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Official Gazette

Tuesday, May 21, 2019

New decree ties personal responsibility to information disclosure requirement

Updated: 16:16’ - 25/09/2015
The Government on September 18 issued a Decree on information disclosure of state-owned enterprises (SOEs) in an attempt to increase their transparency.

Workers at Yen Bai Construction and Mechanics Joint Stocks Company__Photo: Tran Viet/VNA

Under Decree No. 81, SOEs are requested to regularly disclose their development strategies, five-year and annual production and business and development investment plans, reports assessing the implementation of production and business plans every year and during the latest three years, and reports on the implementation of public-utility tasks and other social responsibilities.

The enterprises also have to publicize annual reports on their reorganization and renewal, reports on their governance practice and organizational structure, biannual and annual financial statements, and reports on salary and bonus regimes.

The Decree requires agencies representing the state owner, members’ councils or presidents of companies to approve information to be disclosed by SOEs, ensuring the publicity, transparency and timeliness of such information.

The enterprises shall report strategies and plans with important contents that are related to or affect national secrets and security or business secrets to agencies representing the state owner for decision on disclosure.

As regulated in the Decree, information will be disclosed on websites of enterprises and agencies representing the state owner and on the enterprise information portal of the Ministry of Planning and Investment.

Managers of enterprises will be subject to disciplining, salary rank degradation or even criminal handling if their enterprises violate regulations on information disclosure, causing serious consequences.

Meanwhile, agencies representing the state owner will be answerable to the Government for their failure to press for, supervise or examine enterprises in implementing regulations on information disclosure.

According to the Ministry of Planning and Investment, Decree No. 81 is expected to better supervise activities of SOEs, helping them improve their use efficiency of state funds, business efficiency and competitiveness.

This Decree will take effect on November 5, 2015, and replace Prime Minister Decision No. 36 dated June 18, 2014.- (VLLF)

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