Urgently complete the drafting of the Law Amending the Law on Management and Use of State Capital in Vietnam

Urgently complete the drafting of the Law Amending the Law on Management and Use of State Capital in Vietnam

To continue promoting the leading role, improving the efficiency of production and business, and fostering investment development of State-Owned Enterprises (SOEs), thereby contributing to the successful implementation of socio-economic development tasks in 2024, with the spirit of "Discipline, Responsibility, Proactive promptly, Creative Speed, Sustainable Efficiency," the Prime Minister of Vietnam requires the Ministry of Finance of Vietnam to undertake the following:

- Urgently complete the drafting of the Law amending the Law on Management and Use of State Capital for Production and Business in Enterprises (Law 69) towards providing solutions for SOEs to proactively develop in a competitive environment attached with responsibility and effective monitoring mechanisms; enhancing decentralization and delegation as directed by the Government of Vietnam Standing Committee at Notice 48/TB-VPCP in 2024.

If necessary, urgently research and propose to the competent authorities under regulations to promptly amend certain articles in Law 69 following simplified procedures to be effective in 2024 to promptly resolve obstacles, and release investment resources of SOEs to contribute to socio-economic development as directed by the Government of Vietnam Standing Committee at Notice 51/TB-VPCP in 2024.

- While the aforementioned amending Law has not been promulgated, urgently complete and submit to the Government of Vietnam amendments to the decrees guiding Law 69 (Decree 140/2020/ND-CP, Decree 32/2018/ND-CP, Decree 91/2015/ND-CP, Decree 126/2017/ND-CP) to focus on resolving urgent issues related to the management and use of state capital invested in enterprises and the equitization (CPH) of SOEs.

In this, focus on resolving issues related to (i) divesting capital in enterprises where the state holds over 50% of charter capital and is a public company that is incurring losses, (ii) transferring investment projects, assets between SOEs, (iii) transferring assets from SOEs to localities, (iv) increasing state capital invested in enterprises to maintain the state’s contribution ratio in joint-stock companies, (v) specifically determining key areas for additional state investment in operating enterprises, (vi) handling land-related issues during the equitization of SOEs, (vii) finalizing the equitization process...

- Urgently gather feedback from the Government of Vietnam members, and complete and submit to the Government of Vietnam for expeditious issuance of the Decree amending Decree 33/2019/ND-CP of the Government of Vietnam on the management, use, and exploitation of road transport infrastructure assets; submit the Government of Vietnam’s Decree amending Decree 43/2022/ND-CP of the Government of Vietnam on the management, use, and exploitation of clean water infrastructure assets.

More details can be found in Directive 07/CT-TTg dated February 22, 2024.

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