Chapter II
TRANSFORMATION CONDITIONS
Article 7.- Transformation conditions
To be transformed, enterprises must satisfy the following conditions:
1. Having fully contributed the legal capital as prescribed in the investment licenses.
2. Having officially operated for at least three years with profits earned in the last year before transformation.
3. Having compiled dossiers of application for transformation.
The Ministry of Planning and Investment shall assume the prime responsibility and coordinate with the Ministry of Finance and concerned agencies in selecting foreign-invested enterprises operating in the industrial, agricultural and service sectors and satisfying the above-said conditions and submit them to the Prime Minister for consideration and decision.
Article 8.- Responsibilities and powers of enterprises in the process of transformation
1. Enterprises shall continue maintaining their organizational structures and operation under the Law on Foreign Investment in Vietnam until they are granted the adjusted investment licenses approving the enterprise transformation.
2. Enterprises must ensure normal production and business activities and ensure the laborers’ rights and interests according to the law provisions on labor.
3. The Vietnamese State encourages enterprises to sell shares under preferential terms to managerial officials, employees and workers working at the enterprises, depending on their contributions to the enterprises’ production and business results.
Article 9.- Enterprise’s value for transformation
1. The enterprise’s value for transformation is the whole value of properties inscribed in the enterprise’s records already audited within six months before the time the dossier of application for transformation is submitted. The enterprise’s value shall serve as a basis for the determination of the minimum price for selling shares and the issuance of share certificates of the companies.
2. For joint-venture enterprises, the capital-holding percentages of the joint-venture parties after the revaluation of enterprises shall be their legal capital-contributing percentages of the parties prescribed in the investment licenses.
3. For joint-venture enterprises where the Vietnamese parties contribute capital with the land use right value, the land use right value and the period of capital contribution therewith shall be kept intact under the provisions of the investment licenses and included into the enterprise’s value for transformation. Upon the expiry of the period of capital contribution with the land use right value, the joint-stock companies shall shift to the form of leasing land of the Vietnamese State.
Enterprises may hire consulting companies, financial companies, auditing companies and/or securities companies at home or abroad to determine their value, selling prices of shares or prices for issuance of share certificates.
Tìm kiếm
Nghị định 38/2003/NĐ-CP (Bản Word)