Regulations on information disclosure of state-owned enterprises in Vietnam

Regulations on information disclosure of state-owned enterprises in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

1. Periodic disclosure of information in Vietnam

- The information shall be periodically posted on the websites of the company and the state ownership representative body:

+ Basic information about the company and the company's charter;

+ Overall targets and specific targets in the annual business plan;

+ The annual financial statement audited by an independent audit organization within 150 days after the end of the fiscal year and its summary (including the financial statement of the parent company and the consolidated financial statement (if any);

+ The mid-year financial statement audited by an independent audit organization and its summary (including the financial statement of the parent company and the consolidated financial statement (if any); these documents must be disclosed before July 31;

+ Reports on implementation of annual business plans;

+ Reports on performance of public duties that are assigned or bid for (if any) and other social responsibilities;

+ The report on the company’s management and organizational structure.

- The report on the company’s management and organizational structure shall contain the following information:

+ Information about the state ownership representative body, its head and deputies;

+ Information about the company’s executives, their qualifications and experience, managerial position previously held, how they are designated, their managerial tasks; their salaries, bonuses, benefits and payment method, their related persons and interests;

+ Relevant decisions of the state ownership representative body; resolutions and decisions of the Board of Members of the company’s President;

+ Information about the Board of Controllers, Controllers and their activities;

+ Verdicts of inspecting authorities (if any) and reports of the Controllers and the Board of Controllers;

+ Information about the company’s related persons; contracts and transactions between the company and its related persons;

+ Other information prescribed by the company’s charter.

- Information shall be fully, accurately and punctually disclosed as prescribed by law.

- Information shall be disclosed by the legal representative or the person authorized to disclose information. The legal representative shall be responsible for the adequacy, punctuality and accuracy of the information disclosed.

(Article 109 of the Law on Enterprise 2020)

2. Irregular disclosure of information in Vietnam

Information shall be posted the company’s website and printed matters (if any) and displayed at the company’s headquarters and business locations within 36 hours from the occurrence of any of the following events:

- The company’s account is frozen or unfrozen;

- All or part of the company’s business activities are suspended; the certificate of enterprise registration, establishment license, establishment and operation license, operation license or another license relevant to the company’s operation is revoked;

- The certificate of enterprise registration, establishment license, establishment and operation license, operation license or another license relevant to the company’s operation is revised;

- There is a change of members of the Board of Members, the company’s President, Director/General Director, Deputy Directors/General Directors, chief accountant, accounting – finance department manager, Controllers or Chief Controller;

- An executive of the company is disciplined or charged under a decision; the court issues a decision that involves an executive of the company;

- An inspecting authority or tax authority announces a verdict on the enterprise’s violations of law;

- There is a decision that the independent audit organization is changed or not permitted to audit the financial statement;

- There is a decision on establishment, dissolution, consolidation, acquisition or conversion of a subsidiary company, branch or representative office; investment in, decrease or withdrawal of investment in other companies.

(Article 110 of the Law on Enterprise 2020)

Diem My

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