Decision No. 06/2005/QĐ-TTg approves the pilot project for the shareholding reform of Vietnam Electronics and Information Technology Corporation, transforming it into a joint-stock corporation. The objective is to create motivation for effective management and capital mobilization. Employees are entitled to purchase preferential shares.
Scope of application
Vietnam Electronics and Information Technology Corporation; its affiliated units; employees within the Corporation.
Key points
- Vietnam Electronics and Information Technology Corporation will be transformed into a joint-stock corporation, forming a state-owned enterprise with multiple shareholders, and raising capital.
- Convert companies into joint-stock companies, in which the State retains more than 50% of the charter capital.
- Employees in the Office and affiliated units may purchase preferential shares in accordance with the provisions of Decree No. 187/2004/NĐ-CP.
- The resolution of surplus labor shall be carried out in accordance with current regulations.
- The procedures, formalities, and principles of shareholding reform shall be implemented in accordance with the provisions of Decree No. 187/2004/NĐ-CP.
🌐 Social impact of this document
- Create motivation for effective management and capital mobilization for the Corporation.
- Employees have the opportunity to purchase preferential shares but also face the risk of job loss if there is surplus labor.
❓ Frequently asked questions
What type of business entity will Vietnam Electronics and Information Technology Corporation transform into?
Vietnam Electronics and Information Technology Corporation will transform into a joint-stock corporation.
How will employees be able to purchase preferential shares?
Employees in the Office of Vietnam Electronics and Information Technology Corporation and independent accounting units can purchase preferential shares in accordance with the provisions of Decree No. 187/2004/NĐ-CP.
How will the resolution of surplus labor be carried out?
The resolution of surplus labor shall be carried out in accordance with current regulations.
When can employees purchase preferential shares?
Employees are entitled to purchase preferential shares when the Corporation or its affiliated unit sells shares in accordance with the provisions of Decree No. 187/2004/NĐ-CP.
When does this decision take effect?
This decision takes effect fifteen days after its publication in the Official Gazette.
Full text
DECISION
Regarding the approval of the pilot project for the corporatization of
Vietnam Electronics and Informatics Corporation
PRIME MINISTER
Pursuant to the Law on Organization of the Government dated December 25, 2001;
Pursuant to the Enterprise Law dated June 12, 1999,
Pursuant to the State Enterprise Law dated November 26, 2003;
Pursuant to Decree No. 187/2004/NĐ-CP dated November 16, 2004 of the Government on converting state-owned enterprises into joint-stock companies;
Considering the proposal of the Minister of Industry,
DECISION:
Article 1. Approves the pilot project for the corporatization of Vietnam Electronics and Informatics Corporation with the following contents:
1. Objective: to transform Vietnam Electronics and Informatics Corporation into a joint-stock corporation, forming a state-owned enterprise with multiple shareholders, raising capital, creating additional motivation, and having a dynamic and effective management mechanism.
2. Method of corporatization: selling part of the current state capital at Vietnam Electronics and Informatics Corporation to attract capital, specifically:
- Converting the following companies: State-owned Limited Liability Company Thu Duc Electronics, State-owned Limited Liability Company Binh Hoa Electronics, Dong Da Electronics, Vinh An Electronics, GenPacific Information Technology into joint-stock corporations.
- Converting the Office and dependent units into the Parent Company - Vietnam Electronics and Informatics Joint-Stock Corporation, in which the State retains more than 50% of the charter capital.
3. Name of Vietnam Electronics and Informatics Corporation after corporatization:
- Vietnamese name: Vietnam Electronics and Informatics Joint-Stock Corporation.
- English name: VIETNAM ELECTRONICS AND INFORMATICS JOINT-STOCK CORPORATION.
- Abbreviation in English: VEIC.
- Head office: 15 Tran Hung Dao Street, Hoan Kiem District, Hanoi City.
4. Main business activities of Vietnam Electronics and Informatics Joint-Stock Corporation: production and trading in the field of electronics and information technology.
5. Preferences for employees in the corporation: employees listed on the regular roster of Vietnam Electronics and Informatics Corporation shall be entitled to purchase preferential shares according to Article 37 of Decree No. 187/2004/NĐ-CP dated November 16, 2004 of the Government on the conversion of state-owned enterprises into joint-stock corporations, specifically as follows:
- Employees in the General Office of the Corporation shall be entitled to purchase preferential shares when the Corporation sells its shares.
- Employees in independent accounting units of the Corporation shall be entitled to purchase preferential shares when those units sell their shares.
6. The resolution of surplus labor shall be carried out in accordance with current regulations.
7. Procedures, formalities, and principles for the corporatization of Vietnam Electronics and Informatics Corporation and its subsidiaries shall be implemented in accordance with the provisions of Decree No. 187/2004/NĐ-CP dated November 16, 2004 of the Government on the conversion of state-owned enterprises into joint-stock corporations.
Article 2. Implementation organization:
1. The Ministry of Industry shall take the lead, coordinate with the Ministry of Finance, the State Bank of Vietnam, and relevant financial agencies to handle financial matters for Vietnam Electronics and Informatics Corporation during its corporatization in accordance with current regulations and organize the determination of the value of Vietnam Electronics and Informatics Corporation, submit the results to the Ministry of Finance for review and decision to announce.
2. The Minister of the Ministry of Industry shall decide to convert Vietnam Electronics and Informatics Corporation into Vietnam Electronics and Informatics Joint-Stock Corporation, subsidiaries into joint-stock corporations, coordinate with the Ministry of Education and Training and relevant agencies in converting Viettronics College into a private college; promptly report to the Prime Minister to resolve any issues arising beyond their authority.
3. Ministers of the Ministries of Finance, Planning and Investment, Labor, Invalids and Social Affairs, Home Affairs, Heads of relevant agencies, and the Steering Committee for Enterprise Reform and Development shall be responsible for coordinating with the Ministry of Industry in implementing the above tasks.
Article 3. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.
Ministers of the Ministries of Industry, Finance, Labor, Invalids and Social Affairs, Planning and Investment, Home Affairs, Heads of relevant agencies, the Steering Committee for Enterprise Reform and Development, and the Board of Directors of Vietnam Electronics and Informatics Corporation are responsible for enforcing this Decision./.
DEPUTY PRIME MINISTER
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