ESTABLISH A “SUPER COMMISSION” MANAGES THE CAPITAL AT 19 STATE ENTERPRISES
On September 29, 2018, the Government issues the Decree No. 131/2018/ND-CP on defining functions, tasks, powers and organizational structure of the Commission for the Management of State Capital at enterprises (CMSC).
This CMSC is a government agency and exercises rights and take on duties as the owner’s representative to wholly State-owned enterprises and State capital invested in joint-stock companies and multi-member limited liability companies.
There are 19 enterprises of which CMSC acts as the owner’s representative, such as the Vietnam Electricity; the Vietnam Oil and Gas Group; the Vietnam National Petroleum Group; the Vietnam Mobile Telecom Services One Member Limited Liability Company, the Vietnam Posts and the Telecommunications Group; the Vietnam National Shipping Lines; the Vietnam National Coffee Corporation…
At those enterprises, CMSC shall take the following responsibilities:
- To adopt regulations on appointment, dismissal, discharge, alternation, dispatch, commendation, reward, penalties and decide salary, responsibility allowance, bonus and other benefits for the representative of State capital share;
- To make the authority decision over an increase in capital, disposal of stocks and State investments in joint-stock companies and multi-member limited liability companies;
- To control the divestment of invested capital, the collection of distributable profits and dividends…
This Decree takes effect on September 29, 2018.
