Chapter 7
BUSINESS INVESTMENTS FUNDED BY STATE CAPITAL
Article 67 Requirements of management of investment - business funded by the State
1. Investment or business using State owned capital must be consistent with the strategy, master plan and specific plans for socio-economic development in each period.
2. Investments or business using State owned capital must be for the correct objective and must be effective, and the method of management of the investment must be appropriate for each funding source or each type of investment projects; the investment process must be conducted transparently and publicly.
3. The use of State owned capital for investment or joint venture or business co-operation with [entities] belonging to other economic sectors in accordance with law must be evaluated and approved by the body authorized to make the investment decision.
4. There must be a clear classification of the responsibilities and rights of bodies, organizations and individuals participating in the investment process; in the assignment or delegation of the powers to undertake State management of investment or business activities using State owned capital.
5. Investments using State owned capital must be lawful, must comply with the relevant schedule, must be quality investments, must be concentrated and must not involve waste, loss or secrecy.
Article 68 Investment or business using State owned capital in economic organizations
1. Capital from the State Budget shall be invested in economic organizations by way of the State Capital Investment Corporation.
2. The State Capital Investment Corporation shall operate in accordance with the law on State owned enterprises and other provisions of the relevant laws and shall exercise the rights of the representative of the owner of State owned capital in one member limited liability companies, in limited liability companies with two or more members, and in shareholding companies converted from independent State companies or in newly established State companies.
3. The Government shall provide regulations on the organization and operations of the State Capital Investment Corporation.
Article 69 Investment by the State in public utility enterprises
1. The State shall invest in the manufacture and supply of public utility goods and services by way of assigning plans, placing orders or conducting tendering.
2. Organizations and individuals from all economic sectors shall be entitled to equal participation in the manufacture and supply of public utility products and services, except in special cases in accordance with regulations of the Government. The Government shall promulgate a policy on assistance for public utility activities and a list of public utilities and products .
Article 70 Investment using investment and development credit facilities of the State
1. Entities entitled to use investment and development credit facilities of the State shall be investment projects in a number of important industries and sectors and major economic programs which will bring socio-economic benefits and which have the capacity to repay loans.
A project which applies to borrow investment and development credit facilities of the State must be evaluated and approved by the lender with respect to its financial proposal and loan repayment plan prior to any investment decision being made.
2. The Government shall issue specific regulations on the policy on assistance for investment from investment and development credit facilities of the State, on the list of potential borrowers and on conditions applicable in each period.
Article 71 Organizations and individuals which may be assigned to manage investments using State owned capital
1. The organization or individual appointed as representative of the owner of State owned capital shall be responsible for the preservation of such capital and for the effective use of such capital.
2. The organization or individual being the direct representative of the owner of the State owned capital or representative of the State owned shareholding in an enterprise shall perform the obligations and exercise the rights in accordance with the laws on management and use of State owned capital and the Law on Enterprises.
Article 72 Amendment of contents, deferment, suspension and rescission of investment projects
1. When it becomes necessary to amend the contents of an investment project, the investor must submit an explanation of the reasons therefore together with the proposed changes to the State body authorized to make the investment decision for his consideration and decision. Projects which have already commenced implementation must provide a report on assessment of the project.
2. Only after the authorized State body has provided written approval for amendment of the contents of an investment project shall the investor be permitted to formulate the amended project, organize the verification of it and submit it for approval.
3. Investment projects shall be deferred, suspended or rescinded in the following circumstances:
(a) The investor fails to commence implementation of the project within twelve (12) months from the date of the investment decision without written approval from the authorized body;
(b) There is a change in the objective of the project without written approval from the authorized body.
4. When an authorized body issues a decision on deferring, suspending or rescinding an investment project, such person shall specify the reasons therefore and shall be liable before the law for his or her decision.
Article 73 Selection of contractors to implement projects
Tendering must be conducted for selection of the contractor to provide consultancy services, for procurement of goods, and for construction and installation in the case of investment projects funded by State owned capital in accordance with the law on tendering.
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