Decision No. 217/2004/QD-TTg On approving the pilot project for the shareholding reform of the Vietnam Trade and Construction Corporation

Pursuant to …;

Regarding the approval of the pilot project for the shareholding reform of the General Corporation

of Commerce and Construction 

PRIME MINISTER

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

Pursuant to the Enterprise Law dated June 12, 1999;

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

Pursuant to Decree No. 187/2004/NĐ-CP dated November 16, 2004 of the Government on converting state-owned enterprises into joint-stock companies;

Considering the proposal of the Minister of Transport,

DECISION:

Article 1. Approves the pilot project for the shareholding reform of the General Corporation of Commerce and Construction under the Ministry of Transport, with the following contents:

1. Objective: to transform the General Corporation of Commerce and Construction into a joint-stock corporation to form a state-owned enterprise with multiple shareholders, mobilize capital, create additional motivation, and have a dynamic and effective management mechanism.

2. Form of shareholding reform: retain the current value of the state capital at the General Corporation, issue shares to attract capital, specifically:

a) Convert the following independent accounting subsidiaries of the General Corporation of Commerce and Construction into joint-stock corporations: Bai Dang Trade and Construction, Sao Vang Labor Export and Tourism, Infrastructure Development and Construction, Mountainous Region Construction and Trade, Haiphong Trade and Construction, Haiphong Machinery and Trade, Vietnam Japan Construction and Trade, Da Nang Trade and Construction.

b) Convert the Office and dependent units of the General Corporation of Commerce and Construction into the Parent Company - Joint-Stock Corporation of Commerce and Construction, in which the state holds more than 50% of the charter capital.

3. Name of the General Corporation of Commerce and Construction after shareholding reform:

- Vietnamese name: Joint-Stock Corporation of Commerce and Construction

- English name: VietNam Trading Engineering Construction Joint-Stock Corporation

- Abbreviation: Vietracimex

- Main office: 201 Minh Khai, Hai Ba Trung District, Hanoi City.

4. Main business activities:

Civil and industrial construction; import and export of materials and goods; labor cooperation services; agency transportation and maritime brokerage.

5. Preferences for employees in the General Corporation: employees listed on the regular roster of the General Corporation of Commerce and Construction are entitled to purchase preferential shares according to Article 37 of Decree No. 187/2004/NĐ-CP dated November 16, 2004 of the Government on the conversion of state-owned companies into joint-stock companies, specifically as follows:

- Employees in the General Corporation's Office are entitled to purchase preferential shares when the General Corporation sells its shares.

- Employees in the independent accounting subsidiaries of the General Corporation are entitled to purchase preferential shares when their subsidiaries sell their shares.

6. The resolution of surplus labor shall be carried out in accordance with current regulations.

7. Procedures, formalities, and principles for the shareholding reform of the General Corporation of Commerce and Construction and its subsidiaries shall be implemented in accordance with the provisions of Decree No. 187/2004/NĐ-CP dated November 16, 2004 of the Government on the conversion of state-owned companies into joint-stock companies.

Article 2. Implementation organization:

1. The Ministry of Transport shall take the lead and coordinate with the Ministry of Finance and commercial banks to handle difficult-to-collect debts and bank debts of the General Corporation of Commerce and Construction in accordance with current regulations.

2. The Minister of Transport shall organize the determination of the value of the General Corporation of Commerce and Construction, submit the results to the Ministry of Finance for review and decision to announce.

3. The Minister of Planning and Investment shall examine the dissolution of the An Thong Joint Venture Company to serve as a basis for handling financial issues in accordance with regulations.

4. The Minister of Transport shall decide to convert the General Corporation of Commerce and Construction into the Joint-Stock Corporation of Commerce and Construction and the independent accounting subsidiaries mentioned in point a, Clause 2, Article 1 into joint-stock corporations; promptly report to the Prime Minister any issues arising that require handling beyond their authority.

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 Transport, Finance, Planning and Investment, Labor, Invalids and Social Affairs, Home Affairs, Heads of relevant agencies, the Steering Committee for Enterprise Reform and Development, and the Board of Directors of the General Corporation of Commerce and Construction are responsible for implementing this Decision.