Laws of Vietnam

Article 1.- To establish the Northern Food Corporation on the basis of rearranging the Central Food Corporation No.1, and the food business units of the provinces from Thua Thien - Hue province northward.

The Northern Food Corporation (hereunder referred to as the Corporation) is a State-owned corporation, has the legal person status, has civil rights and obligations as prescribed by law, takes responsibility for all business activities conducted within the amount of capital managed by the Corporation; has assets and centralized funds, is organized and operates in accordance with the Statute of the Corporation; has its seal; is allowed to open its accounts at domestic and foreign banks in compliance with State regulations.

The international transaction name of the Northern Food Corporation is VIETNAM NORTHERN FOOD CORPORATION, or VINAFOOD I in abbreviation.

The head office of the Corporation is located in Hanoi City.

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

1. To carry out food business in accordance with the State overall planning and plans and the market demand in order to meet in time the domestic food consumption need and consume all marketable goods of farmers; to take the initiative in business activities, including development planning, investment, generation of sources of investment capital; organization of purchase, preservation and processing of food, domestic consumption of food, import and export of food, supply of materials and specialized equipment; and to enter into joint venture and cooperation with domestic and foreign economic organizations in accordance with State laws and policies.

2. To receive and efficiently use, preserve and develop the State-allocated capital, including part of the capital invested in other businesses; receive and efficiently use various resources allocated by the State to carry out its assigned business and other tasks.

3. To organize and manage activities in research and application of scientific and technological advances, in training and fostering cadres and workers.

1. The organizational structure of the Corporation consists of:

- The Managing Board, the Supervisory Commission;

- The General Director and the assisting apparatus;

- The member units of the Corporation.

2. The organization and operation of the Corporation is concretely defined in the Statute of the Corporation promulgated by the Government.

Article 4.- The Minister of Agriculture and Food Industry, after consultation with the Minister-Chairman of the Government Commission on Organization and Personnel, shall submit to the Prime Minister for decision the appointment of the President of the Managing Board, the General Director of the Corporation, and other members of the Managing Board.

The Minister of Agriculture and Food Industry shall decide the appointment of the Deputy General Directors and the Chief Accountant of the Corporation at the proposal of the Managing Board and the suggestion of the General Director of the Corporation.

1. The Minister of Agriculture and Food Industry shall have to draw up a plan for the rearrangement of the central and local State-owned production and administration units which are operating in the food service in the area from Thua Thien - Hue province northward, and submit it to the Prime Minister for decision.

2. The Managing Board of the Corporation is responsible for drafting the Statute on the organization and operation of the Corporation, and submit it to the Government for promulgation.

3. The Minister of Finance shall preside over and cooperate with the Minister of Agriculture and Food Industry in the allocation of capital to the Corporation.

Article 6.- This Decision takes effect from the date of its promulgation.

The Minister of Agriculture and Food 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 of the provinces and cities directly under the Central Government, the Managing Board and the General Director of the Northern Food Corporation, shall have to implement this Decision.

The Prime Minister