On March 06, 2014, the Government issued the Resolution No. 15/NQ-CP on solutions for speeding up equitization and withdrawal of state capital from enterprises.
Of which, one of the most significant point is regulation on solutions to withdrawal of investment capital outside core production and business fields under the approved.
Accordingly, in addition to complying with the Government’s Decree No. 71/2013/ND-CP of July 11, 2013, on investment of state capital in enterprises and financial management of wholly state-owned enterprises, state economic groups, corporations and enterprises may implement the following solutions: to withdraw investment capital shares in other enterprises under par value or book value after deducting amounts of provision for loss of financial investments under regulations and based on the investment capital withdrawal plan considered and decided by the owner;
To make public offering of shares invested by state enterprises in public companies engaged in production and business activities… For withdrawal of capital of state groups and corporations from financial investment companies and commercial banks, to designate state commercial banks to acquire such capital or to let the State Bank of Vietnam act as the owner representative.
Under this Resolution, for transfer of investments in unlisted joint-stock companies, which are valued at VND 10 billion or higher according to the par value, to select and hire an intermediate financial institution (Securities Company) to conduct an auction or to conduct an auction themselves. In case of unsuccessful auction, enterprises shall report such to the owners for consideration and decision on sale under agreement.
