Decision No. 151/2005/QD-TTg On the establishment of the State Capital Investment Corporation

Pursuant to …;

Regarding the establishment of the State Capital Investment Corporation

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PRIME MINISTER

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the State Enterprise Law dated November 26, 2003;

Pursuant to Resolution No. 10/2004/NQ-CP dated August 11, 2004 of the Government;

Considering the proposal of the Minister of Finance,

DECISION:

Article 1. The State Capital Investment Corporation (hereinafter referred to as the Corporation) shall be established to manage, invest, and operate state capital in enterprises and sectors as prescribed by law.

Article 2. The State Capital Investment Corporation (hereinafter referred to as the Corporation) is a special economic organization of the state, operating under the Law on State-Owned Enterprises and other relevant laws.

The Corporation has legal personality under Vietnamese law, has its own seal, and is entitled to open accounts at the State Treasury, domestic and foreign commercial banks in accordance with the law. The Corporation's headquarters is located in Hanoi and it has subsidiaries, branches, and representative offices in certain areas both domestically and internationally.

Article 3. The main functions and tasks of the Corporation are as follows:

1. To receive and implement the rights of the owner of state capital invested in state-owned joint stock companies with one member, joint stock companies with two or more members, and shareholding companies converted from independent state-owned enterprises or newly established.

2. To invest and operate state capital in domestic and international economic sectors in the following forms:

a) Investing capital in important industries that the State needs to control to establish new enterprises;

b) Jointly investing capital, participating in joint ventures, and contributing shares to other enterprises;

c) Investing to purchase part or all of another enterprise;

d) Investing in the capital market and securities market through the purchase and sale of stocks, bonds, and other financial instruments.

3. To implement investment and manage the investment capital of the Corporation in national economic sectors according to the tasks assigned by the State.

4. To organize the mobilization of domestic and foreign capital to supplement business capital through borrowing, issuing corporate bonds, project bonds, establishing investment trust funds in accordance with the law for state-owned enterprises.

5. To provide financial services: investment advisory, financial advisory, privatization advisory, ownership transfer advisory; to accept entrusted investment capital from organizations and individuals both domestically and internationally.

6. To carry out international cooperation tasks in the field of capital investment operations.

7. To provide support services for enterprises.

8. Other activities as prescribed by law.

Article 4. The operational capital of the Corporation includes:

1. Initial charter capital: 5,000 (five thousand) billion VND, including:

a) State budget capital: 1,000 (one thousand) billion VND pursuant to Decision No. 92/QĐ-TTg dated January 29, 2002 of Prime Minister;

b) Capital received from the companies specified in Clause 1, Article 3 of this Decision at the time of the Corporation's establishment.

2. Additional state capital for the Corporation to implement investments and additional capital received from the companies specified in Clause 1, Article 3 of this Decision.

3. Self-supplemented capital from post-tax profits; raised capital and other lawful sources.

Article 5. Finance of the Corporation.

The Corporation is an independent economic accounting entity, financially autonomous, implementing centralized accounting systems. Accounting regulations, financial reports, financial statements, statistical reports, and auditing procedures shall be carried out in accordance with the provisions. The Corporation is responsible for fulfilling its financial obligations and enjoys preferential policies as stipulated by law.

Article 6. Organizational structure, management and operational machinery of the Corporation include:

1. Board of Directors, Supervisory Board.

2. General Director, Deputy General Directors, Chief Accountant, and functional departments providing support.

3. Member companies, branches, representative offices.

Article 7. The Corporation is responsible for receiving, investing, and operating capital efficiently; preserving and developing state-owned capital. Specific tasks, rights, and obligations of the Corporation are detailed in the Charter of the Corporation.

Article 8. Implementation organization:

1. The Minister of Finance shall issue the Financial Regulations of the Corporation; provide guidance and organize the implementation of this Decision.

2. The Minister, Head of a ministry-level agency, Head of an agency under the Government, Chairman of the People's Committee of provinces and centrally governed cities, shall be responsible for transferring ownership rights of state-owned capital at the companies specified in Clause 1, Article 3 of this Decision to the Corporation in accordance with the provisions.

3. The Board of Directors and General Director of the Corporation are responsible for organizing the operations of the Corporation in compliance with the regulations.

Article 9. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

Ministers, Heads of ministry-level agencies, Heads of agencies under the Government, Chairmen of the People's Committees of provinces and centrally governed cities, Chairman of the Board of Directors, General Director, and Directors of related enterprises are responsible for implementing this Decision.