La structure du mémoire Le sujet du mémoire: Actionnarisation des entreprises étatiques: de la réglementation 4 I’ actualité.Mon mémoire se compose de 3 parties suivantes: - Partie 1: Gé
LES EFFETS DE L?ACTIONNARISATION “`
Malgré le nombre des entreprises actionnarisées est limité mais nous ne pouvons pas nộgliger les effets de l actionnarisation pour l'ộconomie du pays et pour ẽ entreprise actionnarisée.
SECTION 1 : EFFETS MACRO ECONOMIQUES DE L’ ACTIONNARISATION
Through the process of privatization, hundreds of state-owned enterprises are being restructured This approach helps to reduce budget deficits, balance payments, and concentrate capital sources to finance new investment projects in the most profitable sectors.
According to the government's investment plan for 2000-2010, maintaining an annual growth rate of 8-9% and increasing the GNP by 2 to 2.5 times will require total investment capital of approximately $40-50 billion This plan entails mobilizing internal capital at a level three times higher than during the 1990-2000 period The process of shareholder involvement will provide significant capital for stable growth, help control inflation, stabilize prices, and foster competition and private sector development.
Shareholding allows the state to reduce investment risks by diversifying its capital across various economic sectors This approach also aims to encourage domestic investment for economic development Furthermore, the state no longer bears the burden of substantial annual expenses required to sustain thousands of state-owned enterprises and seeks to eliminate government subsidies entirely.
Shareholding will serve as a crucial foundation for establishing a capital market and stock exchange, primarily focused on the shares and bonds of joint-stock companies On one hand, it encourages foreign investment, introduces advanced technologies, and brings in foreign management experiences while expanding the consumer market On the other hand, it is a necessary condition for mobilizing additional international financial resources, such as foreign direct investment (FDI) and loans from international financial institutions.
LE THỊ THU HA - DESS DROIT DES AFFAIRES INTERNATIONALES
Actionnarisation des entreprises étatiques au Vietnam : de la réglementation à l’actualité
SECTION 2: EFFETS DE L’ACTIONNARISATION SUR L’ENTREPRISE
ACTIONNARISEE §1 L’actionnarisation permet de résoudre au probleme de manque de capitaux des entreprises étatiques.
Le manque de capitaux destinés a la rénovation technologique et a |’élargissement de la production constitue un casse-téte pour les entreprises étatiques au Vietnam.
The shareholder policy of state-owned enterprises enables them to attract significant capital from both their employees and external investors In July, two major stock exchange centers were established to facilitate these transactions.
2000, les sociétés qui y sont cotées en bourse pourront attirer des sources de capitaux importantes pendant un court temps.
For many residents unable to engage directly in production or commercial activities, investing in shares or bonds of a profitable company is a wise choice, especially given the low interest rates on savings The ability to transfer these shares and bonds offers significant flexibility, allowing those with short-term capital to participate in long-term investment sectors Consequently, a substantial amount of short-term capital can be converted into long-term investments, enhancing the appeal of joint-stock companies in attracting capital.
Currently, the Vietnamese government has opened up opportunities for foreign investors to acquire shares in joint-stock companies, addressing the capital shortage in the Vietnamese market Foreign investors highly value stock market investments, as this platform facilitates the movement of their capital across different countries and regions worldwide, enabling them to respond effectively to unfavorable developments in their host countries.
Thanks to their ability to mobilize capital, joint-stock companies can swiftly modernize equipment and technology, enhance competitiveness, and boost production—tasks that are challenging for state-owned enterprises reliant on limited government budgets To expand investment opportunities, state-owned companies must seek alternative funding sources.
LE THỊ THỊ HA - DESS DROIT DES AFFAIRES INTERNATIONALES
Actionnarisation des entreprises étatiques au Vietnam - de la réglementation a l’actualité n’ont d’autre choix que d’avoir recours aux crédits bancaires qui sont également limités.
A cela s`aJoute le souci de payer périodiquement I’intérét et enfin le principal a terme. Cela explique ]’instabilité du capital des entreprises étatiques.
Quant aux sociétés par actions, il est possible que les actionnaires transférent leurs actions pour rembourser leurs capitaux mais le capital de la société reste toujours stable.
When it comes to capital mobilization for expanding investment, organizing a business as a joint-stock company is more effective than state-owned enterprises.
Jusqu’en Juin 2002, 10 ans aprés la mise en oeuvre de la politique d’actionnarisation, pres de 800 entreprises sont actionnarisées soit 13% des entreprises existantes et plus de
3000 milliards de dôngs provenant de |’extérieur ont été investis dans l’élargissement de la production.
The Société par Actions du Cable et des Matériaux de télécommunication (SACOM) serves as a significant example of successful corporate transformation Prior to its privatization, SACOM faced severe challenges, including a capital of only 21 billion dongs and outdated production facilities inherited from the United States, leading to a low production capacity and near bankruptcy due to substantial losses To enhance product quality and commercial efficiency, technological renovation became essential However, implementing a modern production line that meets international standards required significant investment Consequently, the company's management opted for privatization, a decision that proved to be wise Following this transition, SACOM's statutory capital surged to 126 billion dongs—six times its previous amount—with 10% of shares held by the state, 10% by employees, and the remainder by private shareholders This effective capital mobilization resulted in a sixfold increase in the company's power and improved economic indicators within just one year.
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Actionnarisation des entreprises étatiques au Vietnam : de la réglementation a l’actualité
TableauS : Les résultats obtenus de SACOM avant et apres l’actionnarisation
Unité Avant (1997) Aprés % Production Km 130.665 576.000 440 Chiffre d’ affaires Millions de dôngs 55.436 150.000 270 Bénéfices idem 8.268 32.000 389 Bénéfices après impôt idem 5.558 32.000 575 Impôt payé idem 4.969 13.866 279 Emploi Personnes 120 151 125 Dividende % 16
Salaire moyen des salariés 1000/par/mois 2.612 2.738 5 Capital statuaire Millions de dôngs 181.135
Source: Rapport financiére de la société SACOM
SACOM serves as a valuable model for other companies struggling to secure capital for technological upgrades Additionally, the successes achieved by SACOM illustrate the effectiveness of the government’s shareholder action programs.
Vient ensuite le cas de la société par actions du papier de Hai Phong (HAPACO) En
1996, HAPACO a été choisi comme une entité pilote du programme d’actionnarisation.
In June 1998, after 14 months of transformation, the Hai Au Paper Joint Stock Company was established from three of the eight member companies of HAPACO The company is primarily owned by its employees, holding 60% of the shares, while the state owns 15% and the remaining shares are held by non-member shareholders By 1990, Hai Au experienced significant growth, tripling its statutory capital and providing shareholders with dividends equivalent to 100% of their initial investment Key performance indicators, including production value, revenue, and contributions to the budget, increased by 32% to 43% Concurrently, Hai Au launched and implemented two new investment projects.
Hai Au Corporation and Hai Phong Paper Company, a public enterprise at the time, occupy the same area and share a common entrance.
LẺ THỊ THỦ HA ~ DESS DROIT DES AFFAIRES INTERNATIONALES
The process of privatizing state-owned enterprises in Vietnam has seen significant developments, particularly with Hai Au Corporation, where employees expressed strong support for exclusive privatization This led to a successful second privatization campaign that concluded in just three months, with the sale of shares completed in only six days The merger between Hai Au Corporation and Hai Phong Paper Company resulted in the formation of Hai Phong Paper Corporation (HAPACO), which, by the first quarter of 2000, boasted a statutory capital exceeding 10 billion dong, with 70% held by corporate shareholders and 25% by non-member shareholders.
HAPACO has increasingly engaged in market activities, having been granted permission to list on the Ho Chi Minh City Stock Exchange on July 17, 2000 By early 2002, the company achieved a remarkable tenfold growth, a figure sought after by many businesses At the end of 2001, HAPACO was authorized to issue an additional one million shares to mobilize dormant capital from the public, aiming for improved investment capabilities and collaboration with a major South Korean company Furthermore, shareholder participation helps clarify asset rights within state-owned enterprises and ensures greater autonomy in their commercial operations.
Effets de l’actionnarisation sur l’entreprise actionnarisée
ACTIONNARISEE §1 L’actionnarisation permet de résoudre au probleme de manque de capitaux des entreprises étatiques.
Le manque de capitaux destinés a la rénovation technologique et a |’élargissement de la production constitue un casse-téte pour les entreprises étatiques au Vietnam.
The policy of shareholder engagement in state-owned enterprises enables them to attract significant capital from both employees and external investors In July, two major stock exchange centers were established to facilitate this process.
2000, les sociétés qui y sont cotées en bourse pourront attirer des sources de capitaux importantes pendant un court temps.
For many residents unable to engage in direct production or commercial activities, investing in shares or bonds of a profitable company is a wise choice, especially in an environment with low savings interest rates The ability to transfer shares and bonds adds flexibility to this investment type, allowing those with short-term capital to participate in long-term investment sectors Consequently, a significant amount of short-term capital from individuals can be transformed into long-term capital for the company, which is a key advantage of joint-stock companies in attracting investment.
The Vietnamese government has recently allowed foreign investors to acquire shares in joint-stock companies, addressing the capital shortage in the Vietnamese market This move has made stock market investments increasingly appealing to foreign investors, as it facilitates easier capital movement across countries and regions worldwide Additionally, it enables them to respond effectively to unfavorable developments affecting their investments in host countries.
Thanks to their capital mobilization advantages, joint-stock companies can swiftly modernize equipment and technology, enhance competitiveness, and boost production—tasks that are challenging for state-owned enterprises reliant on limited government budgets To expand investment opportunities, state-owned companies must seek alternative funding sources.
LE THỊ THỊ HA - DESS DROIT DES AFFAIRES INTERNATIONALES
Actionnarisation des entreprises étatiques au Vietnam - de la réglementation a l’actualité n’ont d’autre choix que d’avoir recours aux crédits bancaires qui sont également limités.
A cela s`aJoute le souci de payer périodiquement I’intérét et enfin le principal a terme. Cela explique ]’instabilité du capital des entreprises étatiques.
Quant aux sociétés par actions, il est possible que les actionnaires transférent leurs actions pour rembourser leurs capitaux mais le capital de la société reste toujours stable.
When it comes to mobilizing capital for expanding investment, organizing a business as a joint-stock company proves to be more effective than state-owned enterprises.
Jusqu’en Juin 2002, 10 ans aprés la mise en oeuvre de la politique d’actionnarisation, pres de 800 entreprises sont actionnarisées soit 13% des entreprises existantes et plus de
3000 milliards de dôngs provenant de |’extérieur ont été investis dans l’élargissement de la production.
The Société par Actions du Cable et des Matériaux de télécommunication (SACOM) exemplifies the impact of shareholder engagement Prior to becoming a publicly traded company, SACOM struggled with outdated production facilities and a capital base of only 21 billion dongs, often teetering on the brink of bankruptcy due to significant losses To enhance product quality and operational efficiency, technological modernization became essential However, upgrading to a modern production line that meets international standards required substantial investment Consequently, the company's management opted for privatization, a decision that proved to be highly beneficial Following this transition, SACOM's statutory capital surged to 126 billion dongs—a sixfold increase—with 10% of shares held by the state, another 10% by employees, and the remainder by external shareholders This effective capital mobilization resulted in a sixfold boost in the company's strength and improved economic indicators within a year.
LE THỊ TINH HA - DESS DROIT DES AFFAIRES INTERNATIONALES
Actionnarisation des entreprises étatiques au Vietnam : de la réglementation a l’actualité
TableauS : Les résultats obtenus de SACOM avant et apres l’actionnarisation
Unité Avant (1997) Aprés % Production Km 130.665 576.000 440 Chiffre d’ affaires Millions de dôngs 55.436 150.000 270 Bénéfices idem 8.268 32.000 389 Bénéfices après impôt idem 5.558 32.000 575 Impôt payé idem 4.969 13.866 279 Emploi Personnes 120 151 125 Dividende % 16
Salaire moyen des salariés 1000/par/mois 2.612 2.738 5 Capital statuaire Millions de dôngs 181.135
Source: Rapport financiére de la société SACOM
SACOM serves as a model for other companies struggling to raise capital for technological upgrades Additionally, the successes achieved by SACOM highlight the effectiveness of the government's shareholder programs.
Vient ensuite le cas de la société par actions du papier de Hai Phong (HAPACO) En
1996, HAPACO a été choisi comme une entité pilote du programme d’actionnarisation.
In June 1998, after 14 months of transformation, the Hai Au Paper Joint Stock Company was established from three of the eight member companies of HAPACO Employees hold 60% of the shares, while the state owns 15%, and the remainder is held by non-member shareholders By 1990, Hai Au experienced significant growth, tripling its statutory capital and providing dividends equal to 100% of the contributed capital Key performance indicators, such as production value, revenue, and contributions to the budget, increased by 32% to 43% During this period, Hai Au also initiated and implemented two new investment projects.
Hai Au Corporation and Hai Phong Paper Company, a public enterprise at that time, occupy the same area and share a common entrance.
LẺ THỊ THỦ HA ~ DESS DROIT DES AFFAIRES INTERNATIONALES
The state-owned enterprise privatization in Vietnam has gained momentum, particularly with the case of Hai Au, where employees have shown a strong appreciation for the process and have requested exclusive privatization from local authorities Building on positive experiences and meeting employee expectations, the second privatization campaign was completed in just three months, with the sale of shares taking only six days The merger between Hai Au and Hai Phong Paper Company resulted in the establishment of Hai Phong Paper Joint Stock Company (HAPACO) By the first quarter of 2000, HAPACO's statutory capital exceeded 10 billion dongs, with member shareholders holding 70% and non-member shareholders 25%.
HAPACO has increasingly engaged in market activities, having received permission for stock listing at the Ho Chi Minh City Stock Exchange on July 17, 2000 By early 2002, the company achieved a remarkable tenfold growth, an impressive feat sought after by many competitors At the end of 2001, HAPACO was authorized to issue an additional one million shares to mobilize dormant capital from the public, enhancing investment capabilities and fostering cooperation with a major South Korean company Furthermore, the process of shareholder engagement has helped clarify asset rights within state-owned enterprises and ensured greater autonomy in their commercial operations.
Thanks to shareholding, public ownership rights are categorized into rights held by legal entities and rights held by individuals, specifically referring to ownership rights of shares.
Through shareholding, a company gains the rights of a legal entity, allowing it to seize, utilize, and manage assets contributed by the state and other shareholders for profit While the state remains the original contributor and owner of public assets, its ownership rights have diminished and are inherently transferred to the legal entity Consequently, the state's investment rights have evolved into share ownership rights However, the state can no longer unilaterally dictate the company's commercial activities or manage the assets of the legal entity Once the rights to the legal entity's assets are established based on the initial asset rights, both state and shareholder assets are transformed into the company's assets.
LE THỊ THỊ HA - DESS DROIT DES AFFAIRES INTERNATION ALES
The state-owned enterprises in Vietnam are undergoing a process of corporatization, which emphasizes the autonomy of these entities in managing their assets and conducting business without direct state intervention However, the government's influence persists indirectly through the General Assembly of Shareholders and the Board of Directors, particularly in companies where the state holds a significant stake This regulatory framework aims to balance state oversight with the operational independence of these enterprises.
The privatization of state-owned enterprises fosters their autonomy in commercial activities while enabling the government to guide those requiring developmental direction This oversight is executed through economic intervention as a majority shareholder, rather than through previous imperative, administrative, or bureaucratic measures Additionally, a well-structured joint-stock company model enhances production efficiency and addresses indifference and irresponsibility concerning public assets within state enterprises.
OBSTACLES DU PROCESSUS DE L? ACTIONNARISATION
A coté des effets positifs pour l'économie et pour Ì enlreprise actionnarisée, lactionnarisation rencontre beaucoup d obstacles causés dans et apres la transformation de propriété.
The experiences of various countries indicate that shareholder engagement and privatization are typically governed by comprehensive legal frameworks However, in Vietnam, the legal environment surrounding this process is limited to decrees, leading to hesitations among companies where the state does not hold 100% ownership, as they fear losing management rights and influence over dependent enterprises A lack of unified understanding of shareholder engagement across different ministries and authorities has resulted in many leaders, employees, and citizens misunderstanding its significance, equating it with privatization Consequently, when state subsidies are removed, employees understandably fear job instability and loss of income Remaining reliant on state support, they exhibit a cautious attitude toward innovation Meanwhile, leaders, who are apprehensive about losing the privileges associated with state enterprises, are reluctant to pursue shareholder engagement to avoid potential risks.
The lack of a specific mandate from the state regarding the number of state-owned enterprises to be privatized results in ministries, branches, and local authorities relying solely on the willingness of companies, leading to minimal proactive efforts Additionally, the absence of a clear classification complicates the identification of companies that have not yet been privatized or where the state should retain majority shares Consequently, the state holds special shares in over 50% of privatized companies, which hampers the dynamism of productive and commercial activities.
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Actionnarisation des entreprises étatiques au Vietnam - de la réglementation a l’actualité
SECTION 2 : OBSTACLES DANS LES REGLEMENTS LEGISTRATIFS §1 Réglement de la premiere offre de vente
The provision outlined in Order No 44/CP is unreasonable as it imposes a limit on the number of shares that both legal entities and individuals can purchase during the initial sale, aiming to prevent monopolies and privatization risks This restrictive measure may dampen investor enthusiasm, and if the company fails to sell all available shares, it could hinder the effective process of shareholder engagement and capital mobilization.
Limiting participation in state-owned enterprises to executives, managers, and their immediate family members is irrational This rule not only fails to encourage individuals who have made significant contributions but also makes investors more cautious, negatively impacting the process of shareholder engagement and the growth of shareholder-driven companies.
Thirdly, the regulations regarding the allowable proportion of shares held by foreign investors are conflicting According to the Law on Foreign Direct Investment and Decision No 45/1999/QD-TTg, foreigners are entitled to hold a maximum of 30% of the regulatory fund, whereas Decision No 139/1999/QD-TTg allows only 20% This discrepancy may explain why foreign shareholders are rarely found among investors In some companies, the sale of shares to foreign investors is limited to project phases only.
The decree number 44ND-CP allows employees to purchase up to 20% of the state's total capital in a company at a preferential price reduction of 30% However, a significant issue arises as the regulation only addresses equality without considering the feasibility for employees.
En fait, ce privilege nˆest pas souvent a la portée des travailleurs pauvres qui, avec leurs économies, ont beaucoup de mal a acheter des actions méme a un prix moins éÌevé.
LẺ THỊ THỦ HA - DESS DROIT DES AFFAIRES INTERNATION ALES
Actionnarisation des entreprises étatiques au Vietnam : de la réglementation à UVactualité
Another issue arises regarding the poverty threshold used to determine eligibility for credit purchases, which is deemed irrational and unrealistic The Ministry of Labor and Social Affairs has set an average monthly salary of 300,000 VND per person, raising several questions Firstly, how do we account for families where only one member works in a state enterprise while others are employed elsewhere? Additionally, this threshold is not applicable as financial situations vary significantly across different regions.
Subsequently, Instruction No 03/1999/TT-LDTBXH, issued by the Ministry of Labor and Social Affairs on January 19, 1999, delegates decision-making to management, the PCV Committee, and the Union through worker congresses However, this measure necessitates impartiality and high accountability from the management of each enterprise.
B Conformément aux réglementations, l’entreprise actionnarisée s’occupe directement de la vente des actions, ce qui risque un manque de franchise et donc une actionnarisation de Ì inIérieuF.
Many companies strive to maintain internal distribution, minimizing external involvement Despite some firms advertising 10-20% of shares available for private sale, these figures often prove to be unrealistic Customer orders from outside are consistently met with the response that "shares are already sold out." Furthermore, studies by the National Institute of Economic Management reveal a growing trend of workers selling their shares shortly after purchase Although state-owned enterprises aim to create favorable conditions for workers to become true stakeholders, statistics indicate a significant decline in the number of worker shareholders in the first six months.
The case of Trang Tien Joint Stock Company illustrates a significant decline in shareholder numbers, as the company went from 96 shareholders holding 32,000 shares worth approximately 4.3 billion VND to just around twenty shareholders by the end of November 2001.
The relinquishment of property rights remains a contentious issue However, it is evident that it is unreasonable to compel employees to purchase shares without the ability to sell them, as stipulated in Article 58 of the Companies Act Given these restrictions, the overall situation becomes challenging for employees.
LE THITHU HA - DESS DROIT DES AFFAIRES INTERNATIONALES
The process of privatizing state-owned enterprises in Vietnam raises significant concerns about the potential loss of meaning in the concept of privatization Workers' civil rights and their ability to manage their assets may be compromised, as the 30% price reduction offered is essentially the return of their initial investment in the company Additionally, an unforeseen drop in stock prices poses a real risk, leaving the question of accountability for substantial losses unanswered Consequently, it is understandable that workers may choose to sell their shares to realize profits, as they are often hesitant to engage in what they perceive as a risky investment venture.
For a publicly traded company, it is crucial not to focus on prohibiting the transfer of shares to private investors, but rather to strive for effective operations and growth by leveraging capital resources This approach will ultimately foster shareholder confidence in the company.
C Réglement de |’emploi pour travailleurs
According to Article 44/CP, the newly privatized company is required to retain all existing employees Article 31 of the Labor Code mandates that after privatization, the employer must maintain contracts with all employees, ensuring job security while also posing challenges to the company's reform and renewal processes However, it is important to note that, as stated in Article 14.3, employees can be laid off for restructuring and technological innovation reasons after a 12-month period post-privatization, indicating that job security is only guaranteed for one year.
According to the National Committee for Business Reorganization and Development, between 2000 and 2002, 15,000 employees lost their jobs due to company dissolutions, bankruptcies (357 companies), shareholder changes, incorporations, mergers, and asset sales or leases In the transportation sector alone, out of 16,000 workers, over 4,000 were unemployed and awaiting benefits, while more than 6,000 held unstable jobs with irregular wages This trend is expected to worsen, with projections indicating an increase in unemployment from 2000 to 2003 The construction sector also faced significant challenges, with 17,500 unemployed in 1999 and continued difficulties in 2000, particularly after completing major projects like Bim Son, Pha Lai, and Hoang Thach, which left over 4,300 workers surplus Alarmingly, a substantial portion of these displaced workers were highly qualified, including 19.4% of graduates and 9.6% of technical employees, with the construction sector seeing even higher rates of 38% Many of these excess employees are now relying on the Restructuring Assistance Fund for support.
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PRECONISATION DU GOUVERNEMENT DE LA CONTINUATION DE
DE LA CONTINUATION DE REFORME DES ENTREPRISES ETATIQUES
The global trend of economic liberalization and integration has been actively shaping markets worldwide To enhance competition and capitalize on the benefits of this process, Vietnamese companies must improve production and trade efficiency, upgrade management practices, and modernize technology The most effective approach to achieve these goals is through the reform of the public sector, including the implementation of shareholder structures.
In the Resolution of the 3rd Plenary Session of the IX Congress, the Party reaffirmed its commitment to restructuring state-owned enterprises (SOEs) to enhance their effectiveness The focus is on concentrating on strategic sectors of the economy and accelerating the process of shareholding in SOEs where the state does not need to maintain full capital ownership This initiative is deemed a top priority in the broader "Renovation" effort.
Le plan quinquennal (2001-2005) est d’accomplir principalement la réforme et restructuration des entreprises étatiques ˆ
L’objectif quinquennal est d’actionnariser 1800 entreprises étatiques dont 520 entreprises étatiques et 1280 entreprises commerciales `
According to statistics from the State-Owned Enterprise Reform and Development Commission, there were 246 state-owned enterprises that became shareholders in 2001 However, in the first six months of 2002, only 53 state-owned enterprises achieved this status This trend indicates that meeting the goal of increasing shareholder participation among state-owned enterprises is proving to be quite challenging.
A s’ajoute cela, les difficultés et obstacles du processus de |’actionnarisation alourdit sa mission Mais nous faisons confiance quand méme 4 nos efforts et a tant d’avantages dont nous possédons.
'* La Résolution du 3° plenum de IX° Congrés du Parti Communiste, Page 7, L’Edition Chinh tri Quoc gia
'* La Résolution du 3° plénum de IX° Congrés du Parti Communiste, Page 9, L`Edition Chinh tri Quoc gia
' Commission de direction de rẻforme et développement des entreprises étatiques
LẺ TIHTNL HA - DESS DROIT DEN AFFAIRES INTERNATIONALES
Actionnarisation des entreprises étatiques au Vietnam : de la réglementation à l'actualité
One significant advantage is the stable economic, political, and social environment, characterized by a unified vision among the government, party, and public trust in state institutions Experiences from Eastern European countries, as well as Indonesia and Thailand, illustrate that a stable political and social environment is crucial for the success of any economic program.
In recent years, the country's economic growth has established a solid foundation for the shareholder program The public's savings are notably high, as evidenced by the government's successful campaign to sell Treasury Bonds, which raised 4,600 billion dongs in just two months Additionally, reports indicate that personal savings account for 65% to 70% of the total circulating capital.
Thirdly, the ability to mobilize external resources has been enhanced through the involvement of regional and international financial institutions The improvement of regulations concerning the sale of shares to foreign investors accelerates the process of privatization The introduction of Decree No 64/CP, which has removed numerous obstacles to the privatization policy, will contribute to attracting both domestic and foreign investors.
Vietnam, as a developing country in public sector reform, has the opportunity to learn from the experiences and mistakes of other nations This unique position creates favorable conditions for the implementation of its shareholder program.
'" Source: Rapport de la Banque d' Etat, 2000.
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Actionnarisation des entreprises étatiques au Vietnam : de la réglementation à l'actualité
QUELQUES PROPOSITIONS POUR ACCELERER LE PROCESSUS DE L’ACTIONNARISATION 59
After ten years, the process of corporatization has shown encouraging results; however, it has recently been slow when assessed against the requirements for business renovation and the adopted plan This sluggishness is attributed to numerous regulatory texts that are inadequate and lack precision Therefore, to successfully implement the five-year plan (2001-2005) established in the Resolution of the 3rd Plenary Session of the 9th Congress, it is essential to focus on these issues in the future.
Ideological challenges are the primary obstacles that companies face during the process of shareholder engagement Addressing the concerns of employees and stakeholders regarding shareholder involvement is therefore a crucial and preliminary task for any organization.
Our Party and Government consistently prioritize the employees of the company, ensuring they are the first to be informed The awareness of employee ownership among staff must achieve the following objectives.
Employees must recognize that the process of becoming a shareholder-driven company is objective and irreversible The sooner a company initiates this process, the more it benefits, as the state prioritizes shareholder companies Lessons learned from pioneering countries in this area confirm this Additionally, early implementation of shareholder status will help stabilize production and better prepare companies for the fierce competition they will face upon joining AFTA in 2003 In contrast, a passive approach will likely lead to bankruptcy.
Employees must understand that shareholder primacy primarily serves the interests of the companies, which ultimately includes the interests of the employees While shareholder primacy provides them with a degree of independence and autonomy in production, it is essential for them to remain aware of their role within the organization.
LE THỊ THỦ HA - DESS DROIT DES AFFAIRES INTERNATIONALES
The privatization of state-owned enterprises in Vietnam is essential for them to compete effectively in a fiercely competitive market This transition presents a valuable opportunity for skilled individuals and strong companies to establish themselves Conversely, it forces unprofitable businesses and incompetent individuals to recognize the need for change and improvement, or they risk being marginalized in the competitive landscape of a market economy.
Awareness aims to help employees understand not only the benefits they gain when their company is publicly traded but also the responsibilities they will assume and the potential risks they may face This comprehensive understanding serves as a foundation that empowers them to strive for success.
Attention must be focused on the distinction between shareholder rights and employee rights to address the phenomenon where employees purchase shares to secure their positions and mitigate potential challenges arising from workforce restructuring.
Mass media, including radio, print, and television, serve as highly effective tools for raising awareness among employees about shareholder initiatives To enhance this awareness, companies should distribute relevant texts on shareholder engagement and organize seminars featuring experts to address employee questions Encouraging employee feedback is crucial for developing effective shareholder programs Additionally, regular training sessions should be held for company executives, including directors and union leaders, to emphasize the role of party leadership within the organization Establishing a permanent body of respected individuals who are well-versed in party and state policies can help address employee inquiries and gather their opinions for management For non-member shareholders, mass media remains the most effective means of communication, particularly through targeted newspapers, radio broadcasts, and television interviews highlighting profitable companies.
LETHITHU HA - DESS DROIT DES AFFAIRES INTERNATIONALES
Actionnarisation des entreprises étatiques au Vietnam : de la réglementation 4 l’actualité l’actionnarisation contribueront largement à sensibiliser les habitants aux politiques judicieuses de I’Etat.
Severe sanctions are essential for actions that intentionally obstruct the process of shareholder engagement This will ensure effective leadership within services and organizations, thereby accelerating the steps involved in the shareholder engagement process.
SECTION 2: SOLUTION RELATIVE A LA MAIN D’OEUVRE EN SURPLUS
The rule prohibiting the termination of employees' contracts after a company becomes a public entity has posed significant challenges for investors in the initial years While it is a legitimate requirement to terminate contracts that do not align with market demands for effective business operations, Decree No 64/CP has addressed this issue Employers of joint-stock companies are not obligated to retain all employees of the newly privatized firm (Article 7.1), which may lead to an increase in surplus staff in the coming period It is essential for the state to adjust and modify the policies regarding employees who leave or lose their jobs, aiming to enhance their benefits and increase employers' accountability for those who become unemployed post-privatization.
Addressing the issue of workforce surplus within a company is a challenging and complex social problem that requires close collaboration between the business and the government, particularly relevant ministries and sectors In this partnership, the company is responsible for proposing solutions, while the government provides assistance and mediates conflicts between the company and its employees Successful strategies implemented by some companies in this area highlight the importance of taking the initiative to develop a project focused on managing surplus labor based on the company's production plan.
LETHITHU HA - DESS DROIT DES AFFAIRES INTERNATIONALES
The restructuring of state-owned enterprises in Vietnam involves a thorough assessment of the workforce to identify excess personnel Measures include providing retirement benefits for employees nearing retirement age, ensuring their financial security For the remaining workforce, various solutions such as retraining, recycling, and support for transitioning to new careers are being implemented Funding for addressing workforce excess comes from multiple sources, including reward funds, interest funds, severance pay for displaced employees, and corporate training funds.
The state's support mechanisms are categorized into direct and indirect assistance Direct support includes financial aid from the fund designated for the privatization of state-owned enterprises, aimed at professional training and retraining of employees This assistance also extends to financial support for low-income workers to help sustain them during initial unemployment periods, typically lasting from six months to a year Indirect support involves policies addressing surplus labor, such as preferential lists for credit, rent, and production and commercial activity taxes.
It is essential to recognize that solutions encouraging the surplus workforce to create jobs should be widely implemented, as they enhance employees' creative spirit Employees must strive to tackle challenges for sustainable development, moving away from the notion of relying solely on the state This shift will ultimately contribute to economic growth.