THE GOVERNMENT
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THE SOCIALIST REPUBLIC
OF VIETNAM
Independence - Freedom - Happiness
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No. 15/NQ-CP
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Hanoi,
March 6, 2014
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RESOLUTION
ON SOLUTIONS FOR
SPEEDING UP EQUITIZATION AND WITHDRAWAL OF STATE CAPITAL FROM ENTERPRISES
THE GOVERNMENT
Pursuant to the December 25, 2001 Law on
Organization of the Government;
Pursuant to the Party Central Committee’s
Conclusion No. 50 KL/TW of October 29, 2012, on the Scheme on further reorganization,
renewal and increase of efficiency of state enterprises;
At the proposal of the Minister of Finance,
RESOLVES:
Article 1. To
assign ministries, provincial-level People’s Committees, Members’ Councils
of state economic
groups
and corporations, and
Members’ Councils
and
presidents of state
enterprises:
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2. Based on the approved Scheme on restructuring of
state
enterprises in the
2011-2015 period, to direct enterprises
under their management:
a/ To make equitization plans and schedules
(including the time limit for each stage), and submit them
to
equitization-deciding authorities for approval;
b/ To make plans on and schedules for withdrawal of capital invested outside their core
production and business fields (except special cases decided by the Prime Minister) and submit them to competent authorities
for approval in the direction of:
- Conforming with the approved Scheme on restructuring of state enterprises and the criteria and classification of state enterprises
under the Prime Minister’s Decision.
The withdrawal of investment capital must be completed before December
31,
2015;
- Ensuring the principles of market prices, publicity, transparency and
efficiency. For investments whose book values are unlikely
to
be fully recovered, provision for devaluation of financial investment must be made under current regulations, and plans on withdrawal of investment capital must be made and submitted to competent authorities for
approval under the
Government’s
Resolution No. 26/NQ-CP of
July
9, 2012.
Article 2. In case equitization and withdrawal
of state capital can not be completed under approved plans, Members’ Councils
of state economic groups or corporations, or Members’ Councils, presidents and
managerial boards of state enterprises shall
identify objective and subjective reasons,
determine responsibilities of related collectives and individuals and
report them
to
competent authorities for consideration and settlement under
regulations. Concurrently, ministers of line ministries, heads of
ministerial- level agencies and chairpersons of provincial-level People’s Committees shall take responsibility before the Government and the Prime Minister for delayed implementation of the approved plans under regulations.
Article
3. For withdrawal of investment
capital outside core production and business fields under the approved Scheme
on restructuring of state enterprises, in addition to complying with the
Government’s Decree No. 71/2013/ND-CP of July
11,
2013, on investment of state capital in enterprises and financial
management of wholly
state-owned enterprises,
state economic groups,
corporations and
enterprises may implement the
following solutions:
1. To withdraw investment capital shares in other
enterprises under par value or book value after deducting amounts of provision
for loss of financial investments under regulations and based on the investment
capital withdrawal plan considered and decided by the owner.
2. For transfer of investments in unlisted
joint-stock companies, which are valued at VND 10 billion or higher according
to the par value, to select and hire an intermediate financial institution
(securities company) to conduct an auction or to conduct an auction themselves.
In case of unsuccessful auction, to report such to the owners for consideration
and decision on sale under agreement.
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a/ Report losses in the year preceding the year of
registering public offering and have accumulative losses by the year of
registering public offering.
b/ Report losses in the year preceding the year of
registering public offering but have no accumulative losses by the year of
registering public offering.
c/ Make profits in the year preceding the year of
registering public offering and concurrently have accumulative losses by the
year of registering public offering.
4. For withdrawal of capital of state groups and
corporations from financial investment companies and commercial banks, to
designate state commercial banks to acquire such capital or to let the State
Bank of Vietnam act as the owner representative.
Ministries, sectors and localities shall review and
transfer equitized enterprises to the State Capital Investment Corporation
under the Government’s Decree No. 151/2013/ND-CP of November 1, 2013, on
functions, tasks and operational mechanism of the State Capital Investment
Corporation.
Article
4.
To assign the State Capital Investment Corporation to consider and
acquire amounts invested outside core production and business fields of state
groups and corporations and wholly state -owned enterprises in insurance and
banking in case of unsuccessful capital withdrawal after taking the measures
specified in this Resolution , and other fields within their assigned functions
and tasks. The buying prices shall be based
on market prices, but must not
exceed the book values minus the amount of provisions for devaluation of financial
investments fully made under regulations. State groups, corporations and enterprises shall notify amounts invested in the
above fields to the
State
Capital Investment Corporation for consideration and acquisition.
At the time of transferring
investments to the State Capital Investment Corporation, if provisions for
devaluation of financial investments are not yet made or incompletely made,
state groups, corporations and enterprises shall additionally make such provisions.
Article 5. Based
on the criteria and classification of state enterprises under the Prime
Minister’s Decision and the Scheme on enterprise
restructuring, line ministries,
provincial-level People’s Committees,
the State Bank of Vietnam,
and
the State Capital Investment Corporation shall make
plans on withdrawal of state capital from enterprises in which they
represent the owners, and submit them to the Ministry of Finance and the Enterprise
Renewal and Development Steering Committee for
summarization and
reporting to the Prime Minister for consideration and decision according to the
following principles:
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2. Bao Viet Group and
joint-stock
commercial banks shall maintain
the State’s holding rate at least 65% of the charter capital (except the
Joint-Stock Commercial Bank For
Industry And Trade).
3. In case their State’s holding rate has been approved by
competent authorities under Decision No. 929/QD-TTg, state economic groups,
corporations and enterprises shall comply with the approved decision. After
2015, state economic groups,
corporations and enterprises shall propose competent
authorities to adjust their
state’s holding rate according
to Clauses 1 and
2 of this Article
and the
criteria for classifying state
enterprises under the Prime Minister’s Decision.
Article 6.. Organization of implementation
1. The Ministry of
Finance
shall:
a/ Submit to the Prime Minister
a draft decision for
effective implementation of this
Resolution.
b/ Coordinate with ministries, sectors, provincial-level People’s
Committees, and state economic groups, corporations
and enterprises in
guiding, monitoring and inspecting the
equitization and withdrawal of
state
capital from enterprises, and
promptly
propose
settlement
of arising problems.
2. Ministers, heads of ministerial-level agencies, chairpersons of
provincial-level People’s Committees, and Members’ Councils of
state
economic groups, corporations
and
enterprises shall:
a/ Focus on directing the implementation of solutions
for speeding up the equitization and withdrawal of state capital from
enterprises under this
Resolution.
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3. The Minister
of Planning and
Investment,
the Minister of Home Affairs and the Minister of Labor, War
Invalids and Social Affairs shall
assume the prime responsibility for, and coordinate with line ministries and
the
Ministry of Finance in, performing the tasks under their management as
prescribed in this Resolution.
4. The Enterprise Renewal and Development Steering Committee
shall assist the Prime Minister in directing ministries, sectors and localities, and state
economic groups and corporations to speed up the
equitization and withdrawal of state capital to 2015; and quarterly
report on the implementation to the Prime Minister.-
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Nguyen Tan Dung