Decision No. 252/TTg On the establishment of the Vietnam Rubber Corporation

Pursuant to …;

Regarding the establishment of the Vietnam Rubber Corporation 

PRIME MINISTER

Pursuant to the Government Organization Law dated September 30, 1992;

To implement Decision No. 91/TTg dated March 7, 1994 of the Prime Minister on piloting the establishment of business groups;

Considering the proposal of the Minister of Agriculture and Food Industry;

DECISION:

Article 1. Establish the Vietnam Rubber Corporation based on reorganizing production, circulation, and service units under the Ministry of Agriculture and Food Industry and localities related to rubber.

The Vietnam Rubber Corporation (hereinafter referred to as the Corporation) is a state-owned corporation engaged in business operations with legal personality, possessing civil rights and obligations as prescribed by Law, independently responsible for all activities within the scope of capital managed by the Corporation; having assets, seals, and bank accounts both domestically and internationally as prescribed by the State; operating according to the Charter of the Corporation.

The international trading name of the Vietnam Rubber Corporation is:

VIETNAM RUBBER CORPORATION, abbreviated as GERUCO.

The headquarters of the Corporation is located in Ho Chi Minh City.

Article 2. The main tasks of the Corporation are as follows:

1. Implementing the business tasks of rubber in accordance with the national planning and development plan for rubber, including: Developing plans for development, investment, and creating investment capital; supplying materials and equipment; planting, processing; selling products, importing and exporting, joint ventures with domestic and foreign economic organizations in compliance with the laws and policies of the State.

2. Receiving and effectively utilizing, preserving, and developing the capital assigned by the State, including the portion invested in other enterprises; receiving and effectively utilizing natural resources, land, and other resources assigned by the State to fulfill business tasks and other assigned tasks.

3. Organizing and managing research and application of scientific and technological progress and training and improving staff and workers within the Corporation.

Article 3.

1. The organizational structure of the Corporation includes:

- Board of Directors, Supervisory Board;

- General Director and supporting staff;

- Member units of the Corporation.

2. The organization and operation of the Corporation are specifically regulated in the Charter of the Corporation issued by the Government.

Article 4. The Minister of Agriculture and Food Industry, after reaching consensus with the Minister in charge of the Civil Service and Cadres Department of the Government, shall submit to the Prime Minister for decision on appointing the Chairman of the Board of Directors, General Director, and other members of the Board of Directors of the Corporation.

The Minister of Agriculture and Food Industry shall appoint the Deputy General Director and Chief Accountant of the Corporation based on the recommendation of the General Director, which has been submitted by the Board of Directors.

Article 5.

1. The Minister of Agriculture and Food Industry is responsible for drafting the restructuring plan for production, circulation, and service units related to rubber under the Ministry of Agriculture and Food Industry, and in other sectors and localities.h the Prime Minister for decision.

2. The Board of Directors of the Corporation is responsible for drafting the Charter for the organization and operation of the Vietnam Rubber Corporation to be submitted to the Government for issuance.

3. The Minister of Finance, in collaboration with the Minister of Agriculture and Food Industry, shall implement the assignment of capital to the Corporation.

Article 6.- This Decision takes effect from the date of issuance.

The Minister of Agriculture and Food Industry, the Minister of Finance, the Ministers, the Head of the Civil Service and Cadres Department of the Government, the Ministers, Heads of agencies equivalent to ministries, Heads of government-affiliated agencies, Chairmen of People's Committees of provinces and centrally governed cities, the Board of Directors, and the General Director of the Vietnam Rubber Corporation are responsible for implementing this Decision.