Vietnam: Amendments to entities undergoing disposition of property

Vietnam: Amendments to entities undergoing disposition of property
Bảo Ngọc

The Government of Vietnam issued Decree No. 67/2021/NĐ-CP dated July 15 2021 amending to Decree No. 167/2017/NĐ-CP on disposition of public property.

According to Decree No. 67/2021/NĐ-CP, amendments to  entities (enterprises) undergoing disposition of property, including:

- Class I enterprises which are state-owned economic groups, corporations and independent companies 100% of charter capital of which is held by Ministries, ministerial agencies, governmental agencies, National Assembly’s Office, President’s Office, State Audit Office of Vietnam, Supreme People’s Court, People’s Supreme Procuracy, Vietnam Bank for Social Policies, Vietnam National University - Hanoi, Vietnam National University - Ho Chi Minh City, Provincial People's Committees, socio-political organizations, socio-political-professional organizations;

Joint-stock companies and multiple-member limited liability companies over 50% of charter capital of which is contributed by ministries, ministerial agencies, governmental agencies, Vietnam Bank for Social Policies, Vietnam National University - Hanoi, Vietnam National University - Ho Chi Minh City, provincial People's Committees, socio-political organizations, socio-political-professional organizations.

- Class II enterprises which are enterprises which have contributed capital of Class I enterprises: the percentage of state capital in Class I enterprises multiplied by (x) the percentage of capital contributed by Class I enterprises to Class II enterprises is over 50% of the charter capital;

- Class III enterprises which are enterprises which have contributed capital of Class II enterprises in b2 of this Point: the percentage of state capital in Class I enterprises multiplied by (x) the percentage of capital contributed by Class I enterprises to Class II enterprises multiplied by the percentage of capital contributed by Class II enterprises to Class III enterprises is over 50% of the charter capital;

Regarding the enterprises other than the above mentioned enterprises, the management and use of property shall comply with regulations of law on land, housing and enterprises and relevant regulations of law.

Decree No. 67/2021/NĐ-CP takes effect from September 01 2021, (specifically provision specified in Clause 1 Article 1 of this Decree is effective from July 15 2021).

 

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