Decision 1243/QD-TTg 2023 approve Scheme to restructure PVN until the end of 2025

DECISION

On approving the Scheme to restructure the Vietnam Oil and Gas Group until the end of 2025

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THE PRIME MINISTER

Pursuant to the Law on Organization of the Government dated June 19, 2015, and the revised Law on Organization of the Government dated November 22, 2019;

Pursuant to the Law on Oil and Gas dated November 14, 2022;

Pursuant to the Law on the Management and Use of State Capital Invested in Production and Business at Enterprises dated November 26, 2014;

Pursuant to the Law on Enterprises dated June 17, 2020;

Pursuant to the Law amending and supplementing a number of articles of the Law on Public Investment, Law on Investment in the Form of Public-Private Partnership, Law on Investment, Housing Law, Bidding Law, Electricity Law, Law on Enterprises, Law on Excise Tax and the Law on Enforcement of Civil Judgments dated January 11, 2022;

Pursuant to the Political Bureau’s Resolution No. 41-NQ/TW dated July 23, 2015, on orientation of Vietnam's oil and gas industry development strategy through 2025, with a vision toward 2035;

Pursuant to the National Assembly's Resolution No. 134/2020/QH14 dated November 17, 2020, on continuing to implement the National Assembly's resolutions on thematic supervision and questioning during the 14^th National Assembly and a number of resolutions in 13^th National Assembly;

Pursuant to the Government’s Decree No. 131/2018/ND-CP dated February 17, 2017, on defining the functions, tasks, powers and organizational structure of the Commission for the Management of State Capital at Enterprises;

Pursuant to the Government’s Decree No. 07/2018/ND-CP dated January 10, 2018, on promulgating the Charter on organization and operation of Vietnam Oil and Gas Group;

Pursuant to the Government’s Decree No. 23/2022/ND-CP dated April 5, 2022, on establishment, rearrangement, ownership conversion, and transfer of owner representative rights at enterprises with 100% of charter capital held by the State;

Pursuant to the Government’s Decree No. 91/2015/NĐ-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises;

Pursuant to the Government’s Decree No. 32/2018/ND-CP dated March 08, 2018, amending and supplementing a number of articles of the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on state capital investment in enterprises, use and management of capital and assets in enterprises;

Pursuant to the Government’s Decree No. 140/2020/ND-CP dated November 30, 2020, amending and supplementing a number of articles of Decree No. 126/2017/ND-CP dated November 16, 2017, of the Government, on transformation of state enterprises and single member limited liability companies with 100% state enterprise-invested charter capital into joint stock companies; Decree No. 91/2015/ND-CP dated October 13, 2015, of the Government, on investment of state capital in enterprises and management and use of capital and assets at enterprises and Decree No. 32/2018/ND-CP dated March 08, 2018, of the Government, on amending and supplementing a number of articles of the Decree No. 91/2015/ND-CP;

Pursuant to the Government’s Decision No. 22/2021/QD-TTg dated July 07, 2021, on criteria for classification of wholly state-owned enterprises and partially state-owned enterprises subject to ownership transformation, reorganization or state capital withdrawal in the 2021-2025 period;

Pursuant to the Prime Minister’s Decision No. 1749/QD-TTg dated October 14, 2015, on approving the Vietnam Oil and Gas Group development strategy through 2025, with orientations toward 2035;

Pursuant to the Prime Minister’s Decision No. 360/QD-TTg dated March 17, 2022, on approving the Scheme on “Restructuring state-owned enterprises, focusing on state-owned corporations and economic groups in the 2021-2025 period”;

Pursuant to the Prime Minister’s Decision No. 1479/QD-TTg dated November 29, 2022, approving the Plans on reorganization of state enterprises and enterprises with state capital in the 2022-2025 period;

At the request of the Chairperson of the Commission for the Management of State Capital at Enterprises,

DECIDES:

Article 1. Approve the “Scheme to restructure the Vietnam Oil and Gas Group (PVN) until the end of 2025” with the following contents:

I. OBJECTIVES

To build and develop Vietnam Oil and Gas Group into the leading Energy Industry Group in Vietnam and the region, in line with new development trends, the fourth industrial revolution, green transformation, digital transformation and new energy conversion; with a core position and role in ensuring national energy security, performing functions, tasks and powers as prescribed by the Law on Oil and Gas, the Charter of organization and operation, having a modern level of technology and management, and high specialization suitable for Vietnam's conditions; contributing to ensuring energy security, food security and protecting national sovereignty over sea. To consolidate and develop PVN and its affiliated units, especially those operating in key fields, forming a value-added chain of the oil and gas industry, with strong potential in finance and science technology, high competitiveness, effective operation, sustainable development, proactive market expansion and active international integration. To mobilize all resources to invest in the development of PVN and Vietnam's oil and gas industry.

To implement restructuring, organization, and consolidation according to the economic group model, including the parent company - PVN and its member companies, operating in accordance with objectives, development strategies, and plans for the development of Vietnam's oil and gas industry as approved by the Political Bureau/Prime Minister. To continue restructuring, focus on maintaining core fields and main business lines, and divest all capital in fields and enterprises that are not in the main business fields. To restructure financial resources from existing resources and necessary additional resources. To maintain the position as the leading supplier of gas resources (LPG, LNG, CNG, etc.) in Vietnam. To promote the development of petrochemicals, deep processing of high-quality gas products and petroleum services. To develop clean energy sources, renewable energy, new energy such as offshore wind power, marine energy, H2, NH3, etc. according to the approval of competent authorities, low-carbon emission fuels, consistent with the orientation of energy transition and environmental protection.

To actively deal with projects, works, and enterprises facing difficulties and problems (if any) following market principles, complying with the law and approvals of competent authorities.

To apply modern management methods; review, promote decentralization and empowerment; improve the system of internal regulations and procedures, publicity and transparency of information, lean organizational apparatus, effective efficiency, rearrangement of human resources in accordance with capacity, qualifications and each level of staff, strengthen supervision, inspection, internal audit and risk control; detect and timely handle the shortcomings and weaknesses; comply with the Party's policy and State regulations, and the law. To strive for the annual revenue growth for the entire Group on average from 3% - 6.5%, increase annual budget revenue by about 10%; restructure to make PVN stronger, especially participating in the construction of renewable energy plants, contributing to the development of renewable power industry.

II ORIENTATION AND SOLUTIONS FOR RESTRUCTURING ENTERPRISES UNTIL THE END OF 2025

1. Business lines

PVN focuses on the main business fields as follows:

a) Searching, exploration and exploitation of oil and gas;

b) Gas industry;

c) Power industry, renewable power industry, and new energy industry;

d) Oil and gas processing, storage, and distribution of oil and gas products;

dd) High-quality oil and gas technical services.

PVN operates several business lines as prescribed in the Government's Decree on the Charter of organization and operation of PVN and other business lines as approved by competent authorities.

2. Corporate governance innovation

a) Promoting restructuring of corporate governance by focusing on the following contents:

- Improving management institutions;

- Strengthening the management apparatus organization and administration;

- Innovating and improving the efficiency of financial and accounting management;

- Effectively managing and using employees, reforming salary mechanism;

- Developing and training to improve the quality of human resources;

- Promoting the application of modern technology and new techniques to enhance production and business efficiency and labor productivity across the entire Group; strengthening forecasting, risk management, information technology, and digital transformation;

- Strengthening the management of PVN's units operating abroad;

- Strengthening project investment management, ensuring investment progress and efficiency;

- Strengthening internal inspection, examination; anti-corruption, and anti-waste.

b) Applying international practices in corporate governance innovation

- Continuing to coordinate with ministries and sectors to improve the management institutions, mechanisms and policies in the direction of increasing PVN's proactiveness in production and business activities, in accordance with market mechanisms and international practices. Coordinating with ministries and sectors to submit competent authorities for promulgation of documents guiding the Law on Oil and Gas and documents amending/issuing the Charter of organization and operation in compliance with regulations and relevant legal documents, etc.

- Anticipating and adopting digital transformation and energy transition in management and operations; successfully implementing PVN's digital transformation (ERP);

- Gradually researching and applying corporate governance models in state enterprises according to OECD guidance and high standards of responsible business conduct;

- Developing a roadmap and implementing international financial reporting standards (IFRS) according to regulations and instructions of the Ministry of Finance.

- Strengthening risk forecasting and risk management solutions following international practices and applying digital solutions to risk management.

3. Development of plans for restructuring of finance, capital, and assets of enterprises

- Strengthening cash flow and cash capital management to ensure the secure and efficient utilization of funds, meeting the capital needs for business operations. Regularly updating the cash flow balance and capital resources in both the medium and long term to make timely forecasts and response measures (including the funds previously incurred by PVN and those expected to continue to incur per PVN's completion commitment obligations to NSRP, corresponding to PVN's capital contribution proportion at NSRP, without imposing additional obligations on the Government, as directed by the Government's leaders in document No. 2359/VPCP-KTTH dated July 13, 2022 of the Government Office).

- Strictly managing accounts receivables, expediting debt payment and proactively taking appropriate and effective measures to expedite the recovery of overdue debts. Identifying the causes of overdue and long-standing outstanding debts (if any) and irrecoverable debts and handling measures, including debts related to services provided to NSRP.

- Managing investments to ensure alignment with the Group's development strategy, identifying opportunities and risks, and implementing timely solutions to enhance investment efficiency.

- Reviewing the financial obligations expected to arise for PVN (as an enterprise and representative of the host country) during the implementation of projects and commitment agreements to proactively devise a financial handling plan and ensure the financial security of the enterprise.

- Restructuring other asset items.

- Reviewing unrecovered exploration, exploration and development expenses for allocation and recovery.

- For long-term loans (including entrusted loans), it is necessary to have measures to manage, recover and preserve capital.

- Restructuring debt; studying, evaluating, and implementing appropriate debt financing methods, diversifying funding sources from debt financing to optimize the advantages of each funding source.

- Carrying out international credit rating assessments; Fully and correctly implementing commitments in loan contracts, maintaining financial ratios as committed.

- Mobilizing capital and borrowing foreign capital in accordance with regulations, ensuring capital requirements for development investments.

4. Restructuring plans for the human resource, management apparatus organization

a) Restructuring plans for the human resource

- Continuing to review, evaluate, and rearrange the personnel within the management apparatus to better meet the requirements and enhance work efficiency; regularly evaluating and implementing suitable solutions to improve the quality of human resources, arranging and appointing employees at the Group's offices, aligning with job requirements in the new situation.

- Directing affiliated units to restructure personnel in a streamlined direction, consistent with development strategies and production and business requirements; establishing salary mechanisms consistent with production and business efficiency and labor productivity.

b) Restructuring plans for the management apparatus organization

- Enhancing the management and administration apparatus at the parent company and its affiliated units to establish a structure and scale that aligns with the specific characteristics, work requirements, and best fulfills the tasks in production, business operations, and development strategy of PVN.

- Centralizing focal points and reducing intermediaries in handling and solving tasks as well as making decisions. Clearly defining the responsibilities of each department, and avoiding overlap in the work of Departments/Offices.

- Prioritizing efficiency in handling and solving tasks as a primary objective.

5. Orientation for investment in technological innovation to serve enterprises' production and business and protect the environment protection; technology improvement roadmap to innovate technology in parts and stages in a reasonable manner, consistent with the capacity and development orientation of the enterprise

- Regularly conducting reviews and assessments to innovate and improve technology to enhance operational efficiency, better meet the requirements of production and market, or comply with required standards (e.g., environment standards) as required by the law.

- Directing PVN's representative at Binh Son Refining and Petrochemical Joint Stock Company (BSR) to organize and implement the project to upgrade Dung Quat Oil Refinery to meet prescribed emissions standards.

6. Plans for coordination, joint venture, and association with enterprises from other economic regions and enterprises from countries in the region to form supply and production chains

- PVN shall continue to seek, coordinate, and associate with domestic and foreign enterprises to form supply and production chains in 5 main business fields to expand the market. Focusing on building and developing the oil and gas value chain, including exploration and extraction of oil and gas, electricity production, processing, storage, high-quality oil and gas services, and gas distribution to optimize the value of oil and gas product and service offerings, enhancing competitiveness in the market.

- Attention shall be paid to seeking partners with financial potential, new technologies, and experience to achieve strategic objectives.

7. Plan/list of arrangement and restructuring of the parent company and affiliated units of PVN until the end of 2025

a) Parent company - PVN and its affiliated units

- The parent company - PVN shall continue to operate as a limited liability company with 100% charter capital held by the State in accordance with the Prime Minister's Decision No. 1479/QD-TTg dated November 29, 2022.

- Affiliated units:

The Petrovietnam College (PVCollege) shall remain the same and focus on enhancing its operational efficiency;

The Vietnam Petroleum Institute (VPI) shall be maintained with an emphasis on improving its operations and research while ensuring compliance with regulations;

A suitable and feasible plan for the transfer or restructuring of Petrovietnam University (PVU) shall be developed.

The dissolution of the PVN Branch - Southwest Pipeline Operating Company shall be carried out to align with the orientation of transferring capital contribution in the Block B - O Mon business cooperation contract.

b) Enterprises of which 100% of charter capital is held by PVN

Petrovietnam Exploration Production Corporation (PVEP).

c) Enterprises of which 50% of charter capital is held by PVN

- Joint Venture "Vietsovpetro" (Vietsovpetro);

- Petrovietnam Gas Joint Stock Corporation (PVGas);

- Petrovietnam Power Corporation - Joint Stock Company (PVPower);

- Binh Son Refining and Petrochemical Joint Stock Company (BSR);

- Petrovietnam Fertilizer and Chemicals Joint Stock Corporation (PVFCCo);

- Petrovietnam Camau Fertilizer Joint Stock Company (PVCFC);

- Petrovietnam Technical Service Joint Stock Corporation (PTSC);

- Petrovietnam Drilling and Well Services Corporation (PVD);

- Petrovietnam Transportation Joint Stock Corporation (PVTrans);

- Petrovietnam Construction Joint Stock Corporation (PetroCons).

d) Enterprises of which less than 50% of charter capital is held by PVN

- Joint Venture Rusvietpetro Company Limited (operating in Russia);

- Petrovietnam Chemical and Services Corporation (PVChem);

- Joint Venture Gazpromviet Company Limited.

dd) Enterprises in which PVN divests its entire capital contribution

- Petrovietnam Insurance Joint Stock Corporation (PVI);

- Petrovietnam General Service Joint Stock Corporation (Petrosetco);

- Petrovietnam Engineering Corporation (PVE);

- Petrovietnam Maintenance and Repair Corporation (PVMR);

- PetroVietnam Trade and Services Joint Stock Company (PVTS, formerly Petrovietnam Trade Union Finance Investment Corporation - PVFI);

- Petrovietnam Phuoc An Port Investment and Operation Joint Stock Company (PAP);

- Green Indochina Development Joint Stock Company (GID).

e) Other enterprises/units with capital contribution from PVN

- Vietnam Petrochemical and Fiber Joint Stock Company (VNPoly): PVN shall continue to restructure VNPOLY, operate the factory, cooperate with partners, and restructure or divest capital when the conditions and timing are favorable (with an initial focus on addressing production and financial difficulties at the unit).

- Petrovietnam Oil Joint Stock Corporation (PVOIL): in the immediate future, shall retain the capital ratio of PVN's ownership in the company.  Vietnam Oil and Gas Group shall explore and develop a plan to increase PVN's capital at PVOIL in a form consistent with the provisions of law;

- Public Joint Stock Commercial Bank (PVcomBank):  PVN shall urgently develop a Separate Scheme to restructure PVN's capital contribution in PVcomBank (including the plan and timeline for divestment of PVN's capital in PVcomBank), ensuring that PVN's ownership ratio in PVcomBank is reduced to 15% of the charter capital by the end of 2025 in accordance with law provisions and relevant directions of Government leaders, the Prime Minister's Decision No. 689/QD-TTg dated June 8, 2022, approving the Scheme on “Restructuring the credit institution system associated with handling of non-performing loans for the 2021-2025 period”;

- Dung Quat Shipbuilding Industry Company Limited (DQS): PVN shall continue to coordinate closely with the Shipbuilding Industry Corporation to address the existing issues. This includes implementing a separate solution under the Scheme to handle shortcomings and weaknesses of a number of slow progress and ineffective projects and enterprises in the industry and trade sector issued under Decision No. 1468/QD-TTg dated September 29, 2017, and direction of competent authorities;

- Tancang - Petro Camranh Company Limited (TCP Cam Ranh), the National Southern Oil Spill Response Center (NASOS): PVN shall explore and develop a plan to transfer PVN's capital contribution at TCP Cam Ranh and NASOS to the Ministry of National Defense in accordance with the law;

- Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP): PVN shall develop a separate scheme to handle PVN's capital in NSRP, ensuring compliance with the law, the Government's commitment, and the directions of the Government leaders;

- PVN shall research and develop a plan to handle its capital contribution in the Block B - O Mon gas pipeline project (the Block B - O Mon business cooperation contract) in compliance with the directives of competent authorities and law.

8. Roadmap for the implementation

- Focusing on reorganizing production and business activities to resolve problems and shortcomings (if any) of PVN and its affiliated units by the end of 2025 while also advancing the divestment process.

- By the end of 2025: most of affiliated companies will have transformed into joint-stock companies, adopt streamlined organizational models, exhibit sound financial health, operate efficiently, and possess a high level of technological and modern production techniques equivalent to other countries in the region. They will also fully comply with international corporate governance standards; form a professional management team with high qualifications and good moral qualities.

- Consolidating and developing a number of large-scale affiliated enterprises that operate effectively and have the ability to compete regionally and internationally in PVN's main business fields. Considering establishing a new Company or Branch (if any), merging, consolidating and acquiring a number of units with suitable industries and fields of operation to concentrate resources, improve competitiveness and operational efficiency after restructuring, handling existing problems, and improving efficiency.

III. IMPLEMENTATION ORGANIZATION

Relevant ministries, sectors and agencies shall, based on their functions and tasks, guide, direct, urge and supervise the implementation of the Scheme. To be specific:

1. The Commission for the Management of State Capital at Enterprises shall

a) Direct PVN to implement the Scheme on restructuring until the end of 2025; take responsibility before the Government, Prime Minister, inspection agencies, and examine the contents of reports and proposals. Timely handle arising problems. If needed, adjust the contents of the Scheme due to the failure to implement in accordance with this Decision as a result of objective conditions; proactively review and propose adjustments to this Decision in accordance with the law. Promptly report to the Prime Minister for consideration and written direction.

b) Assume the prime responsibility for, and coordinate with the Ministry of Finance, the Steering Committee for Enterprise Renewal and Development and relevant agencies in, supervising the implementation of the Scheme on PVN restructuring.

c) Assume the prime responsibility for, and coordinate with relevant agencies in, directing PVN to transfer PVN's capital in units and enterprises to relevant organizations/units according to regulations.

d) Direct PVN to receive and complete PVN's development strategy up to 2030, with a vision towards 2045. Submit this strategy to competent authorities for consideration and approval based on the preliminary results of 7 years (2016 - 2022) of implementing Resolution No. 41-NQ/TW dated July 23, 2015, and opinions of the Political Bureau and the Government on the development strategy of Vietnam's oil and gas industry until 2045.

dd) Urgently complete the approval of the equitization settlement of PVN's units, including Binh Son Refining and Petrochemical Joint Stock Company (BSR), Petrovietnam Power Corporation - Joint Stock Company (PV Power) and Petrovietnam Oil Corporation - Joint Stock Company (PV Oil).

e) Urge, inspect and supervise the implementation of this Decision. Report to competent authorities on implementation results according to Decision No. 360/QD-TTg dated March 17, 2022.

2. The Ministry of Finance shall

a) Coordinate with the Commission for the Management of State Capital at Enterprises and the Enterprise Renewal and Development Steering Committee to urge and inspect the implementation of the Scheme on PVN restructuring as prescribed. Provide guidance to PVN to handle difficulties and problems related to their jurisdiction.

b) Within the functions and duties, research and guide the transfer of NASOS from PVN to the Ministry of National Defense, the transfer of PVN's capital contribution in TCP Cam Ranh to the Ministry of National Defense, while ensuring that PVN receives the transfer of VNA's capital in SKYPEC in compliance with the law.

c) Guide the Commission in transferring PVN's capital in units and enterprises to relevant organizations or units according to regulations.

3. The Ministry of Industry and Trade shall

Assume the prime responsibility for, and coordinate with relevant agencies in, considering the plan to transfer NASOS to the Ministry of National Defense at the request of the PVN's Members’ Council, and report to competent authorities for consideration and decision in the second quarter of 2024.

4. The Ministry of Planning and Investment shall

Within the functions and duties, research and guide the transfer of NASOS from PVN to the Ministry of National Defense, the transfer of PVN's capital contribution in TCP Cam Ranh to the Ministry of National Defense, while ensuring that PVN receives the transfer of VNA's capital in SKYPEC in compliance with the law.

5. The State Bank of Vietnam shall

a) Direct and guide PVcomBank to develop, approve/submit to competent authorities for approval the Restructuring Plan associated with handling non-performing loans (Restructuring Plan) of PVcomBank until 2030; supervise the implementation of the PVcomBank restructuring plan.

b) Within the functions and duties, supervise the implementation of the roadmap to restructure/divest capital contributions at PVcomBank in accordance with regulations appropriate to the Scheme to restructure the banking system.

6. The Ministry of Defense shall

a) Coordinate with the Ministry of Industry and Trade and the Commission for the Management of State Capital at Enterprises to receive NASOS.

b) Coordinate with relevant ministries, agencies and PVN to research and transfer PVN's capital contribution in TCP Cam Ranh to the Ministry of National Defense.

7. The Ministry of Education and Training shall

Within the functions and duties, guide and coordinate with PVN and relevant agencies to develop a feasible transfer/restructuring plan suitable for Petrovietnam University (PVU).

8. The Members’ Council of Vietnam Oil and Gas Group shall

a) In the fourth quarter of 2023, disseminate and thoroughly understand the views, objectives and contents of the Scheme to restructure the Vietnam Oil and Gas Group until the end of 2025 throughout the Group in order to create consensus and high agreement from the Group to its affiliated units, from unit leaders to employees in the course of implementation.

b) Develop a plan to organize production and business in accordance with the approved Scheme on restructuring. Develop a financial plan to implement assigned main tasks and handle financial problems during the restructuring. Direct the restructuring and arrangement of affiliated enterprises in accordance with this Decision.

c) Conduct a careful examination of the existing capacities and conduct in-depth economic, technical, and financial analyses to clarify the feasibility and effectiveness of wind power/renewable energy investments.

d) Review and promptly develop a roadmap toward complete financial self-reliance for VPI and PV College, as well as refine the operational mechanisms of the research and training units, aligning them with PVN's regulations and current laws.

dd) In the second quarter of 2024, develop a plan to transfer NASOS under a separate Scheme and report to the Ministry of Industry and Trade (specialized management agency as prescribed in the Government's Decree No. 30/2017/ND-CP dated March 21, 2017).

e) Urgently develop a separate scheme to handle PVN's capital in NSRP in the spirit of “harmonizing benefits and sharing risks” and report to competent authorities as prescribed in 2023.

g) Develop a separate scheme/plan as stated at Point e, Clause 7, Section II, Article 1 of this Decision to ensure compliance with the law, and report to competent authorities related to the restructuring plan for PVU; transfer of PVN's capital contribution in TCP Cam Ranh; plan for increasing PVN's capital in PVOIL and restructuring of PVN's capital contribution in PVcomBank.

h) Research a plan to repurchase the capital contribution portion of the Vietnam Airlines - Joint Stock Company in the Vietnam Air Petro Company Limited (SKYPEC) to ensure compliance with the law and directions of competent authorities.

i) Urgently work with EVN and relevant units to agree on the proposal for transferring the 500kV Distribution Stations of Vung Ang 1, Long Phu and Song Hau from PVN to EVN and submit to the Commission for the Management of State Capital at Enterprises as prescribed in the directions in the Government Office's Notice No. 143/TB-VPCP dated May 15, 2022, strive to complete this in 2023.

k) In case of necessity, adjust the contents of the Scheme due to the failure to implement in accordance with this Decision as a result of objective conditions; proactively review and propose adjustments to this Decision in accordance with the law. Promptly report to the Commission for the Management of State Capital at Enterprises for consideration and settlement.

l) Periodically report to the Commission for the Management of State Capital at Enterprises, the Ministry of Finance, and the Steering Committee for Enterprise Renewal and Development on the implementation status and results of this Scheme, and other contents as prescribed in Decision No. 360/QD-TTg dated March 17, 2022.

9. Government Office shall

Monitor and urge the implementation of this Decision according to assigned functions and tasks.

Article 2. This Decision takes effect on the date of its signing.

Article 3. Ministers, heads of ministerial-level agencies, heads of government-attached agencies and chairpersons of People’s Committees of provinces and centrally-run cities, heads of the Steering Committee for Enterprise Renewal and Development, the Members’ Council of the Vietnam Oil and Gas Group shall implement this Decision./.