Vietnam: The owner’s representative agency shall decide to approve the plan for sale of an enterprise

11:12, 14/02/2019

This is the content mentioned in Decree No. 10/2019/NĐ-CP of Vietnam’s Government on implementation of rights and responsibilities of state owner’s representatives, which replaced Decree No. 99/2012/NĐ-CP.

According to Vietnam’s new regulations, the owner’s representative agency shall decide to approve the plan for sale and the selling price of an enterprise, except for the cases where enterprises are established under the Prime Minister's decision.

Requirements, procedures and processes for sale of an enterprise shall be subject to the instructional regulations of Vietnam’s Government.

Regarding the dissolution of an enterprise, the owner’s representative agency shall have the following rights and responsibilities:

- Make the decision on corporate dissolution upon the request of the competent authority requesting corporate dissolution, except the cases where enterprises are established under the Prime Minister's decision.

- The enterprise to be dissolved shall be determined according to the general proposal for arrangement and reform of enterprises which has already been approved by the Prime Minister. In cases where the corporate dissolution has not been yet regulated in the general proposal for arrangement and reform of state enterprises, the entity granting the decision on establishment of state enterprises shall have to appeal to the Prime Minister to consider granting a decision on such dissolution.

View more details at Decree No. 10/2019/NĐ-CP of Vietnam’s Government, effective from March 15, 2019.

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