Accordingly, the VNR is a one member limited liability company with a charter capital of VND3.25 trillion (US$143 million), totally held by the State. The company operates in line with the Railway Law, the Law on Enterprises, the Law on Management and Use of State Capital, provisions of relevant laws and these regulations.The State is the owner of the VNR, with the Government unanimously organizing the exercise of the owner’s rights and obligations towards the VNR. The Ministry of Transport is assigned to exercise the rights and obligations of the owner’s representative office towards the VNR in accordance with the provisions of law.The major business lines of the VNR include trading in railway infrastructure; managing, maintaining and exploiting railway infrastructure; providing national railway transportation operating services; trading in means of transport, machinery and equipment for railway infrastructure maintenance and construction; and trading in railway … [Read more...] about Viet Nam Railway Corporation is one member limited liability company
New york limited liability company law
Vietnam Airlines becomes limited liability company
By Binh Nguyen - The Saigon Times DailyHCMC - The Prime Minister has approved a plan for converting Vietnam Airlines Corporation into a single-member limited liability company at the helm of the Government. The airline’s core business operations include transporting passengers and their luggage, cargo and postal parcels; and providing air services for topographic shooting, geological survey, medical emergency and rescue. The company maintains, imports and exports aircraft, engines and spare parts for the aviation industry as well as produces and supplies equipment and services for domestic and foreign airlines. Vietnam Airlines also supplies ground services at airports across the country, as well as air freight, catering, fuel and lubricant pumping services. The company can invest in infrastructure development at airports; act as an agent for airlines, manufacturers of aircraft, engines and spare parts, local and foreign transportation and tourism firms; and provide hospitality … [Read more...] about Vietnam Airlines becomes limited liability company
Consequences of breaching the capital contribution commitment in limited liability companies
VietNamNet Bridge - Capital contributions made fully and punctually when establishing a limited liability company will help its members or company owner avoid consequences such as financial penalties and the requirement to change business registration content or charter capital. According to the laws, members (in regards to multi-member limited liability companies) or company owners (in regards to one-member limited liability companies) must make adequate capital contributions promptly with the type of assets they have committed. If a member fails to contribute capital fully and punctually as committed, the uncontributed amount of capital shall be considered his/her debt towards the company. Members or company owners must be responsible for other debts and property liabilities of the company due to their failure in contributing the committed amount of capital wholly and punctually. Within the time limit for making adequate capital contribution as committed, members will vote and … [Read more...] about Consequences of breaching the capital contribution commitment in limited liability companies
Many state-owned groups become limited liability companies
The Hanoitimes - Prime Minister Nguyen Tan Dung has allowed the Vietnam Post and Telecommunications Group (VNPT) and the Army Telecommunication Group (Viettel) and 13 other corporations and groups to restructure as one-member limited liability companies owned by the state. Under the Business Law that goes into effect on July 1, state enterprises that have not yet been equitized (i.e., have not issued shares) must become state-owned "one-member limited liability companies." After three years of equitisation, Viettel has just finalized the process at some subsidiaries. Viettel is the first that experimentally applied the model of a group operating in the areas of telecom, real estate, banking and finance without a management board. VNPT will also change its model into a one-member limited liability company, working in the fields of telecom work construction, finance, banking, advertising, office leasing, postal and telecom services. Its chartered capital is more than … [Read more...] about Many state-owned groups become limited liability companies
Question: Please tell the difference between foreign-invested enterprises in the form of Limited Liabilities Companies under the former Law on Foreign Investment and foreign-invested enterprises in the form of Limited Liabilities Companies under the curre
Answer: Limited Liability Companies established under the former Law on Foreign Investment and those under Enterprise Law can be compared as follows: 1. Identical features: a) Allocation of rights and responsibilities pro rata capital contribution: - Theo Law on Foreign Investment (Article 6, Article 15): joint venture parties or investors making capital contributions shall share profits and risks pro rata capital contribution (except otherwise agreed in the Joint Venture Agreement or the Charter of the enterprise). - Under the Enterprise Law (Article 38, 63): members or owners of the company must be responsible for the debts and other asset obligations of the enterprise within the capital contribution committed to make to the enterprise or the amount of charter capital of the company . b) No right to issue shares. 2. Difference: in the organisation and management of the enterprise: a) Theo Law on Foreign Investment: - The Board of Management is the steering body of the enterprise … [Read more...] about Question: Please tell the difference between foreign-invested enterprises in the form of Limited Liabilities Companies under the former Law on Foreign Investment and foreign-invested enterprises in the form of Limited Liabilities Companies under the curre