Decision No. 203/2005/QĐ-TTg approves the project to convert the Vietnam Tea Corporation to operate under the parent company-subcompany model, applicable to the corporation and related enterprises. The parent company is the Vietnam Tea Corporation, which has its own legal personality, responsible for state capital and investment in subsidiaries and associated companies. This decision shall take effect fifteen days from the date of publication in the Official Gazette.
Scope of application
Vietnam Tea Corporation, subsidiary enterprises, associated companies, Ministry of Agriculture and Rural Development, Ministry of Finance, Ministry of Planning and Investment, Ministry of Home Affairs, Ministry of Labor, Invalids and Social Affairs, State Bank of Vietnam.
Key points
- The Vietnam Tea Corporation is the parent company with its own legal personality, responsible for state capital and investment in subsidiaries and associated companies.
- Subsidiaries and associated companies are organized and operate according to the provisions of the Enterprise Law corresponding to the legal form of each enterprise.
- Approve the Charter on the organization and operation of the parent company.
- The Minister of Agriculture and Rural Development is responsible for implementing the project, deciding to establish the parent company and subsidiaries and associated companies.
- This decision takes effect fifteen days from the date of publication in the Official Gazette.
🌐 Social impact of this document
- Create opportunities for the Vietnam Tea Corporation to develop more strongly through the parent company-subcompany model, helping to enhance management and production efficiency.
- Help subsidiaries and associated companies operate independently but still maintain close ties with the parent company.
❓ Frequently asked questions
What is the legal personality of the parent company - Vietnam Tea Corporation?
The Vietnam Tea Corporation is a state-owned enterprise with its own legal personality, having its own seal and being able to open accounts at the National Treasury and banks.
What responsibilities does the parent company - Vietnam Tea Corporation have regarding investments in subsidiaries and associated companies?
The Vietnam Tea Corporation is responsible for preserving and developing state capital within the corporation and investments in subsidiaries and associated companies.
How are subsidiaries and associated companies organized and operated?
Subsidiaries and associated companies are organized and operate according to the provisions of the Enterprise Law corresponding to the legal form of each enterprise.
When does this decision take effect?
This decision takes effect fifteen days from the date of publication in the Official Gazette.
How is the parent company - Vietnam Tea Corporation formed?
The Vietnam Tea Corporation is established based on restructuring the Vietnam Tea Corporation Office, dependent accounting enterprises, and the Đồ Sơn - Hải Phòng Functional Restoration and Occupational Disease Treatment Center.
Full text
DECISION OF THE PRIME MINISTER
Regarding the approval of the Project to transfer the Vietnam Tea Corporation to an organizational structure and its activities
PRIME MINISTER
Pursuant to the Law on Organization of the Government dated December 25, 2001;
Pursuant to the Enterprise Law No. 13/1999/QH10 dated June 12, 1999;
Pursuant to the State-Owned Enterprise Law No. 14/2003/QH11 dated November 26, 2003;
Pursuant to Decree No. 153/2004/NĐ-CP dated August 9, 2004 of the Government on the organization and management of state-owned corporations and the transformation of state-owned corporations and independent state-owned companies into a holding company-subcompany model;
At the request of the Minister of Agriculture and Rural Development,
Pursuant to …;
Article 1. Approves the Project to transfer the Vietnam Tea Corporation under the Ministry of Agriculture and Rural Development to an organizational structure and operation according to the holding company-subcompany model, with the main contents as follows:
1. The holding company - Vietnam Tea Corporation is a state-owned enterprise, having legal personality, its own seal, opening accounts at the State Treasury and banks; directly implementing production and business activities and investing capital in subcompanies and associated companies; responsible for preserving and developing state capital within the company and investments in subcompanies and associated companies.
The international trading name is THE VIETNAM NATIONAL TEA CORPORATION.
Abbreviation: VINATEA.
Head office: No. 46 Tăng Bạt Hổ Street, Hai Bà Trưng District, Hanoi City.
The holding company is formed based on restructuring the Office of the Vietnam Tea Corporation, dependent enterprises, and the Functional Rehabilitation and Occupational Disease Treatment Center in Do Son - Haiphong.
The management structure of the holding company includes: Board of Directors, Supervisory Board, General Director, and supporting staff.
2. Subcompanies and associated companies: have legal personality, assets, names, and separate management structures; bear civil responsibility within the scope of the enterprise's assets; organized and operate according to legal regulations corresponding to the form of subcompany or associated company.
3. The charter capital structure and business sectors of the holding company and subcompanies and associated companies; organization and management of the holding company; relationships between the holding company and the state owner and subcompanies and associated companies are stipulated in the Charter of the holding company's organization and operation.
4. The holding company is responsible for inheriting all legal rights and obligations of the Vietnam Tea Corporation.
5. The restructuring schedule and transition of the Vietnam Tea Corporation to an organizational structure and operation according to the holding company-subcompany model as attached.
Article 2.
1. Entrust the Minister of Agriculture and Rural Development:
- To direct the implementation of this Project.
- Decision on establishing the holding company; forming subcompanies and associated companies mentioned in Clause 1 and Clause 2 of Article 1 of this Decision according to current regulations.
- Approve the Articles of Association of the holding company.
2. Entrust the Minister of Finance to approve the Financial Regulations of the holding company.
Article 3. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.
Ministers of the Ministries of Agriculture and Rural Development, Finance, Planning and Investment, Home Affairs, Labor, Invalids and Social Affairs, Governor of the State Bank of Vietnam, and heads of relevant agencies are responsible for implementing this Decision./.
VICE PRIME MINISTER OF THE GOVERNMENT
ANNEX
REORGANIZATION AND TRANSITION OF THE VIETNAM TEA CORPORATION TO AN ORGANIZATIONAL STRUCTURE AND OPERATION ACCORDING TO THE HOLDING COMPANY-SUBCOMPANY MODEL
(Annexed to Decision No. 203/2005/QĐ-TTg dated August 11, 2005
of the Prime Minister)
1. Subcompanies
a) State-owned joint-stock company with one member: implemented in 2005:
- Moc Chau Tea Company,
- Song Cau Tea Company,
- Long Phu Tea Company.
b) Enterprises that have been equitized:
- Tran Phu Tea Joint Stock Company,
- Nghia Lo Tea Joint Stock Company,
- Lien Son Tea Joint Stock Company.
c) Joint ventures with foreign countries:
- Phu Da Tea Joint Venture.
d) Companies investing abroad:
- Ba Dinh Tea Company in Russia.
2. Associated companies
a) Enterprises that have been equitized:
- Quan Chu Tea Joint Stock Company,
- Kim Anh Tea Joint Stock Company,
- Ha Tinh Tea Joint Stock Company,
- Construction and Technical Equipment Joint Stock Company,
- Tea Machinery Joint Stock Company.
b) Joint ventures with foreign countries.
c) IndoChina Joint Venture.
d) State-owned enterprises to be equitized in 2005-2006:
- Pacific Company,
- Thai Nguyen Tea Company,
- Viet Cuong Tea Company,
- Bac Son Tea Company,
- Van Tien Tea Workshop,
- Yen Bai Tea Company.
3. Transfer the Institute of Tea Research to the Ministry of Agriculture and Rural Development for reorganization according to the plan for reorganizing scientific and technological units under the Ministry./.
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