Laws of Vietnam

DECREE No.25-CP OF MARCH 26, 1997 AMENDING A NUMBER OF ARTICLES OF DECREE No.28-CP OF MAY 7, 1996 ON THE TRANSFORMATION OF A NUMBER OF STATE ENTERPRISES INTO JOINT-STOCK COMPANIES

THE GOVERNMENT

DECREES:

Article 1.- To amend Items 1 and 2 of Article 14 of Decree No.28-CP of May 7, 1996 of the Government on the transformation of a number of State enterprises into joint-stock companies into the following:

"1. For enterprises with State capital (including budgetary allocations, budget-derived capital and the self-procured capital) of more than ten (10) billion VND, the Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the People’s Committees of the provinces and cities directly under the Central Government shall work out equitization plans and send them to the Central Steering Committee for Equitization for submission to the Prime Minister for approval.

2. For enterprises with State capital of ten (10) billion VND or less, the Ministers, the Heads of the ministerial-level agencies, the Presidents of the People’s Committees of the provinces and cities directly under the Central Government shall organize the equitization on the basis of Decree No.28-CP of May 7, 1996 of the Government, guide and inspect the related ministries and branches therein. Legal documents relating to the equitization issued by the ministries, the ministerial-level agencies, the agencies attached to the Government, the provinces and cities directly under the Central Government must be sent to the Office of the Government (the Central Steering Committee for the Renewal of Enterprises), the Ministry of Finance and the Ministry of Planning and Investment for monitoring.

Article 2.- To amend Article 19 of Decree No.28-CP of May 7, 1996 in to the following:

" The Central Steering Committee for Equitization shall have to assign tasks, organize the implementation and issue procedures for equitization. It shall, together with the ministries, provinces and cities directly under the Central Government and the Managing Boards of the State Corporations established under the Prime Minister’s decision, directly organize the implementation at enterprises with State capital of more than ten (10) billion VND and at the member enterprises of the above-mentioned corporations".

Article 3.- This Decree takes effect from the date of its signing. The Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the People’s Committees of the provinces and cities directly under the Central Government, the Chairman of the Central Steering Committee for Equitization shall have to organize the implementation of this Decree.

On behalf of the Government

For the Prime Minister

Deputy Prime Minister

PHAN VAN KHAI