According to the provisions of the draft Law on Management and Investment of State Capital in Enterprises, the Prime Minister only decides on the personnel of the head and business strategies of a number of enterprises holding leading, key, and important positions and roles in the country according to a specific list in each period.
On the morning of October 7, the 38th Session began, under the direction of Vice Chairman of the National Assembly Nguyen Duc Hai, Standing Committee of the National Assembly Comment on the draft Law on Management and Investment of State Capital in Enterprises.
The government manages state capital through the agency representing the capital owner.
Presenting the draft law, Deputy Minister of Finance Cao Anh Tuan stated that the scope of regulation of Law No. 69/2014/QH13 with the content of "using state capital" and "investing in production and business" shows the detailed and narrow approach, limiting the autonomy of enterprises in using capital and assets in production and business activities.
At the same time, it also shows the administrative intervention of the state in the operation of enterprises; does not cover the management of state capital invested in enterprises; and does not include the content of arrangement and restructuring. State capital in enterprises.
Therefore, it is necessary to adjust the scope in the direction of not specifically regulating the content of "using capital and assets at enterprises". Accordingly, the use of capital and assets is regulated in the direction of "investing state capital in enterprises"; regulations on capital mobilization; purchase, sale, use of fixed assets; management of receivables and payables are assigned to enterprises to decide in order to clearly identify the State as the owner of capital investment, management according to the capital contribution at enterprises, not administrative intervention in the operations of enterprises; strengthen strong decentralization associated with the accountability of enterprises.
Regarding the management of state capital invested in enterprises, Mr. Tuan said that the draft regulation directs the Government to unify capital management through the capital owner representative agency, and the capital owner representative agency manages the capital portion in enterprises with state investment capital.
The Prime Minister exercises a number of rights of the capital owner in a number of enterprises with large state capital investment, holding leading, key and important positions and roles in the national economy in each period. Assigns the capital owner representative agency to exercise the powers and obligations as an investor and equally with other investors, and assigns the remaining responsibilities to the enterprise; on that basis, specifically stipulates the authority over personnel work, business strategy, annual business plan and profit distribution of the enterprise.
The Prime Minister only decides on the personnel of the head and business strategies of a number of enterprises holding key, important, and leading positions and roles nationally according to a specific list in each period.
Specifically, the draft stipulates: “The Prime Minister decides to appoint, re-appoint, hire, accept resignation, dismiss, terminate the lease contract, reward, and discipline the Chairman of the Board of Members, Chairman of the company at enterprises with 100% state-invested charter capital that play a leading role, hold key positions in the economy, and manage important national infrastructure. The Government decides on a specific list of enterprises in each period.”
The Prime Minister decides on a number of personnel matters for the Chairman of the Board of Members and Chairman of the company at 100% state-owned enterprises.
It is necessary to specify the authority to decide on personnel work for each type of enterprise.
Examining the draft Law, Chairman of the National Assembly's Finance and Budget Committee Le Quang Manh said that the Standing Committee of the Committee believes that the regulation on "hiring" and "hiring contract" of the Chairman of the Board of Members and Chairman of the Company also needs to ensure consistency with the Law on Enterprises because the Law on Enterprises does not have this provision.
There are opinions at the appraisal agency suggesting clarifying the concept and determining enterprises playing a leading role and holding a key position in the economy or providing general principles for determination; at the same time, suggesting adding regulations on the order and procedures for decision making.
The majority of opinions of the Standing Committee of the Review Committee suggested that it is necessary to specify the authority to decide on personnel work for each type of enterprise because the provisions in the draft Law are only suitable when applied to enterprises with 100% state capital. Enterprises with 50% to less than 100% state capital must, in addition to complying with the provisions of this Law and the Enterprise Law, also comply with the Company Charter.
In principle, the order of distribution of after-tax profits, the Government proposes to allocate no more than 50% to the Development Investment Fund to be held at the enterprise to invest additional capital in the enterprise to carry out business investment projects, projects to enhance the enterprise's management capacity. The balance of the Development Investment Fund held at the enterprise when the enterprise has no need, has no plan to use it, is submitted to the state budget or transferred between enterprises according to the Prime Minister's decision. The remaining amount after use, setting up funds according to regulations, the enterprise submits to the state budget.
According to this plan, the estimated amount paid to the state budget from profits and dividends will decrease by about VND 19,847 billion/year and enterprises can use this source to supplement their charter capital, which is VND 19,847 billion (according to the 2021 state budget revenue settlement approved by the National Assembly with the total amount paid to the budget from dividends, profits, and after-tax profits of enterprises being VND 69,463 billion).
The majority of opinions in the Standing Committee of the Finance and Budget Committee agreed with the maximum provision level as stipulated in the draft. However, it is recommended to consider and empower the owner's representative agency to decide on the specific level at each enterprise.
In addition, there is a proposal to stipulate a 100% deduction for the Development Investment Fund because this is the profit after completing tax obligations to the state and creates an important resource for enterprises, especially small-scale enterprises, defense and security enterprises, and public utility enterprises to increase charter capital, reinvest in production and business, expand scale, improve investment efficiency and better perform assigned political tasks.
There is a proposal to set a deduction rate of 80% to ensure resources for enterprises to reinvest in development, while fulfilling the obligation to pay dividends to state investors and transferring 20% of profits to the budget to ensure the state's interests from investing state capital in enterprises.
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