Principles for disclosure of information of state-owned enterprises in Vietnam

Principles for disclosure of information of state-owned enterprises in Vietnam (Internet image) 

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

1. Principles for disclosure of information of state-owned enterprises in Vietnam

Principles for information disclosure of state-owned enterprises are prescribed in Article 20 of Decree 47/2021/ND-CP as follows:

- The disclosure of information of state-owned enterprises shall be adequate, accurate and timely as prescribed by law in order to ensure openness and transparency of the enterprises’ operation, ensure effectiveness of management and supervision by state authorities and the society.

- Information shall be disclosed by the enterprise’s legal representative or the person authorized to disclose information. In the latter case, the enterprise shall send the power of attorney (Form No. 01 in Appendix II of Decree 47/2021/ND-C) to the state ownership representative body and the Ministry of Planning and Investment and publishing this information on the enterprise’s website.

The enterprise’s legal representative or the person authorized to disclose information shall be responsible for the adequacy, timeliness, truthfulness and accuracy of the information disclosed.

- The report on information disclosure shall be prepared according to the form in Appendix II of Decree 47/2021/ND-C and converted into an electronic file (pdf, Word, Excel). The filename shall match the type of report as specified in Appendix II of Decree 47/2021/ND-C. Information shall be disclosed in Vietnamese language.

- An online information disclosure report has the same legal value as that of a physical report and is the basis for comparison and verification of information serving information collection; inspection, supervision as prescribed by law.

- The online information disclosure report shall remain on the website of the enterprise or the state ownership representative body and the www.business.gov.vn for at least 05 years. The enterprises shall retain the disclosed information as prescribed by law.

2. Methods and means of information disclosure in Vietnam

- Information may be disclosed in the form of physical documents and electronic data.

- Means of information disclosure include:

+ The enterprise’s website.

+ The state ownership representative body’s website.

+ www.business.gov.vn.

- In case the information disclosure date is a day off or public holiday prescribed by law, the enterprise shall disclose information on the day succeeding the day off or public holiday.

- information disclosure on means of mass media shall be regulated by state ownership representative bodies.

(Article 21 of Decree 47/2021/ND-C)

3. Information disclosure accounts on www.business.gov.vn in Vietnam

- The Ministry of Planning and Investment shall instruct enterprises to register information disclosure accounts. Enterprises shall use these accounts to update basic information about them and upload reports to www.business.gov.vn.

- An information disclosure account on www.business.gov.vn shall have the following contents:

+ Information about the legal representative: full name, ID number; phone number, email address; position.

+ Basic information about the enterprise: The enterprise’s name, enterprise ID number, headquarters address, phone number, email address, website; state ownership representative body; ratio of state capital in the enterprise.

- The enterprise must change its password within 01– 03 working days from the day on which the account is created; protect the account and password; promptly inform the Ministry of Planning and Investment if the account or password is lost or stolen or used by an unauthorized person.

(Article 22 of Decree 47/2021/ND-CP)

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