Decision No. 86/2004/QĐ-TTg On piloting the organization and operation under the Parent Company - Subsidiary model at Viet Tien Textile and Garment Joint Stock Company, an independent accounting member enterprise of Vietnam National Textile and Garment Corporation

 Pursuant to …;

Regarding the pilot organization and operation under the parent company - subsidiary model

The parent company - subsidiary model at Viet Tien Textile Company, an independent accounting entity under the Vietnam National Textile - Garment Corporation

is hereby approved for trial implementation.

PRIME MINISTER

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

Pursuant to the State Enterprise Law on April 20, 1995;

Pursuant to the Enterprise Law dated June 12, 1999;

At the proposal of the Board of Directors of the Vietnam Textile - Garment Corporation,

DECISION:

Article 1. 1. Viet Tien Textile Company will operate according to the parent company - subsidiary organizational model within the structure of the Vietnam National Textile - Garment Corporation.

2. Parent company: Viet Tien Textile Company is a state-owned enterprise directly engaged in production and business activities and has investment capital in other companies, responsible for preserving and developing state capital at the parent company and invested capital in other companies. The parent company is formed from: Office, affiliated enterprises under Zone A, three joint business contracts: TUNGSHING - VTEC, MS - VTEC, VTEC - CLISPAL of the current Viet Tien Textile Company.

Name of the parent company: Viet Tien Textile Company.

International trading name is: VIETTIEN GARMENT IMPORT-EXPORT COMPANY.

Abbreviation: VTEC.

Head office: 7 Le Minh Xuan Street, Ward 7, Tan Binh District, Ho Chi Minh City.

3. Subsidiary: having legal personality, assets, name, separate management structure, independently liable for civil responsibility within the scope of the enterprise's assets; organized and operated according to relevant legal provisions corresponding to the legal form of the subsidiary.

Management structure of the Parent Company includes: General Director and supporting staff.

The subsidiary is a limited liability company with one member wholly owned by the parent company, a joint-stock company, or a limited liability company with two or more members where the parent company holds controlling shares or capital contributions (recorded in Section I of the attached annex).

4. Other companies with capital contributions from the parent company (recorded in Section II of the attached annex).

5. Capital structure, articles of association, business sectors of the parent company and subsidiaries; organization and management of the parent company; relationships between the parent company and subsidiaries, associated companies; relationships between the parent company and the Vietnam National Textile - Garment Corporation are stipulated in the articles of association governing the organization and operation of the parent company.

6. The parent company shall be responsible for succeeding all legal rights and obligations of the current Viet Tien Textile Company.

- Take the lead and coordinate with relevant agencies in handling assets, finances, and labor when transitioning Viet Tien Textile Company to operate under the parent company - subsidiary model.

Article 2.

1. Entrust the Chairman of the Board of Directors of the Vietnam Textile - Garment Corporation:

- Monitor the operation of this pilot model, report to the Prime Minister issues that need correction and lessons learned.

2. Entrust the Minister of Industry to decide on the establishment of the parent company and subsidiaries mentioned in Article 1 of this Decision and bear responsibility for directing and supervising implementation in accordance with current regulations.

- Proposes the Prime Minister to approve the Articles of Organization and Operation of the holding company.

Ministers of the Ministries of Industry, Planning and Investment, Labor - Invalids and Social Affairs, Home Affairs, Finance, Chairman of the Board of Directors of the Vietnam National Textile - Garment Corporation, and heads of relevant agencies are responsible for implementing this Decision./.

3. Entrust the Minister of Finance to approve the financial regulations for the pilot project of the Parent Company.

Article 3. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

- To be filed: DMDN (5), VT.

ANNEX

(Annexed to Decision No. 86/2004/QĐ-TTg dated May 14, 2004 of the Prime Minister)
1. Limited liability companies with two or more members:

- West Do Textile Limited Liability Company,

I. SUBCOMPANIES:

- Dong Tien Textile Limited Liability Company,

- Tien Tien Textile Limited Liability Company,

- Thuan Tien Textile Limited Liability Company.

2. Joint-stock companies:

- Viet Ha Textile Joint-Stock Company,

- Vinh Tien Textile Joint-Stock Company,

- Viet Hai Joint-Stock Company,

- Thu Duc Textile Machinery Joint-Stock Company,

- Viet Long Textile Joint-Stock Company.

II. COMPANIES WITH CAPITAL CONTRIBUTIONS FROM THE PARENT COMPANY:

1. Limited liability companies with two or more members:

- Viet Hong Textile Limited Liability Company,

- Viet Tan Textile Limited Liability Company,

- Tien Thuan Textile Limited Liability Company.

2. Joint-stock companies:

- Viet Hung Textile Joint-Stock Company,

- Viet Thinh Textile Joint-Stock Company.

3. Foreign joint ventures:

- Joint venture company producing PE foam sheets (GOLDEN-VTEC),

- Joint venture company producing and trading PE foam sheets in Hanoi (EVC),

- Joint venture company producing plastic buttons (Viet Thuan),

- Joint venture company producing Mex Viet Phat./.

- Joint Stock Company Vietnam Thuan Plastic Button Production Joint Venture,

- Joint Stock Company Mex Viet Phat Production Joint Venture./.