Decision No. 08/2005/QD-TTg approves the restructuring plan for enterprises under the Vietnam Steel Corporation for the period 2005-2006, including the Vietnam Steel Corporation holding 100% of the charter capital of four companies and the privatization of five other companies. This decision shall take effect fifteen days from the date of publication in the Official Gazette.
Key points
- Vietnam Steel Corporation → holds 100% of the charter capital of four companies: Thai Nguyen Iron and Steel Company, South Vietnam Steel Company, Phu My Steel Sheet Company, and Da Nang Steel Company
- Vietnam Steel Corporation → privatizes five companies: Mechanical Metallurgy Company, Truc Thon Refractory Materials Company, Hanoi Metal Company, Ho Chi Minh City Metal Company, and Central Vietnam Metal Company
- Minister of Industry → decides the percentage of shares held by the Vietnam Steel Corporation when selling shares for the first time to enterprises undergoing privatization
- Board of Directors of the Vietnam Steel Corporation → implements the privatization of member enterprises according to current regulations
- Ministries: Industry, Finance, Planning and Investment, Labor - Invalids and Social Affairs, Home Affairs, and related agencies → cooperate with the Vietnam Steel Corporation in implementing this Plan
🌐 Social impact of this document
- Positive impact: Privatization helps improve enterprise management efficiency, increase investment capital, and promote economic and social development.
- Negative impact: It may cause instability during the transition process and affect the interests of old shareholders.
❓ Frequently asked questions
What percentage of the charter capital will the Vietnam Steel Corporation hold for which companies?
The Vietnam Steel Corporation will hold 100% of the charter capital for four companies: Thai Nguyen Iron and Steel Company, South Vietnam Steel Company, Phu My Steel Sheet Company, and Da Nang Steel Company.
How will the Minister of Industry decide the shareholding ratio?
The Minister of Industry will decide the percentage of shares held by the Vietnam Steel Corporation when selling shares for the first time to enterprises undergoing privatization.
What responsibilities does the Board of Directors of the Vietnam Steel Corporation have?
The Board of Directors of the Vietnam Steel Corporation will organize the implementation of the privatization of member enterprises according to current regulations.
For how many years does this decision apply?
This decision applies to the period 2005-2006, but does not specify a specific duration.
How will the relevant ministries and agencies cooperate?
Ministries: Industry, Finance, Planning and Investment, Labor - Invalids and Social Affairs, Home Affairs, and related agencies will cooperate with the Vietnam Steel Corporation in implementing this Plan.
Full text
Pursuant to …;
Regarding the approval of the Plan for the reorganization of enterprises under the Vietnam Steel Corporation during the period 2005-2006
belonging to Vietnam Steel Corporation during the period from 2005 to 2006
PRIME MINISTER
Pursuant to the Law on Organization of the Government dated December 25, 2001;
Pursuant to Decision No. 155/2004/QĐ-TTg dated August 24, 2004 of the Prime Minister on issuing criteria and classification lists for state-owned companies and independent accounting subsidiaries under state-owned corporations;
Considering the proposal of the Board of Directors of the Vietnam Steel Corporation,
DECISION:
Article 1. Approves the Plan for the reorganization of enterprises under the Vietnam Steel Corporation during the period 2005-2006 as follows:
1. The Vietnam Steel Corporation holds 100% of the charter capital for four companies:
- Thai Nguyen Iron and Steel Company
- Southern Steel Company
- Phu My Steel Sheet Company
- Da Nang Steel Company
2. To list five companies:
- Metallurgical Machinery Company
- Truc Thon Refractory Materials Company
- Hanoi Metal Products Company
- Ho Chi Minh City Metal Products Company
- Central Vietnam Metal Products Company
Article 2. The Minister of Industry, based on Decision No. 155/2004/QĐ-TTg dated August 24, 2004 of the Prime Minister and the current status of the listed companies, shall decide the proportion of shares held by the Vietnam Steel Corporation when selling shares for the first time for the aforementioned listed companies.
Article 3. The Board of Directors of the Vietnam Steel Corporation is responsible for organizing the implementation of the listing of member companies mentioned in Clause 2, Article 1 of this Decision in accordance with current regulations.
Article 4. The Ministries of Industry, Finance, Planning and Investment, Labor, Invalids and Social Affairs, Home Affairs, and related agencies are responsible for coordinating with the Vietnam Steel Corporation in implementing this Plan.
Article 5. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.
The Board of Directors of the Vietnam Steel Corporation and the heads of related agencies are responsible for enforcing this Decision./.
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KT. PRIME MINISTER
DEPUTY PRIME MINISTER
(Signed)
Nguyen Tan Dung
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