Lawyers in Vietnam - The Prime Minister has rights to establish State Economic Corporations
On November 15, 2012, the Prime Minister issued the Decree No. 99/2012/ND-CP on assignment, decentralization of the implementation of the rights, responsibilities and obligations of state owner for the state-own enterprises and state capital invested in the enterprises, of which, one of the most notable points is regulation on Prime Minister’s rights to State own enterprises.
Specifically, besides rights such as: deciding the objectives, strategies, sectors and doing business, working capital in State owned enterprises…The Prime Minister has rights to decide on the establishment, objectives, tasks and lines of business; reorganization, change of ownership, dissolution and bankruptcy requirement for economic groups and State Capital Investment Corporations; To decide on the appointment, reappointment, dismissal, resignation, reward, discipline of chairman of the Members’ Council; To approve the policy to establish subsidiaries with 100% of state capital of state-own corporations, companies under the Ministries, the provincial-level People’s Committees, at the request of the Ministries, the provincial-level People’s Committees.
At the same time, the Decree also clearly regulated the rights, obligations of the Prime Minister for the enterprises that tha State holds more than 50% of charter capital such as: To decide on the hold, increase or decrease of state capital invested in the state economic groups after equitization; class of shares and the total number of shares of each class to be offered.This Decree takes effect from December 30, 2012.
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