Decision No. 248/2006/QD-TTg Approves the Pilot Project to Form the Vietnam Rubber Industry Group

 

Pursuant to …;

Approving the Pilot Project to Form

Vietnam Rubber Corporation

 

PRIME MINISTER

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

Pursuant to the Law on State-Owned Enterprises dated November 26, 2003;

Pursuant to the Enterprise Law dated November 29, 2005;

Pursuant to Decree No. 153/2004/NĐ-CP dated August 9, 2004 of the Government on the organization, management of state-owned holding corporations and the transformation of state-owned holding corporations and independent state-owned enterprises into parent-subsidiary company models;

Considering the proposal of the Board of Directors of the Vietnam Rubber Corporation,

Pursuant to …;

Article 1. Approves the Pilot Project to Form the Vietnam Rubber Industry Group with the following contents:

1. Formation of the Vietnam Rubber Industry Group with diversified ownership, in which the State holds controlling equity, based on restructuring the Vietnam Rubber Corporation; possessing modern technology and management levels and high specialization; operating in multiple industries, with rubber planting, care, harvesting, and processing being the main business; closely linking cultivation, harvesting, production, and business with science and technology, training; serving as the core to promote rapid, sustainable development of the Vietnamese rubber industry and integration into the international economy.

2. Structure of the Vietnam Rubber Industry Group includes:

a) Parent Company - The Vietnam Rubber Industry Group is a state-owned enterprise; it is granted land by the State for unified management and allocation of production and business areas for rubber to subsidiaries; its functions include financial investment in other enterprises; maintaining control over subsidiaries through land, capital, technology, brand, market management; directly conducting business and ensuring the implementation of tasks assigned by the State in accordance with the law;

b) Holding companies held 100% of charter capital by the Parent Company - Vietnam Rubber Industry Group, operating under the parent-subsidiary model, including:

- Dong Nai Rubber Holding Corporation. (Based on reorganization, renovation, and restructuring of units under the Dong Nai Rubber Corporation and companies established with capital contribution from the Dong Nai Rubber Corporation).

- Industrial Rubber Holding Corporation. (Based on reorganization of industrial service units under the Vietnam Rubber Corporation).

- Vietnam Laos Rubber Holding Corporation. (Newly established).

c) Subsidiaries held 100% of charter capital by the Parent Company - Vietnam Rubber Industry Group:

- Dau Tieng Rubber Corporation (operating under the parent-subsidiary model)

- Rubber Financial Corporation (Limited Liability Joint Stock Corporation)

The Board of Directors of the Parent Company - Vietnam Rubber Industry Group shall submit to the Prime Minister for approval the plans for establishing new holding companies and converting companies to operate under the parent-subsidiary model and limited liability joint stock corporation as stipulated in points b and c of this clause.

d) Companies held more than 50% of charter capital by the Parent Company - Vietnam Rubber Industry Group, including:

- Joint-stock companies, limited liability companies:

+ Hoa Binh Rubber Joint-Stock Company;

+ Ho Nai Industrial Zone Investment and Development Joint-Stock Company;

+ Song Con Joint-Stock Company;

+ Binh Duong BOT 741 Limited Liability Company;

- Companies to be listed:

+ Ba Ria Rubber Corporation;

+ Phuoc Hoa Rubber Corporation;

+ Binh Long Rubber Corporation;

+ Loc Ninh Rubber Corporation;

+ Dong Phu Rubber Corporation;

+ Phu Rieng Rubber Corporation;

+ Tan Bien Rubber Corporation;

+ Krong Buk Rubber Corporation;

+ Ea Hleo Rubber Corporation;

+ Chu Pah Rubber Corporation;

+ Chu Prong Rubber Corporation;

+ Mang Yang Rubber Corporation;

+ Chu Se Rubber Corporation;

+ Kon Tum Rubber Corporation;

+ Binh Thuan Rubber Corporation;

+ Quang Tri Rubber Corporation;

+ Quang Nam Rubber Corporation;

+ Quang Ngai Rubber Corporation;

+ Ha Tinh Rubber Corporation;

+ Thanh Hoa Rubber Corporation;

+ Rubber Machinery Corporation;

+ Tay Ninh Rubber Limited Liability Company.

The Board of Directors of the Parent Company - Vietnam Rubber Industry Group shall develop plans for conversion and listing of units not yet converted into joint-stock companies as stipulated in this point and submit them to the Minister of Agriculture and Rural Development for decision.

e) Companies held less than 50% of charter capital by the Parent Company - Vietnam Rubber Industry Group:

- Joint-stock companies:

+ Warehouse and Cargo Services Joint-Stock Company;

+ Basic Construction Technology and Real Estate Joint-Stock Company;

+ Rubber Investment and Construction Joint-Stock Company;

+ Construction and Investment Consulting Joint-Stock Company;

+ Rubber Trade and Tourism Service Joint-Stock Company;

+ Fico Cement West Ninh Joint-Stock Company;

+ Nam Tan Uyen Industrial Zone Joint-Stock Company;

+ Han Bridge Investment and Construction Joint-Stock Company;

+ Urban and Industrial Zone Development and Investment Geruco Joint-Stock Company;

+ Thong Nhat Joint-Stock Company;

+ Cuu Dat Hydropower Joint-Stock Company;

- Limited Liability Companies:

+ Dong Thap BOT Infrastructure Limited Liability Company.

- Joint Ventures:

+ Visorutex Joint Venture Factory.

f) Public institutions with revenue held 100% of capital by the Parent Company - Vietnam Rubber Industry Group:

- Vietnam Rubber Research Institute.

- High School of Technical and Vocational Rubber.

- Rubber Health Center.

- Vietnam Rubber Magazine

Article 2. Implementation organization:

1. Ministries, ministerial-level agencies, and government-affiliated agencies shall perform their state management functions in relevant fields and exercise some rights and obligations of state ownership assigned by the Prime Minister to the Vietnam Rubber Industry Group.

2. The Ministry of Agriculture and Rural Development:

- Responsible for directing and monitoring the implementation of this Decision; promptly identifying and resolving emerging issues, reporting to the Prime Minister for resolution of matters exceeding their authority;

- Deciding on the plans for listing and converting non-listed enterprises mentioned in point d, Clause 2, Article 1 of this Decision into joint-stock companies according to current regulations.

3. Ministry of Natural Resources and Environment shall guide provinces and the Vietnam Rubber Industry Group on the transfer of all land funds of member enterprises of the Vietnam Rubber Corporation to the Parent Company - Vietnam Rubber Industry Group for unified management and allocation of production and business areas for rubber to subsidiaries in accordance with the laws on land.

4. Enterprises within the structure of the Vietnam Rubber Industry Group shall organize and operate in accordance with the relevant laws corresponding to the type of enterprise organization. The relationship between the Vietnam Rubber Industry Group and the state owner and member units shall be carried out in compliance with the law and the Charter on the organization and operation of the Vietnam Rubber Industry Group.

The Government shall uniformly manage and implement the rights and obligations of the state owner towards the Vietnam Rubber Industry Group. The Prime Minister shall delegate certain rights of the state owner to ministries, ministerial-level agencies, governmental agencies, and the Board of Directors of the Vietnam Rubber Industry Group in accordance with current laws and the Charter on the organization and operation of the Vietnam Rubber Industry Group.

5. The Ministers of the Ministries of Finance, Planning and Investment, Labor, Invalids and Social Affairs, Home Affairs, Natural Resources and Environment, Industry, heads of related agencies, and the Steering Committee for Enterprise Reform and Development shall be responsible for coordinating with the Ministry of Agriculture and Rural Development, the Board of Directors of the Vietnam Rubber Corporation, and the Board of Directors of the Vietnam Rubber Industry Group in implementing the above tasks in accordance with their functions and responsibilities.

Article 3. This Decision shall take effect fifteen days from the date of publication in the Official Gazette.

The Ministry of Agriculture and Rural Development, the Board of Directors of the Vietnam Rubber Corporation, the Board of Directors of the Vietnam Rubber Industry Group, and the heads of related agencies are responsible for implementing this Decision./.