Article 88. State-owned enterprises

1. State-owned enterprises shall be limited liability companies or joint stock companies, including:

a) Wholly state-owned enterprises (100% of charter capital of which is held by the State)

b) Partially state-owned enterprises (over 50% of charter capital or voting shares is held by the State, except the enterprises specified in Point a Clause 1 of this Article).

2. Wholly state-owned enterprises specified in Point a Clause 1 of this Article include:

a) Single-member limited liability companies 100% of charter capital of which is held by the State that are parent companies of state-owned corporations or parent companies in groups of parent company – subsidiary companies;

b) Independent single-member limited liability companies 100% of charter capital of which is held by the State.

3. Partially state-owned specified in Point b Clause 1 of this Article include:

a) Multiple-member limited liability companies and joint stock companies over 50% of charter capital or voting shares of which is held by the State that are parent companies of state-owned corporations or parent companies in groups of parent company – subsidiary companies;

b) Independent multiple-member limited liability companies and joint stock companies over 50% of charter capital or voting shares of which is held by the State.

4. The Government shall elaborate this Article.

Vinascgroup

Article 89. Application of regulations on state-owned enterprises

1. Wholly state-owned enterprises specified in Point a Clause 1 Article 88 of this Article shall be organized as single-member limited liability companies in accordance with this Chapter and relevant regulations of this Law. In case of discrepancies between regulations of this Law, the regulations of this Chapter shall prevail.

2. Partially state-owned enterprises specified in Point b Clause 1 Article 88 of this Article shall be organized as multiple-member limited liability companies in accordance with Section 1 of Chapter III or as joint stock companies in accordance with Chapter V of this Law.

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