosure shall include Vietnamese and another language as prescribed. However, in Decree 47/2021/ND-CP, there is no longer a regulation on the language of information disclosure.
3. Supplementing regulations on information periodically disclosed by state-owned enterprises in Vietnam
In Clause 2, Article 23 of Decree 47/2021/ND-CP, the regulation on periodical disclosure of information for enterprises in which the State holds more than 50% of charter capital or the total number of voting shares has been added. Specifically, these enterprises must periodically disclose the following information:
- Basic information about the enterprise and its charter;
-
Report on implementation of the annual business plan according to Form No. 3 in Appendix II hereof; this information shall be disclosed before June 30 of the year preceding the succeeding year;
-
6-month report on administration and organizational structure of the enterprise according to Form No. 5 in Appendix II hereof; this information shall be disclosed before July 31 every year;
-
Annual report on administration and organizational structure of the enterprise according to Form No. 6 in Appendix II hereof; this information shall be disclosed before June 30 of the execution year;
-
The annual financial statements and summaries thereof audited by an independent audit organization, including the financial statement of the parent company and the consolidated financial statement (if any) as prescribed by regulations of law on corporate accounting; this information shall be disclosed within 150 days from the end of the fiscal year.
Previously, in Article 10 of Decree 81/2015/ND-CP, it only stipulated that information must be periodically disclosed for enterprises in which 100% of charter capital is held by the State.
