Chapter VII
SUPERVISION AND INSPECTION OF THE INVESTMENT, MANAGEMENT AND UTILIZATION OF STATE CAPITAL IN ENTERPRISES
Section 1: SUBJECT-MATTERS OF SUPERVISION AND INSPECTION OF THE INVESTMENT, MANAGEMENT AND UTILIZATION OF STATE CAPITAL IN ENTERPRISES
Article 51. Supervision and inspection of state investment in an enterprise
1. Issuance of policies and laws on state investment in an enterprise.
2. Investment of state capital in an enterprise that must adhere to objectives, principles and scopes stipulated by this Law.
3. Determination of invested capital, balancing of invested capital spending and revenue as well as utilization of capital sources as state investments in enterprises.
4. Economic and social efficiency in investment of state capital in enterprises.
5. Decision on investment intention, application process and procedure for the decision on investment of state capital in enterprises.
6. Exercising of powers or performance of duties of the owner's representative agency towards the state investment in enterprises.
Article 52. Supervision and inspection of the management and utilization of capital and assets of enterprises of which 100% charter capital is held by the State
1. Issuance of policies and laws on management and utilization of capital and assets in enterprises.
2. Exercise of powers or assumption of responsibilities of the owner's representative agency towards the management and utilization of capital and assets in enterprises.
3. Implementation of the plan for production, business, and the financial plan and strategy for corporate development, and performance of tasks in providing public products and services according to the purchase order placed by the State or as planned.
4. Capital mobilization and utilization of mobilized capital, management of receivables, payables, and implementation of projects for investment, purchase and sale of fixed assets, and preservation and development of corporate capital.
5. Introduction of internal rules and regulations of the enterprise.
6. External and outward investment activities of the enterprise.
7. Disposal and divestment of capital, and collection of distributable profit and dividends on the enterprise’s external investments.
8. Management of the enterprise’s paid-in capital invested in joint-stock companies and multiple-member limited liability companies.
9. Implementation of regulations on salary, wage, remuneration, bonus, responsibility allowance, and other benefits paid to employees, managers, auditors and representatives of corporate capital share.
10. Fulfillment of obligations to the State budget, distribution of profits, setting up and utilization of corporate funds.
Article 53. Supervision and inspection of management of state capital invested in joint-stock companies and multiple-member limited liability companies
1. Introduction of policies and laws on management of state capital invested in joint-stock companies and multiple-member limited liability companies.
2. Exercise of powers and assumption of responsibilities of the owner’s representative agency for the state investment in joint-stock companies and multiple-member limited liability companies.
3. Maintenance of the accepted ratio of stocks and contributed capital in joint-stock companies and multiple-member limited liability companies, which must conform to criteria for rating enterprises as stipulated by laws.
4. Appointment, exercise of powers, assumption of responsibilities, payroll, remuneration, bonus, responsibility allowance and other benefits for a representative of state capital share.
5. Implementation of the plan for the divestment of state capital, collection of distributable profits and dividends from joint-stock companies and multiple-member limited liability companies.
Article 54. Supervision and inspection of restructuring of state capital in enterprises
1. Introduction of policies and laws on restructuring of state capital invested in an enterprise.
2. Exercise of powers or assumption of responsibilities of the owner's representative agency towards the restructuring of state capital invested in an enterprise.
3. Preparation, approval and implementation of the plan to restructure state capital invested in an enterprise.
Section 2: ARRANGEMENT FOR SUPERVISION AND INSPECTION OF THE INVESTMENT, MANAGEMENT AND UTILIZATION OF STATE CAPITAL IN ENTERPRISES
Article 55. Supervisory role of the National Assembly
1. The National Assembly, its Standing Committee, Ethnic Council, Committees of the National Assembly, Delegation of the National Assembly and its delegates shall take control of investment, management and utilization of state capital in enterprises in accordance with legal regulations and laws on the National Assembly's supervision activities.
2. The National Assembly must review the report of the Government on the current status of investment, management and utilization of state capital in enterprises that take place in the prior year at the National Assembly’s year-end plenary session.
3. For the interval between two plenary sessions, the Standing Committee of the National Assembly shall have the right to request the Government, Prime Minister and other governmental cadres to clarify and answer any question about investment, management and utilization of state capital invested in enterprises.
Article 56. The Government’s inspection and supervision
1. The Government and Prime Minister, within their powers and duties, shall organize the inspection and supervision of the following operations:
a) Formulation, issuance and implementation of policies and laws on investment, management and utilization of state capital in enterprises;
b) Exercise of powers and assumption of responsibilities of the owner’s representative agency;
c) Outcome of manufacturing, business activities, and preservation and development of state capital invested in enterprises.
2. The Ministry of Finance:
a) Advise the owner’s representative agency on solutions or measures to investment, management and utilization of state capital invested in enterprises;
b) Annually collect, propose and suggest solutions and measures to investment, management and utilization activities of state capital in enterprises throughout the country, which shall be then reported to the Government.
3. Ministries, ministerial-level bodies shall carry out the inspection and supervision of investment, management and utilization of state capital invested in enterprises within their powers and duties.
Article 57. Inspection and supervision carried out by the owner's representative agency
1. Inspection and supervision carried out by the owner's representative agency:
a) Investment, management and utilization of state capital invested in enterprises; efficiency in manufacturing, business activities, and preservation of development of state capital invested in enterprises;
b) Exercise of powers and assumption of responsibilities of managers, auditors and representatives of state capital share;
c) Compliance with the enterprise’s policies and laws;
d) Investment, capital divestment, collection of distributable profits and dividends in joint-stock companies and multiple-member limited liability companies;
dd) Conformance to any requests and alerts from State management agencies, inspection and audit agencies, and the owner’s representative agency in relation to investment, management and utilization of state capital invested in enterprises.
2. Given the result of such supervision and inspection stipulated in Clause 1 of this Article, the owner’s representative agency shall take the following actions:
a) Warning of and handling any problem that has been detected during supervision, examination and inspection process;
b) Requesting the full implementation, and send the timely petition and warning pertaining to investment, management and utilization of state capital invested in enterprises to state management agencies, inspection and audit agencies;
c) Imposing or requesting, within its delegated authority, imposition of penalties for managers, auditors and representatives of state capital share, who have committed violations against regulations on investment, management and utilization of state capital invested in enterprises;
d) Submit to the Ministry of Finance annual summary reports on investment, management and utilization of state capital in enterprises established under their decision or managed under their delegated authority.
Article 58. Internal supervision of the enterprises of which 100% charter capital is held by the State
1. The enterprise shall carry out the internal supervision over the followings:
a) Outcome of manufacturing and business activities, and preservation and development of state capital invested in enterprises;
b) Exercise of powers and assumption of responsibilities of managers, auditors and representatives of corporate capital share;
c) Capital investment and divestment, and collection of distributable profits and dividends in joint-stock companies and multiple-member limited liability companies;
d) Compliance with policies and laws on enterprises;
dd) Other contents as requested by the owner’s representative agency.
2. The Board of Members or the President of the enterprise shall timely take preventive measures against any risk to the safety of management of capital and assets in enterprises with reference to the result of internal supervision; strictly follow requests and warnings from supervision and inspection agencies.
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