Nghị quyết 15/NQ-CP

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:

1. To thoroughly grasp and properly disseminate the Party’s resolutions and conclusions on further reorganization, renewal and increase of efficiency of state enterprises (Resolutions of the 3^rd plenum and 9^th plenum of the IX^th Party Central Committee, and the Party Central Committee’s Conclusion No. 50 KL/TW of October 29, 2012) and the Prime Minister’s Decision No. 929/QD-TTg of July 17, 2012, approving the Scheme on restructuring of state enterprises with a focus on state economic groups and corporations in the 2011- 2015 period (below referred to as Decision No. 929/QD-TTg).

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.

3. To make public offering of shares invested by state enterprises in public companies engaged in production and business activities, which:

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:

1. Based on the criteria and classification of state enterprises and their role in development of sectors, state groups, corporations and enterprises shall determine the holding rate of state capital which must not exceed 65% of the charter capital.

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.

b/ Quarterly report to the Prime Minister on the implementation of the Scheme on restructuring of state economic groups and corporations (focusing on equitization and withdrawal of state capital from enterprises) under their management, and concurrently send it to the Ministry of Finance for summarization and reporting to the Prime Minister.

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.-