The National Assembly voted to pass the Law on Management and Investment of State Capital in Enterprises.
The Law consists of 8 Chapters and 59 Articles regulating State capital investment in enterprises and State capital management in enterprises. The Law takes effect from August 1, 2025.
Before the National Assembly voted, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai presented a report explaining, accepting and revising the draft Law. Accordingly, many major issues were accepted, explained and revised by the National Assembly Standing Committee.
Mr. Phan Van Mai said, regarding the subjects of application, there is a proposal to add state-owned enterprises according to the provisions of the Enterprise Law, including: Credit institutions in which the State holds 50% or more of the charter capital (excluding deposit insurance and policy banks); enterprises with investment capital from political organizations, socio-political organizations, and the Vietnam Fatherland Front.
According to the National Assembly Standing Committee, the charter capital of enterprises belonging to Party agencies, the Fatherland Front, and socio-political organizations, socio-professional organizations assigned by the State upon establishment includes not only state capital but also uses many other capital sources. Therefore, including this group of enterprises in the scope of regulation of the draft Law will not ensure consistency with the objectives and subjects of regulation of the Law.
However, in order to create a legal basis for investment and capital management activities of the above organizations, the draft Law has stipulated in Article 56 and assigned the Government to specify in detail.
In addition, to ensure consistency in the legal system, the National Assembly Standing Committee has directed agencies to review, revise and supplement the content of "investment and support" of the State for the Cooperative Bank of Vietnam in Article 57 of the draft Law.
Regarding capital mobilization and lending, there are suggestions to clearly define the conditions, authority, and responsibilities of each entity in capital mobilization and lending so that enterprises can proactively decide on loan sources and loan interest rates for subsidiaries.
Mr. Phan Van Mai said that institutionalizing Resolution No. 12-NQ/TW, which allows enterprises to lend capital to companies in which they hold more than 50% of the charter capital, will contribute to enhancing the autonomy and self-responsibility of enterprises; creating conditions for enterprises established or invested by enterprises to access reasonable capital sources and have more resources for development. At the same time, the draft Law assigns the Government to specify the conditions for guarantees and lending conditions to ensure strict management and risk control.
Thus, the draft Law has basically covered the issues that National Assembly deputies are concerned about, harmonizing the autonomy in production and business activities of enterprises and the requirements of State supervision and management.
The National Assembly Standing Committee recommends that when drafting detailed regulations, the Government should pay attention to clearly defining the conditions and purposes of loan use, evaluating the effectiveness of loan use, loan security measures, and monitoring and inspection mechanisms during the lending and debt collection process; ensuring that loans are used for the right purposes and can be fully and timely recovered.
One of the notable points is regarding business investment activities. There is a proposal to consider not allowing all state-owned enterprises to invest in real estate, but only allowing large state-owned enterprises to invest in this field.
The Standing Committee of the National Assembly believes that state-owned enterprises are allowed to conduct business activities in accordance with the provisions of law and the direction of the State in its role as owner through the charter and development strategy of the enterprise. Therefore, the regulation that does not allow all state-owned enterprises to invest in real estate, but only allows a number of large-scale state-owned enterprises to carry out this investment activity, will limit the autonomy of enterprises in their business activities, which is not in line with the Party's policy on innovation and improving the operational efficiency of state-owned enterprises. Therefore, the Standing Committee of the National Assembly does not stipulate this content in the draft Law.
Regarding the transfer of investment projects and investment capital of enterprises, there are opinions that it is necessary to regulate more strictly the transfer of investment projects in Article 21 and assign the Government to provide detailed regulations.
In response to the opinions of National Assembly deputies, in order to ensure flexibility in implementation, timely handling of situations arising in practice while still maintaining the requirements of publicity and transparency, the National Assembly Standing Committee has directed agencies to review and revise Clause 6, Article 21 of the draft Law and assigned the Government to specify this Article in detail.
Thu Giang
Source: https://baochinhphu.vn/luat-moi-mo-rong-quyen-tu-chu-cho-doanh-nghiep-nha-nuoc-102250614111239597.htm
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