The Prime Minister has just issued a decision on separating the National Power System Control Center (A0) from Vietnam Electricity Group (EVN).

Accordingly, A0 was separated from EVN and the policy of establishing a new enterprise under the State Capital Management Committee at the enterprise was approved, called the National Electricity System and Market Operation Company Limited (NSMO).

NSMO is a state-owned enterprise in which the State holds 100% of the charter capital, organized as a single-member limited liability company with the State Capital Management Committee at Enterprises as the representative agency of the owner. The deadline for separating A0 from EVN is within a maximum of 7 days from August 1.

NSMO's charter capital at the time of establishment was 776 billion VND. The company will receive the A0 workforce as it is from EVN, including receiving the A0 management apparatus as it is (continuing to arrange A0's leadership and management staff into corresponding leadership positions of NSMO).

Regarding the method, the assets, rights and obligations of EVN that are being managed and implemented by A0 will be separated and transferred to NSMO according to regulations. At the same time, the value of assets and capital sources currently assigned to A0 belonging to EVN will be transferred to NSMO according to the data in EVN's financial statements at the time of separation.

EVN shall account for the reduction of EVN's capital and assets corresponding to the value transferred to NSMO according to legal regulations.

On August 1, the Prime Minister also issued a decision to transfer the right to represent the State capital ownership at NSMO from the State Capital Management Committee at Enterprises to the Ministry of Industry and Trade after completing the separation and establishment.

The Ministry of Industry and Trade is primarily responsible for preparing all necessary conditions to receive the NSMO, including a mechanism to ensure working capital for the NSMO in accordance with regulations, ensuring that the NSMO continues to operate stably, continuously and effectively after the transfer.

"Preside over and coordinate with relevant ministries and branches to issue, within their authority, or submit to competent authorities for issuance, legal documents serving the operation of NSMO," the Prime Minister requested.

The State Capital Management Committee at Enterprises and the Ministry of Industry and Trade are responsible for the content of the report and proposal; decide and implement the transfer of the right to represent the State capital ownership at NSMO from the Committee to the Ministry of Industry and Trade in accordance with regulations.