Law Ensures Democracy in Equitization of State-owned Enterprises

Democratic requirements require that the establishment, organization and operation of State agencies must comply with legal regulations and meet the requirements of the task of equitizing State-owned enterprises. Regulations on the duties and powers of these agencies must be clear and specific, linking authority with responsibility and placed under effective and efficient supervision, ensuring that the process of equitizing State-owned enterprises achieves the set goals.

- Content and democratic requirements for the disposition of assets under full ownership

people

State capital and assets invested in enterprises are assets fully owned by the State.

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The democratic requirements here require that financial handling, inventory, asset classification, enterprise valuation and share sale activities must be carried out accurately, objectively, publicly and transparently according to the basis and principles of the market, in accordance with the provisions of the law, avoiding the situation where State capital and assets are lost, have their selling prices manipulated, or are appropriated, in order to ensure the rights of the owners, the people.

- Democratic content and requirements for investors

The democratic content here is the right to freedom of business, freedom to participate in capital investment to buy shares, the right to be treated equally among investors, the right to receive information about the enterprise about selling shares... of investors participating in buying shares of the equitized enterprise, according to the provisions of law.

The democratic requirements in this content require that the criteria for determining strategic investors and the regulations on the right to buy preferential shares must be objective, fair and equal. Regulations on conditions and procedures for buying shares must be quick and reasonable, avoiding causing inconvenience and hindering people from buying shares. The content of public information about enterprises selling shares must be complete, accurate and honest so that investors have enough basis to analyze, choose and decide to buy shares.

- Content and democratic requirements for workers

That is the requirement to ensure the best employment for workers. There is an appropriate policy to satisfactorily resolve the rights of workers who have lost their jobs.

The content and requirements of democracy for workers are also the implementation of the motto "people know, people discuss, people do, people inspect" in the equitization of state-owned enterprises, ensuring that workers can participate in discussing, giving opinions, deciding on issues of state-owned enterprise equitization and exercising the right to supervise state entities in the process of state-owned enterprise equitization.

1.2. Laws ensure democracy in equitization of state-owned enterprises

1.2.1. Legal concept to ensure democracy in equitization of state-owned enterprises

Equitization of SOEs is an activity to perform the economic function of the State, democracy in SOE equitization is first and foremost democracy in the economic field. "Among the elements constituting the content of democracy and democratization, democracy in the economic field occupies the leading position and plays a decisive role. Without implementing democracy in the economy, it is impossible to solve the essence of democracy in other fields..." [2, p. 8]. Thus, ensuring democracy in SOE equitization is an issue of utmost importance to the democratization process in our country today.

Ensuring democracy in the equitization of state-owned enterprises means ensuring the implementation of democratic contents and requirements in the equitization of state-owned enterprises, specifically: ensuring that state agencies and organizations implementing equitization are organized and operate according to democratic mechanisms and principles; the powers and tasks assigned to these agencies and organizations must comply with the provisions of law, in accordance with the will and aspirations of the people, serving the interests of the people, meeting the requirements and goals of the equitization process of state-owned enterprises. Ensuring democracy in the equitization of state-owned enterprises also means ensuring the interests of the entire people's owners in deciding on the assets of equitized enterprises, ensuring the democratic rights of investors and employees in the process of equitization, and at the same time promptly detecting and handling violations of the law occurring in the equitization process, meaning acts that violate democracy.

As an authorized representative to exercise the people's power and exercise the people's ownership of SOEs, the State plays a very important role in implementing democracy and ensuring democracy in SOE equitization. To ensure democracy in SOE equitization, the requirement for the State is to promptly and fully institutionalize the contents of the equitization.

The democratic content in the equitization of state-owned enterprises into legal norms, creating a legal basis for the activities of the state itself and other entities participating in the equitization process. The promulgated legal norms in turn directly impact and regulate the behavior of entities participating in the equitization process of state-owned enterprises. They have the value of forcing the state itself and other entities to respect, protect, and implement democratic contents and democratic values in reality. They become a quantity that determines the level of democracy, and become a means and tool to ensure democracy in the equitization of state-owned enterprises. The system of legal norms is called the law ensuring democracy in the equitization of state-owned enterprises.

Thus, the law ensuring democracy in the equitization of state-owned enterprises is a system of legal norms issued by the State to regulate social relations arising in the process of equitization of state-owned enterprises to ensure the implementation of democratic contents in the equitization of state-owned enterprises .

1.2.2. Legal content ensuring democracy in equitization of state-owned enterprises

As a system of legal norms institutionalizing democratic contents and democratic values in the equitization of state-owned enterprises, the law ensuring democracy in the equitization of state-owned enterprises comprehensively affects the activities of the subjects participating in the equitization process of state-owned enterprises, regulates the powers, establishes obligations, protects the rights of the subjects in accordance with the provisions of the Constitution and the law, and meets the requirements of democracy in the equitization of state-owned enterprises. Based on the democratic contents in the equitization of state-owned enterprises and the characteristics of the subjects participating in the equitization process, the main contents of the law ensuring democracy in the equitization of state-owned enterprises can be divided into the following groups of regulations:

Firstly , regulations on organization and operation of state entities implementing equitization of state-owned enterprises.

The provisions of this group include: provisions on the duties and powers of state management agencies, agencies exercising state ownership rights, of state-owned enterprises and specialized state agencies in the process of performing the tasks of equitization of state-owned enterprises. These are provisions that play a role in ensuring the implementation of state power in equitization of state-owned enterprises in accordance with democratic mechanisms and principles in the organization and operation of the state apparatus as prescribed by the Constitution and laws, ensuring full regulations,

Clearly define the tasks, powers and responsibilities of state agencies and organizations in implementing the equitization of state-owned enterprises.

Second , regulations ensure public ownership of state-owned enterprises.

Specific regulations in this content include: regulations on financial handling, inventory, classification of assets of equitized enterprises, regulations on determining enterprise value and selling shares, regulations on management and use of money from selling shares. These are regulations that directly affect the rights and interests of the people as owners of state capital assets invested in equitized enterprises.

Third , regulations ensure democratic rights of investment participants.

Specific regulations in this content include: regulations on subjects and conditions for participating in share purchase, procedures for registering to buy shares, regulations on strategic investors, preferential share sale and regulations on the right to information about equitized enterprises and sale of enterprise shares. These are regulations to ensure the right to investment freedom, the right to equality of citizens when participating in the equitization process as investors, ensuring the rights and legitimate interests of citizens as buyers in share purchase transactions.

Fourth , regulations ensure the rights and interests of workers.

Specific regulations in this content include: regulations on labor classification assessment, job arrangement, settlement of regimes for employees who quit or lose their jobs during the equitization process of state-owned enterprises, regulations on ensuring the implementation of the motto "People know, people discuss, people do, people inspect" for the equitization process of enterprises. These regulations aim to ensure the democratic rights of citizens in the field of labor in the issue of employment, while ensuring the expansion and promotion of democracy at the grassroots level according to the Party's viewpoint and the State's laws.

Fifth , regulations on ensuring institutional mechanisms for inspection and supervision of State entities implementing SOE equitization.

Ensuring effective inspection and supervision by the State and the people over the activities of state agencies and organizations implementing the equitization of SOEs is an extremely important requirement.

important to ensure democracy in the equitization of state-owned enterprises. In the law on ensuring democracy in the equitization of state-owned enterprises, specific provisions in this content include provisions on the responsibility of inspection and supervision of competent state agencies over state entities directly carrying out the equitization of state-owned enterprises such as equitized enterprises, representative agencies exercising state ownership rights over equitized enterprises; provisions on the responsibility of inspection and supervision of state management agencies over the equitization of state-owned enterprises. These provisions are important in contributing to preventing and eliminating violations and crimes occurring during the equitization of state-owned enterprises, ensuring the people's right to supervise the implementation of the power authorized by the people by the State during the equitization of state-owned enterprises.

1.2.3. Criteria for perfecting the law to ensure democracy in the equitization of state-owned enterprises

The law ensuring democracy in the equitization of state-owned enterprises is a tool to ensure the people's mastery in the economic field in general and in the equitization of state-owned enterprises in particular. As a system of legal norms regulating dynamic and complex social relations, the law ensuring democracy in the equitization of state-owned enterprises has always been of interest to the State for amendment and supplementation in order to improve and has contributed significantly to mobilizing capital and intellectual resources among the people to participate in the equitization process of state-owned enterprises, contributing to accelerating the equitization process. However, in the face of the continuous development of the economic level, in the face of increasingly complex developments of equitization, when the scale, speed and subjects of equitized enterprises are increasingly expanded, current regulations have revealed limitations and inadequacies, so the improvement of the law ensuring democracy in the equitization of state-owned enterprises has become an objective requirement and has great practical significance.

Completing the law to ensure democracy in the equitization of state-owned enterprises is the amendment and supplementation to improve the quality, scientific nature, and feasibility of legal norms, and to enhance the regulatory effect of this law. Based on the study of the basic criteria for perfecting the legal system and the characteristics of the equitization of state-owned enterprises, we propose criteria for perfecting the law to ensure democracy in the equitization of state-owned enterprises with the following specific contents.

1.2.3.1. Formal criteria

The formal criterion is the criterion to ensure that legal documents are standard, contain and scientifically express the contents of legal regulations, ensure legality and convenience for the application of legal regulations in practice. The structure of legal documents, the legal language expressing the contents of legal regulations, are the basic contents set out according to this criterion.

Regarding the structure of the document: It is necessary to determine a scientific arrangement of the contents and legal regulations in accordance with the development of the equitization of SOEs, ensuring a systematic and clear representation of the basic contents such as the principles and objectives of the equitization, the powers and tasks of the agencies, organizations, and the state performing the tasks in the equitization process, and the procedures for conducting the equitization.

Regarding legal language: The legal language used must ensure accuracy, logic, conciseness and one meaning, avoiding the use of uncommon words, leading to confusion for the masses when participating in the equitization process.

1.2.3.2. Content criteria

This is the criterion set for perfecting the specific provisions of the law to ensure democracy in the equitization of state-owned enterprises.

Firstly , the law ensuring democracy in the equitization of state-owned enterprises must be built with full legal norms to comprehensively regulate social relations arising in the process of equitization of state-owned enterprises, meeting the objective needs of the development of these relations in the practice of equitization, while at the same time the development orientation of these relations must ensure the following requirements:

- Clearly and specifically stipulate the tasks and powers of state agencies and organizations to ensure that state power is exercised according to democratic principles and mechanisms, serving the interests of all people, and preventing encroachment by subjects participating in the equitization process of state-owned enterprises on assets owned by all people in equitized enterprises.

- Ensure freedom, equality and other legitimate rights of citizens when participating in the process of equitization.

- Ensure the rights and interests of employees in equitized enterprises, ensure that employees in equitized enterprises exercise their democratic rights in equitization of state-owned enterprises according to the motto "people know, people discuss, people do, people inspect" with appropriate content and forms.

- Ensure the right to inspect and supervise the implementation of state power in the process of equitization of state-owned enterprises from competent state agencies and the people according to the provisions of law.

Second , the development and improvement of laws to ensure democracy in the equitization of SOEs must be based on the provisions of the Constitution and laws, on the Party's viewpoints and guidelines on economic development and the nation's cultural and ethical traditions. The improvement of laws to ensure democracy in the equitization of SOEs must be carried out on the basis of reviewing, analyzing and correctly assessing the current status of equitization; fully and deeply understanding the difficulties and obstacles in the implementation process; scientifically anticipating the complex developments of the equitization process so that the promulgated legal regulations correctly reflect the reality of equitization, the proposed adjustment solutions ensure scientificity and feasibility, truly contributing to accelerating the progress and improving the quality of equitization of SOEs.

Third , the law ensuring democracy in the equitization of state-owned enterprises has subjects of regulation related to many areas of social life. Perfecting the law ensuring democracy in the equitization of state-owned enterprises must meet the requirements of ensuring the consistency of the legal system, avoiding overlapping and conflicting regulations with related branches of law and legal institutions, and avoiding overlapping and conflicting regulations between the provisions of this law itself.

Chapter 1 Conclusion

State-owned enterprises are economic organizations in which the state owns all of the charter capital or has shares or capital contributions controlled by the state. In our country's economy, state-owned enterprises play a very important role as a direct resource serving the task of industrialization and modernization of the country, and as a tool for the state to regulate and orient the socialist economy. However, due to weak limitations in the management of state-owned enterprises due to the limitations of the mechanism

Internal management and operation of state-owned enterprises, in reality, state-owned enterprises operate inefficiently, have limited competitiveness, and the need for reform of state-owned enterprises is an objective necessity.

Equitization of SOEs is a solution to innovate SOEs in order to diversify the form of SOE ownership, transforming SOEs into joint stock companies. This is a solution that has truly brought positive changes to the SOE system, and needs to be implemented with higher quality and efficiency.

In the theoretical viewpoint of Marxism-Leninism and Ho Chi Minh thought, democracy is the power of the people. Analyzing the concept of traditional democracy on the basis of the theory of Marxism-Leninism and Ho Chi Minh thought, the author emphasizes the content of democracy as the state power belongs to the people, outlines the content of democracy, as a basis for research to clarify the content of democracy in the equitization of state-owned enterprises.

The democratic content in the equitization of state-owned enterprises is the democratic principles and mechanisms in the organization and operation of the state apparatus that have been institutionalized in the Constitution and laws that need to be applied in establishing regulations on the powers and duties of state entities implementing the equitization of state-owned enterprises, and the right to inspect and supervise the implementation of state power by the people in accordance with the provisions of the Constitution and laws. The democratic content in the equitization of state-owned enterprises is also the people's ownership of assets and state capital invested in equitized enterprises, the democratic rights of investment participants, and the legitimate rights and interests of employees in equitized enterprises.

The law ensuring democracy in the equitization of state-owned enterprises is a system of legal norms regulating social relations arising in the process of equitization of state-owned enterprises, aiming to ensure the implementation of democratic contents in the equitization of state-owned enterprises. Perfecting the law ensuring democracy in the equitization of state-owned enterprises is to amend, supplement, build complete, synchronous, improve the quality of the content of specific regulations, ensure the scientific nature, practicality and regulatory effectiveness of the law, contributing to promoting the democratization of the country's economy.

Ensuring democracy in the equitization of state-owned enterprises means ensuring the implementation of democratic contents in the equitization of state-owned enterprises. Ensuring democracy in the equitization of state-owned enterprises contributes to promoting the internal strength of the economy, mobilizing the material and intellectual potentials of the people to successfully implement the equitization program of state-owned enterprises.

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