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Deputy PM hones in on unregistered firms

Hanoi, March 5 (VNA) - Deputy Prime Minister Vuong Dinh Hue has requested ministries, departments and local authorities to hold responsible the state enterprises and business managers who violated the country’s information disclosure regulations.

In an official document this week, Hue urged governmental agencies to strictly follow the Decree 81/2015/NĐ-CP dated September 2015 on information disclosure for state enterprises and to instruct businesses directly to act according to its guidelines.

Government agencies must urgently construct a separate section on their official website on business information disclosure and post information as instructed by the decree.

Simultaneously, the responsible ministries, departments and local authorities should give out administrative penalties to any state enterprise or business manager who violates the decree and its successor Decree 50/2016/NĐ-CP.

The Deputy PM asked the Ministry of Planning and Investment (MPI) suggested the processing procedure for such information disclosure violation in accordance with laid out regulations, and to compose and publish a list of businesses that have yet to comply to the correct directives on information disclosure.

The MPI will oversee other governmental agencies in this endeavour and present their accounts to the Deputy PM.

Decree 81 stated that businesses must publish at frequent intervals nine reports, including growth plan, business and investment results for 5 years and annually, assortment of productivity for 3 years, report on social responsibilities, report on annual renewability, report on managerial situation, annual financial report and report on employees’ wage.

According to the MPI, by the end of 2016, only 241 over 620 businesses had sent their reports to the ministry to publicise their information on the MPI’s business information portal.

Of the remaining 380 businesses, most belong to the seafood, aquaculture, agriculture, forestry and local state lottery sectors.

In particular, branch companies 100 percent owned by a parent company--such as those owned by the Vietnam Oil and Gas Group, the Vietnam National Chemical Group, the Vietnam National Coal - Mineral Industries Group and the Vietnam Rubber Group--have yet to publicise their information as regulated.

Most economic corporation and state enterprises have yet to disclose their full reports in a timely manner in accordance with the law.

Furthermore, the MPI stated that several large corporations such as the Vietnam National Tobacco Corporation, The Shipbuilding Industry Corporation, The Housing and Urban Development Corporation or The Vietnam Maritime Safety- North Corporation have yet to publish their financial report from 2015.