Laws of Vietnam

DECIDES:

Article 1.- To establish the Vietnam National Chemical Corporation through the merger of the Fertilizers and Basic Chemicals Corporation and the Industrial and Consumer Chemicals Corporation.

The Vietnam National Chemical Corporation (hereunder referred to as the Corporation) is a State corporation for business operations, has the legal person status, the civil rights and obligations as prescribed by law, takes responsibility for all its business operations within the capital under its management; it has its own seal, its assets and its centralized funds, is allowed to open its accounts at the State Treasury and the banks inside and outside the country as prescribed by the State and to organize and operate according to its Statute.

Its international transaction name is VIETNAM NATIONAL CHEMICAL CORPORATION or VINACHEM in abbreviation. The Corporation has its main office at 1A Trang Tien street, Hoan Kiem district , Hanoi city.

Article 2.- The Corporation has the following main tasks:

1. Go conduct its business tasks according to the orientations, planning and plans for development of the chemical industry of the State, including: exploitation, production and business (including export and import) of the raw materials and chemical products; surveying , designing and installing projects in service of the chemical industry, transferring technology; entering into cooperation and joint ventures with economic organizations inside and outside the country, conducting other activities in production, trade and service as prescribed by law and according to the Statute on the Organization and Operation of the Corporation in service of the development of the chemical industry.

2. To receive and use efficiently, preserve and develop the capital allotted by the State, including the capital invested in other enterprises, receiving and using the natural resources, land and other resources assigned by the State with a view to realizing the tasks in business and other tasks assigned to it.

3. To organize and manage the research and application of scientific and technological advances, and the training and fostering of officials and workers of the Corporation.

1. The structural organization of the Corporation comprises:

-The Managing Board, the Control Commission,

- The General Director and the assisting apparatus,

- The member units of the Corporation.

2. The organization and operation of the Corporation shall be concretely defined in the Statute of the Corporation to be ratified by the Government.

Article 4.- The Minister of Industry shall consult the Minister-Chairman of the Government Commision on Organization and Personnel and submit to the Prime Minister for decision to appoint the Chairman of the Managing Board, the General Director and the other members of the Managing Board.

The Minister of Industry shall appoint the Deputy General Directors and the Chief Accountant of the Corporation submitted by the Managing Board on the basis of the proposal of the General Director.

1. The Managing Board of the Corporation shall elaborate the Statute on the Organization and Operation of the Corporation to submit to the Government for approval.

2. The Minister of Finance shall preside over and coordinate with the Minister of Industry to conduct the assignment of capital to the Corporation.

Article 6.- This decision takes effect on the date of its issuance. The earlier regulations which are contrary to this Decision are now annulled.

The Minister of Industry, the Minister of Finance, the Minister-Chairman of the Government Commission on Organization and Personnel, the other Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the People's Committees in the provinces and cities directly under the Central Government, the General Director of the Fertilizers and Basic Chemicals Corporation and the General Director of the Industrial and Consumer Chemicals Corporation, the Managing Board and the General Director of the Vietnam National Chemical Corporation shall have to implement this Decision.

The Prime Minister