Decision No. 56/2005/QD-TTg approves the pilot project for the shareholding reform of Vietnam Construction Import-Export Corporation, wherein the State retains controlling shares. This decision applies to the Corporation and its affiliated units.
Scope of application
Vietnam Construction Import-Export Corporation and its affiliated units
Key points
- The State retains controlling shares during the shareholding reform process of Vietnam Construction Import-Export Corporation.
- The parent company will be established based on the office, dependent accounting unit, and independent accounting units that have not yet been reformed into shareholding companies.
- Employees listed in the regular roster of Vietnam Construction Import-Export Corporation are entitled to purchase preferential shares in accordance with Article 37 of Decree No. 187/2004/ND-CP.
- The resolution of surplus labor shall be carried out in accordance with current regulations.
- The procedures, formalities, and principles for the shareholding reform of Vietnam Construction Import-Export Corporation and its affiliated units shall be implemented in accordance with Decree No. 187/2004/ND-CP.
🌐 Social impact of this document
- Creating new impetus for enterprises through capital mobilization from multiple shareholders.
- Assisting Vietnam Construction Import-Export Corporation to operate under the parent company - subsidiary model, enhancing management and business efficiency.
❓ Frequently asked questions
How does the State retain controlling shares?
The State will retain controlling shares in Vietnam Construction Import-Export Joint Stock Corporation, specifically as provided for in Article 1 of this Decision.
Are employees entitled to purchase preferential shares?
Yes, employees listed in the regular roster of Vietnam Construction Import-Export Corporation are entitled to purchase preferential shares in accordance with Article 37 of Decree No. 187/2004/ND-CP.
How is the resolution of surplus labor handled?
The resolution of surplus labor shall be carried out in accordance with current regulations, specifically as set forth in Article 9 of this Decision.
Which units will the parent company include?
The parent company will be established based on the office, dependent accounting unit, and independent accounting units that have not yet been reformed into shareholding companies, as stipulated in Article 3 of this Decision.
What is the shareholding reform process?
The procedures, formalities, and principles for the shareholding reform of Vietnam Construction Import-Export Corporation and its affiliated units shall be implemented in accordance with Decree No. 187/2004/ND-CP, specifically as set forth in Article 10 of this Decision.
Full text
DECISION OF THE PRIME MINISTER
Regarding the approval of the pilot project for the equitization ofVietnam Construction Import-Export Corporation.
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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 Construction,
DECISION:
Article 1. Approve the pilot project for the equitization of Vietnam Construction Import-Export Corporation, wherein the State retains controlling shares, with the following contents:
1. Objective: to transform Vietnam Construction Import-Export Corporation into a joint-stock corporation, forming a business with multiple owners, raising capital, adding impetus, and having a dynamic and effective management mechanism.
2. Form of equitization: retain the current state capital, issue additional shares to attract domestic and foreign investors' capital.
3. Method of equitization: equitize the parent company (established based on the office and dependent accounting units) and independent accounting units that have not yet been equitized under Vietnam Construction Import-Export Corporation.
4. Transform the Mineral Company into a Limited Liability Company with One Member.
5. Vietnam Construction Import-Export Joint Stock Corporation operates under the holding company-subcompany model, wherein:
a) The holding company is Vietnam Construction Import-Export Joint Stock Corporation where the State retains controlling shares.
b) Subcompanies are Limited Liability Companies with One Member wholly owned by the holding company, joint-stock companies, and limited liability companies with multiple members where the holding company has controlling stakes.
6. Name of Vietnam Construction Import-Export Corporation after equitization:
- Vietnamese name: Vietnam Construction Import-Export Joint Stock Corporation.
- English name: VIETNAM CONSTRUCTION IMPORT - EXPORT JOINT - STOCK CORPORATION.
- Trading name in English: VINACONEX.
- Main office: 34 Lang Ha Street, Dong Da District, Hanoi City.
Primary business of Vietnam Construction Import-Export Joint Stock Corporation: production and trade in construction, import and export.
8. Preferential treatment for employees in the Corporation: employees listed in the regular roster of Vietnam Construction Import-Export Corporation are 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 transformation of state-owned enterprises into joint-stock corporations.
9. Handling surplus labor shall be carried out in accordance with current regulations.
10. Procedures, formalities, and principles for the equitization of Vietnam Construction Import-Export 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 transformation of state-owned enterprises into joint-stock corporations.
Additional capital from the auction sale of Vietnam Construction Import-Export Corporation's shares shall be retained to increase state capital at Vietnam Construction Import-Export Joint Stock Corporation. The Ministry of Finance shall guide the effective management and utilization of this capital.
Article 2. Implementation organization:
1. The Ministry of Construction shall take the lead, coordinate with the Ministry of Finance, the State Bank of Vietnam, and relevant agencies to handle financial matters for Vietnam Construction Import-Export Corporation during the equitization process in accordance with current regulations, and submit the results of determining the value of the Corporation to the Ministry of Finance for review and decision to announce.
2. The Minister of Construction shall decide to transform Vietnam Construction Import-Export Corporation into Vietnam Construction Import-Export Joint Stock Corporation and the independent accounting units mentioned in Clause 3 and Clause 4 of Article 1 into joint-stock companies and limited liability companies with one member in accordance with current regulations; promptly report to the Prime Minister any issues arising that require handling beyond their authority.
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 Construction, Finance, Labor - Invalids and Social Affairs, Planning and Investment, Home Affairs, Heads of relevant agencies, Steering Committee for Enterprise Reform and Development, and Board of Directors of Vietnam Construction Import-Export Corporation are responsible for implementing this Decision./.
VICE-PRESIDENT OF THE GOVERNMENT
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