Decision No. 72/2003/QD-BCN On the establishment of Vietnam Plastic Joint Stock Company

DECISION

Regarding the establishment of Vietnam Plastic Company

THE MINISTER OF INDUSTRY

Pursuant to the Government Decree No. 74/CP dated November 1, 1995 on the functions, tasks, powers, and organizational structure of the Ministry of Industry;

Pursuant to Decision No. 125/QĐ-TTg dated January 28, 2003 of the Prime Minister approving the overall restructuring and renewal plan for State-owned enterprises under the Ministry of Industry for the period 2003-2005, and Circular No. 512/CP-ĐMDN dated April 23, 2003 of the Government on the establishment of new state-owned enterprises,

Considering the proposal for the establishment of Vietnam Plastic Company Male;

At the proposal of the Director of the Personnel and Organization Department,

DECISION:

Article 1. Establish Vietnam Plastic Company based on the reorganization of Van Don Plastic Company, a subsidiary of Vietnam Plastic Corporation, and the Vietnam Plastic Corporation Office.

The subsidiaries of Vietnam Plastic Corporation, namely Tan Phu Plastic Company, Thang Long Plastic Factory, Trade and Service Company No. 1, and Plastic Trade and Service Company, shall become dependent accounting units of Vietnam Plastic Company.

1. Vietnam Plastic Company (hereinafter referred to as the Company) is a state-owned enterprise under the Ministry of Industry, having legal personality, seal, bank account, and operating according to the Articles of Association approved by the Minister of Industry, the Law on State-Owned Enterprises, and other relevant laws;

Article 2. The Company has:

a) International trade name in English:

VIETNAM PLASTIC CORPORATION;

b) Abbreviation: VINAPLAST;

c) Head office located at: 92-94 Ly Tu Trong Street, Ben Thanh Ward, District 1, Ho Chi Minh City;

d) Branch located at: 39 Ngo Quyen Street, Hoan Kiem District, Hanoi.

e) Registered capital: 95,531 million VND.

Article 2. Main business activities of the Company:

1. Producing plastic products, packaging materials, spare parts, and components serving industries, agriculture, fisheries, transportation, construction, postal and telecommunications services, and household use; manufacturing molds and spare parts for the plastic industry;

2. Comprehensive export business: raw materials, production supplies, and consumer goods;

3. Investment consulting, research, training, and transfer of new technology services;

4. Trade fairs, exhibitions, information, advertising, and supermarket, hotel, and rental office operations.

Article 3. Organizational structure of the Company:

1. General Director;

2. Deputy General Managers;

3. Specialized departments assisting the management:

Article 4.Dependent accounting units of the Company:

1. Van Don Plastic Factory,

2. Tan Phu Plastic Factory,

3. Thang Long Plastic Factory,

4. Trade and Service Plastic Enterprise No. 1,

5. Trade and Service Plastic Enterprise,

6. Research and Application Center for Plastics and Training

Article 5. The Company shall inherit the obligations and rights of Vietnam Plastic Corporation and continue to act as a partner in joint ventures and manage the state capital in TIPC Vina Limited Liability Company and Viet Thai Plastic Chemicals Limited Liability Company, and continue implementing investment projects in Minh Duc Industrial Park - Hung Yen.

The Board of Directors of Vietnam Plastic Corporation is responsible for transferring intact the units named in Article 1 and related issues concerning the inheritance of rights and obligations of Vietnam Plastic Corporation to the General Director of Vietnam Plastic Company in accordance with current regulations of the State.

Assign the General Director of the Company to develop a restructuring and renewal plan for the Company and its dependent units for the period 2003-2005 and report it to the Minister of Industry for approval.

Article 6. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

The Chief of the Ministry's Office, the Inspector General, Department Heads, Bureau Chiefs under the Ministry, Chairman of the Board of Directors, General Director of Vietnam Plastic Corporation, and General Director of Vietnam Plastic Company are responsible for implementing this Decision./.