Decision No. 223/2005/QĐ-TTg On the transfer of Viet Thang Textile Company under Vietnam Textile and Garment Corporation to a State-owned Joint Stock Company with a single member

 Pursuant to …;

Regarding the transformation of Viet Thang Weaving Company under Vietnam National Textile and Garment Corporation into a State-owned Joint Stock Company with One Member

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 Decree No. 63/2001/NĐ-CP dated November 26, 2001;

Considering the proposal of the Board of Directors of Vietnam National Textile and Garment Corporation,

Pursuant to …;

Article 1. The Viet Thang Weaving Company, an independent accounting unit under Vietnam National Textile and Garment Corporation, shall be transformed into a State-owned Joint Stock Company with One Member named Viet Thang Weaving Company.

The State-owned Joint Stock Company with One Member Viet Thang Weaving Company shall have its own seal, open accounts at domestic and foreign banks in accordance with the law, operate according to the Company's Charter and the Law on Enterprises.

- Full name: State-owned Joint Stock Company with One Member Viet Thang Weaving Company

- International trade name: Viet Thang Textile one member of state responsibility limited company.

- Abbreviation in English: VICOTEX.

- Registered capital: 114,546,341,596 VND (one hundred fourteen billion five hundred forty-six million three hundred forty-one thousand five hundred ninety-six VND).

- Head office: Ward 1, Linh Trung Town, Thu Duc District, Ho Chi Minh City.

Article 2. Main business activities of the company: Producing and trading yarns, sewing threads, various types of fabrics; trading ready-made garments, towels; direct import and export of raw materials such as cotton, wool, silk, jute, carpets, machinery, spare parts, accessories, chemicals for textile and garment industry; leasing factories, machines and equipment; installing industrial equipment and other businesses as prescribed by law.

Article 3. Organization and Operation

1. Organizational structure of the company follows the model: Board of Directors.

2. The organization and guidance of the company are specifically stipulated in the Charter of the Company's organization and operation.

Article 4. State-authorized representative as the owner

Board of Directors of Vietnam National Textile and Garment Corporation.

Address: No. 25 Ba Trieu Street, Hoan Kiem District, Hanoi City.

The Board of Directors of Vietnam National Textile and Garment Corporation shall be responsible for exercising the rights of the owner as prescribed by current regulations and the Company's Charter.

Article 5. The State-owned Joint Stock Company with One Member Viet Thang Weaving Company shall be responsible for receiving and using effectively the capital and assets transferred by the Board of Directors of Vietnam National Textile and Garment Corporation to fulfill the mission of developing production and business; inheriting all rights and obligations of the Viet Thang Weaving Company.

Article 6. The Board of Directors of the State-owned Joint Stock Company with One Member Viet Thang Weaving Company shall be responsible for drafting the Charter of the Company's organization and operation to submit to the approval of the Board of Directors of Vietnam National Textile and Garment Corporation; appointing the General Director, Deputy General Directors, and Chief Accountant of the company in accordance with current laws.

Article 7. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

The Board of Directors of Vietnam National Textile and Garment Corporation, the General Director of Viet Thang Weaving Company, and the Board of Directors of the State-owned Joint Stock Company with One Member Viet Thang Weaving Company shall be responsible for implementing this Decision.