Laws of Vietnam

Article 1.- To establish the Vietnam National Gem and Gold Corporation by reorganizing and rearranging the Vietnam Gem Company, the Gem Exploitation Enterprise No.1, the Lam Dong Gold Company, the Gold Company 392, the Gold Enterprise 386 under the Rare and Precious Mineral Resources Corporation of the Ministry of Heavy Industry, the Gem Exploitation Enterprise No.2 of Nghe An province, and economic units of the army operating in the gem industry, and by establishing a number of new member units.

The Vietnam National Gem and Gold Corporation (hereunder referred to as the Corporation for short) is a State-owned corporation, which has the legal person status, has its seal, is allowed to open its own bank accounts, is organized and operates in accordance with the Statute of the Corporation ratified by the Government.

The international transaction name of the Corporation is VIETNAM NATIONAL GEM AND GOLD CORPORATION, or VIGEGO in abbreviation.

The Corporation is headquartered in Hanoi city.

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

1. To conduct survey, exploration and exploitation of gems, gold and associated mineral resources; to fashion gems and manufacture jewelry and fine art products; to buy and sell, export and import gold, gems, and jewelry and fine art products, materials, and technological equipment for the gold and gem industry; to organize auctions of gems at home and abroad; to provide gem evaluation and trading services; to conduct other business activities in accordance with laws and undertake other tasks assigned by the State; to enter into joint ventures and cooperation with economic organizations at home and abroad in conformity with State laws and policies.

2. To receive and efficiently use natural resources, land, capital and other resources allocated by the State to fulfill the above-mentioned tasks.

3. To organize and manage researches and the application of scientific and technological advances, the training and fostering of personnel in the Corporation; the training of gemologists, and technical workers in fashioning gems and making jewelry and fine art products.

Article 3.- The organizational structure of the Corporation consists of:

- The Managing Board, the Control Commission;

- The General Director and the assisting apparatus;

- The member units of the Corporation, including:

a) The Hanoi Gem and Gold Company, the Nghe An Gem and Gold Company, the Lam Dong Gem and Gold Company and the Army Gem Company, which shall be formed on the basis of reorganizing and rearranging the units joining the Corporation as referred to in Article 1 of this Decision;

b) The newly established units include the Hanoi Gem and Jewelry Center, the Yen Bai Gem and Gold Company, the Tay Nguyen Gem and Gold Company, the Viet Bac Gem and Gold Company, the Ho Chi Minh City Gem and Gold Company, the Mine Survey and Prospection Company, and a number of other units.

Article 4.-

1. The Minister-Chairman of the Government Commission on Organization and Personnel shall propose to the Prime Minister for decision on the appointment of the President and other members of the Managing Board, the General Director of the Corporation.

2. The Minister-Chairman of the Government Commission on Organization and Personnel shall decide the appointment of the Deputy General Directors and the Chief Accountant of the Corporation submitted by the Managing Board of the Corporation at the proposal of the General Director.

1. The Managing Board of the Corporation shall base itself on this Decision and the Model Statute on the Organization and Operation of State Corporations, issued together with Decree No.39-CP of June 27, 1995, to draft the Statute of the Organization and Operation of the Corporation, and submit it to the Government for ratification.

2. The Minister of Heavy Industry, the Minister of National Defense, and the President of the People's Committee of Nghe An province shall have to arrange the transfer to the Corporation of the units involved in the establishment of the Corporation as mentioned in Article 1 of this Decision.

3. The Minister of Finance shall preside over, coordinate with the Minister of Heavy Industry, the Minister of National Defense, the President of the People's Committee of Nghe An province in the allocation of capital to the Corporation.

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

The Minister-Chairman of the Government Commission on Organization and Personnel, the Minister of Heavy Industry, the Minister of Finance, the Minister of National Defense, the President of the People's Committee of Nghe An province, the Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the provinces and cities directly under the Central Government, the Managing Board and the General Director of the Vietnam National Gold and Gem Corporation shall have to implement this Decision.

The Prime Minister