Clearly define the applicable subjects when amending the law on state capital management in enterprises

	PM urges effective implementation of land, housing, real estate business laws
	Minister of Finance Ho Duc Phoc: conserving and developing every State capital at enterprise

Workshop to collect opinions on the draft Law on Management and Investment of State Capital in Enterprises.

On August 16, 2024, in Da Nang, the Ministry of Finance coordinated with the National Assembly's Finance and Budget Committee to organize a workshop to collect comments on the draft Law on Management and Investment of State Capital in Enterprises. This is the 10th program in a series of workshops and discussions that the Ministry of Finance coordinated with units to collect comments to complete the draft Law before submitting it to the National Assembly for the first comments at the 8th session (October 2024).

At the workshop, Deputy Minister of Finance Le Tan Can said that the Law dossier was built on the basis of closely following the content of 6 policies approved by the Government, the National Assembly Standing Committee, and the National Assembly and widely sent to units for comments.

Therefore, the Deputy Minister requested that comments focus on Chapter 2 on management of state capital invested in enterprises, including the content on setting up development investment funds, welfare reward funds, etc.; Chapter 3 on state capital investment in enterprises with regulations on scope, authority and investment project decisions; Chapter 4 on enterprise investment activities due to its relation to the Investment Law, Construction Law, although Ministry of Finance has reviewed and adjusted it appropriately, applying it to the maximum extent so as not to adjust other Laws.

Along with that is the issue related to the restructuring of state capital in enterprises, related to the agency, the representative of capital ownership and supervision, inspection, examination and assessment of the management of state capital investment in enterprises.

According to Deputy Minister Le Tan Can, widely consulting agencies and enterprises aims to facilitate implementation for owners, enterprises, ministries, branches and localities.

Through many discussions, representatives of agencies and enterprises agreed on the need to develop a Law to fully institutionalize the Party's viewpoints and policies related to the role, restruction, innovation and improving the efficiency of state-owned enterprises.

The representative of the State Capital Management Committee at Enterprises said that the amendment of the Law will help perfect the institution, stabilize the legal environment for state capital investment in enterprises; create a complete and stable legal environment and corridor for the management and investment of state capital in enterprises; and synchronization and unity of the current legal system.

However, one issue that still causes concern for businesses is related to the regulation on the regulated subjects, because the draft Law is currently expected to regulate both the subjects of enterprises with other state capital investment (enterprises with capital invested by enterprises with direct state capital investment) and also regulates the policy on "corporate governance".

Therefore, the State Capital Management Committee at Enterprises requests the drafting agency to study and review the explanation to clarify the subjects and policies mentioned above to ensure the purpose of the Law's construction, in accordance with the policies of the Party, the National Assembly and the Government, etc.

Also on this issue, the representative of Chan Hung Investment and Development Company Limited said that the concept of enterprises with direct state capital investment and enterprises with other state capital investment as in the Draft Law is still abstract. In essence, state-owned enterprises (stipulated in Clause 11, Article 4 and Chapter IV of the 2020 Enterprise Law) investing capital in other enterprises is an investment activity of state-owned enterprises, not a direct investment of state capital in enterprises.

Therefore, Chan Hung Company proposes to unify the types of enterprises with the provisions of 2020 Enterprise Law, and at the same time, it is necessary to research and clearly identify the applicable subjects to ensure consistency between current legal documents.

Regarding the regulations on the tasks and powers of ministries, ministerial-level agencies, the State Audit and provincial People's Committees in the management and investment of state capital in enterprises, a representative of Da Nang City Department of Finance said that the draft Law only states the task of the provincial People's Committee as "inspecting and examining the activities of enterprises with state capital investment according to the assigned functions and tasks on socio-economic development planning, economic norms of sectors, fields, regions, areas and localities".

Therefore, Da Nang Department of Finance City proposed to study and supplement the tasks and powers of the provincial People's Committees accordingly. At the same time, it is recommended that the drafting agency review and adjust the draft in the direction that the financial agency at the same level is the agency coordinating with specialized agencies in advising the agency representing the capital owner to decide on personnel work, business strategies, and investment and development plans at enterprises with direct state capital investment.

In addition, experts said that it is necessary to research the direction of unifying the owners of state capital invested in enterprises into one focal point to both easily identify and handle the responsibilities of the owner agency, enterprise managers and help resolve the requests and problems of enterprises quickly and promptly.