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State-owned businesses to follow new Enterprise Law
All state-owned businesses will run their operations in line with the Enterprise Law on joint-stock or limited companies as of July 1, 2010, according to instructions from the Prime Minister.
When a business’s value is calculated before equitising, all the business’s advantages should be taken into consideration. Before approving any equitisations, relevant agencies should ensure that suitable land is used for business purposes only.
Following the PM’s decision, the Ministry of Planning and Investment has promptly completed the government’s draft decree on models of businesses to submit to the PM in July, 2009.
The Ministry of Finance is authorised to use sanctions against individuals who squander state assets during equitisations.
In addition, the Ministry of Defence will draw up plans to establish a state corporation to operate in the telecommunications field after reorganising the Military Telecom Corporation (Viettel) as well as the chemical, engineering and real estate sectors.
The PM has requested the boards of major directors of economic corporations to focus on upgrading internal management, checking business qualifications and listing all investments to ensure the successful operation of businesses.
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