Photo: moi.gov.vn

A decree on transferring and selling state-owned enterprises (SOEs) has been lately issued by the Prime Minister.

Accordingly, 100% of SOEs can be purchased by foreign investors, foreign capitalised enterprises, economic and financial institutions established under foreign law operating abroad or in Vietnam and foreigners.

The regulation is also applied for workers in an enterprise as an entity or as separate individuals, for businesses of all economic sectors, and for Vietnamese citizens.

Additionally, an entity of all workers in an enterprise can be given management rights when it fully meets all required conditions.

The decree also adds that enterprises to be transferred must hold chartered capital of no more than 5 billion VND and be on the list of transferable ones without advantage of land usage, or of equitised businesses with failed equitisation.

Meanwhile, SOEs can be sold regardless of their capital sizes, but must meet other conditions such as enterprises to be sold must be on the lists of sold ones or of equitised businesses with unsuccessful equitisation.

After purchasing an enterprise, a buyer is entitled to use all the property of the enterprise, define services for new business and investment, restructure personnel, choose a form of enterprise and continue to rent land under law.

If new owners are expected to maintain current business of enterprises, they can enjoy the benefits of all contracts previously signed.

Source: TP

Translated by Hoang Anh