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THE PRIME
MINISTER OF GOVERNMENT
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SOCIALIST
REPUBLIC OF VIET NAM
Independence -
Freedom - Happiness
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No. 266/2006/QD-TTg
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Hanoi, November 23, 2006
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DECISION
APPROVING THE SCHEME ON TRANSFORMING VIETNAM
STEEL CORPORATION INTO ONE OPERATING AFTER THE PARENT - SUBSIDIARY COMPANY
MODEL
THE PRIME MINISTER
Pursuant
to the Law on Organization of the Government dated December 25, 2001;
Pursuant to the Law on State Enterprises dated November 26, 2003;
Pursuant to the Law on Enterprises dated November 29, 2005;
Pursuant to Decree No. 153/2004/ND-CP dated August 9, 2004 of the Government on
the organization and management of the State corporations and the
transformation of the State corporations and independent State companies into
ones operating after the parent - subsidiary company model;
At the proposal of the Management Board of Vietnam Steel Corporation,
DECIDES:
Article 1.
To approve the Scheme on transforming Vietnam
Steel Corporation into one operating after the parent - subsidiary company model
as follows:
1. The parent company - Vietnam Steel
Corporation (VSC) shall be a State-owned company with its legal status and
owned seal, the Charter on organization and operation; be allowed to open its
account in Vietnamese Dong and in foreign currencies at the State Treasury,
domestic and foreign banks according to the provisions of law; directly do
business and production activities and invest capital in other companies; have
responsibility to conserve and develop the State-owned capital at the parent
company and capital invested in other companies.
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The execution and management apparatuses of the
parent company include: the Management Board, the Control Board, the General
Director, the deputy general directors, the chief accountant and assisting
apparatuses.
2. Subsidiary companies include:
a) Companies, where the parent company holds
dominant shares and capital:
- Hanoi Metal Joint Stock Company;
- Central Vietnam Metal Joint Stock Company;
- Ho Chi Minh City Metal Joint Stock Company;
- Bac Thai Metal Joint Stock Company;
- Southern Eagle Refractory Joint Venture
Company;
- Da Nang Steel Joint Stock Company;
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- Southern Steel – Sai Gon Port Football Joint
Stock Company.
b) Companies, which shall be equitized in
2007-2008 and have dominant shares held by the parent company:
- Thai Nguyen Steel and Iron Company;
- Nha Be Steel Rolling and Refining Company;
- Thu Duc Steel Rolling and Refining Company;
- Bien Hoa Steel Rolling and Refining Company;
3. Joint stock and joint venture companies,
where the parent company contributes under 50% of the charter capital:
- Thai Nguyen Metallurgical and
Electro-mechanical Joint Stock Company;
- Truc Thon Joint Stock Company;
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- The Southern Construction and Investment Joint
Stock Company;
- VSC – POSCO Steel Company (VPS);
- Vinausteel Steel Producing Joint Venture
(VINAUSTEEL);
- Vinakyoei Steel Company (VINAKYOEI);
- NatsteelVina Limited Company (NATSTEELVINA);
- Vietnam Steel Pipe Company (VINAPIPE);
- The International Trade Center Joint Venture
Company (IBC);
- Thi Vai International Port Limited Company;
- NippoVina Joint Venture Company;
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- Vingal Industrial Plating Products Producing
Company;
- Sai Gon Steel Services and Processing Company;
- Tay Do Steel Company;
- Vina-Japan Engineering Limited Company;
- PJICO Insurance Joint Stock Company;
- Vietnam-China Mineral and Metallurgical
Limited Company;
- The Mechanical Engineering and Metallurgical
Joint Stock Company.
4. The relations between the parent company with
the state owner and the subsidiary and associated companies shall comply with
the provisions of law and the Charter on organization and operation of the
parent company.
5. The supplementation of the member companies
shall comply with the provisions of law.
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Organization of implementation
1. The Minister of Industry shall:
- Direct and monitor the implementation of this
Decision.
- Decide on transformation of companies
specified in Item b, Clause 2, Article 1 of this Decision into joint stock
companies in accordance with current stipulations.
- Direct Vietnam Steel Corporation to equitize
the parent company – Vietnam Steel Corporation before July of 2009.
2. The Management Board of Vietnam Steel
Corporation shall organize the implementation of this Decision according to
current stipulations.
Article 3.
This Decision takes effect 15 days after its publication
in CONG BAO.
The ministers of Industry, Finance, Planning and
Investment, Home Affairs, Labor, War Invalids and Social Affairs, the Governor
of the State Bank of Vietnam,
the heads of the concerned agencies and the Management Board of the Vietnam
Steel Corporation shall have to implement this Decision.
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FOR THE
PRIME MINISTER
DEPUTY PRIME MINISTER
Nguyen Sinh Hung