Decree No. 25/2010/ND-CP dated March 19, 2010 of the Government on transformation of state companies into one-member limited liability companies and management of state-owned one-member limited liability companies

THE GOVERNMENT	SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom - Happiness
No.: 25/2010/ND-CP	Hanoi, March 19, 2010

DECREE

ON TRANSFORMATION OF STATE COMPANIES INTO ONE-MEMBER LIMITED LIABILITY COMPANIES AND MANAGEMENT OF STATE-OWNED ONE-MEMBER LIMITED LIABILITY COMPANIES

THE GOVERNMENT

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the November 26, 2003 Law on State Enterprises;

Pursuant to the November 29, 2005 Law on Enterprises;

At the proposal of the Minister of Planning and Investment,

DECREES:

Chapter I GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree provides for the transformation of state companies into one-member limited liability companies and management of State-owned one-member limited liability companies.

Article 2. Subjects of application

1. Enterprises eligible for transformation as defined in Article 7 of this Decree.

2. State-owned one-member limited liability companies.

3. Organizations and individuals involved in the transformation, management and operation of State-owned one-member limited liability companies.

Article 3. The owner and assignment and decentralization of the exercise of rights and performance of obligations of the owner towards one-member limited liability companies

The State is the owner of one-member limited liability companies whose charter capital is wholly held by it. The Government shall uniformly organize the exercise of rights and performance of obligations towards one-member limited liability companies whose charter capital is wholly held by the State. The rights and obligations of the owner of a one-member limited liability company transformed from a state company or newly established shall be exercised and performed by only one organization assigned or decentralized as follows:

1. The Prime Minister or a specialized organization assigned by the Government shall exercise the rights and perform the obligations of the owner of one-member limited liability companies transformed from parent "companies of state economic groups, state corporations or large-sized or important state companies established under the Prime Minister's decisions.

2. Ministries and People's Committees of provinces and centrally run cities (below referred to as provincial-level People's Committees) shall be decentralized to exercise the rights and perform the obligations of the owner of one-member limited liability companies transformed from: