DECISION

ON THE ESTABLISHMENT OF THE VIETNAM STEEL CORPORATION

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government on the 30th of September 1992;
In implementation of Decision No.91-TTg on the 7th of March 1994 of the Prime Minister on the trial establishment of business corporations;
At the proposal of the Minister of Heavy Industry,

DECIDES:

Article 1.- To establish the Vietnam Steel Corporation on the basis of re-organization and re-arrangement of the existing Vietnam Steel Corporation and the relevant units under the Ministry of Heavy Industry.

The Vietnam Steel Corporation (hereunder referred to as the Corporation) is a State-owned business, has the legal person status, has civil rights and obligations as prescribed by law, takes responsibility for all business activities conducted within the amount of capital managed by the Corporation; has its seal, assets, and centralized funds, is allowed to open accounts at domestic and foreign banks in compliance with State regulations, is organized and operates in accordance with the Statute of the Corporation.

The international transaction name of the Vietnam Steel Corporation is VIETNAM STEEL CORPORATION, or VSC in abbreviation.

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Article 2.- The Corporation has the following main tasks:

1. To carry out business in steel and other metals in accordance with the State overall planning and plans for development of the steel and metal industry, including: development planning, investment, generation of sources of investment capital, production, product consumption, import and export; to enter into joint venture and cooperation with domestic and foreign economic organizations in accordance with State laws and policies.

2. To receive and efficiently use, preserve and develop the State-allocated capital including part of the capital invested in other businesses; to receive and efficiently use natural resources, land, and other resources allocated by the State to carry out its assigned business and other tasks.

3. To organize and manage activities in research and application of scientific and technological advances, and in training and fostering of cadres and workers in service of business activities of the Corporation.

Article 3.- The organizational structure of the Corporation consists of:

- The Managing Board, the Supervisory Commission;

- The General Director and the assisting apparatus,

- The member companies of the Corporation.

2. The organization and operation of the Corporation is defined in the Statute of the Corporation promulgated by the Government.

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The Minister of Heavy Industry shall decide the appointment of the Deputy General Directors and the Chief Accountant of the Corporation as proposed by the Managing Board at the suggestion of the General Director of the Corporation.

Article 5.-

1. The Minister of Heavy Industry is responsible for elaborating a plan for re-organization and re-arrangement of the units as stipulated in Article 1 in order to draw up a list of the member units of the Corporation and submit it to the Prime Minister for decision.

2. The Managing Board is responsible for drafting the Statute of organization and operation of the Corporation, and submitting it to the Government for promulgation.

3. The Minister of Finance shall preside over and cooperate with the Minister of Heavy Industry in the allocation of capital to the Corporation.

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

The Minister of Heavy Industry, the Minister of Finance, the Minister-Chairman of the Government Commission on Organization and Personnel, the Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the People's Committees of the provinces and cities directly under the Central Government, and the Managing Board and the General Director of the Vietnam Steel Corporation shall have to implement this Decision.

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