Decision No. 267/2006/QD-TTg dated November 23, 2006 on forming the parent company – Vietnam Steel Corporation

DECISION

ON FORMING THE PARENT COMPANY – VIETNAM STEEL CORPORATION

THE PRIME MINISTER

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

Pursuant to the Law on State Enterprises dated November 26, 2003;

Pursuant to the Law on Enterprises dated November 29, 2005;

Pursuant to Decree No. 153/2004/ND-CP dated August 9, 2004 of the Government on the organization and management of the State corporations and the transformation of the State corporations and independent State companies into ones operating after the parent - subsidiary company model;

At the proposal of the Management Board of Vietnam Steel Corporation,

DECIDES:

Article 1.

To form the parent company – Vietnam Steel Corporation (hereinafter referred to as Vietnam Steel Corporation) on the basis of reorganizing the Office of Vietnam Steel Corporation, the Southern Steel Company and Phu My Flat Steel Company, dependent accounting units, non-business units and branches.

1. The parent company – Vietnam Steel Corporation (VSC) shall be a State company with its owned legal status, seal and logo, the Charter on organization and operation; be allowed to open its account in Vietnamese Dong and in foreign currencies at the State Treasury, domestic and foreign banks in accordance with the provisions of law; directly carry out their owned business and production activities and invest capital in other companies; have responsibility to conserve and develop the State-owned capital at the parent company and capital invested in other companies; have responsibility to inherit the powers, legitimate rights and obligations of the former Vietnam Steel Corporation.

2. The full name: Vietnam Steel Corporation

The International transaction name: VIETNAM STEEL CORPORATION.

The abbreviate transaction name: VNSTEEL

The abbreviate name: VSC

3. The head office: 91 Lang Ha Street, Dong Da District, Hanoi city.

The representative office in the south: 56 Thu Khoa Huan Street, District 1, Ho Chi Minh city.

4. The charter capital of Vietnam Steel Corporation shall be the capital owned by Vietnam Steel Corporation at the time of June 30, 2006 after auditing.

5. Business lines of Vietnam Steel Corporation:

- Producing steel and other metals, refractory materials, metallurgy equipment and spare parts and after-rolling steel products;

- Mining iron ore, fat coal and auxiliary materials for the steel producing industry;

- Importing, exporting and trading in steel products, materials and fuels for steel refining and rolling; metal scraps; rubber; petrol; oil; grease, gas and other materials and equipment for the steel production, construction, transport, mechanic and other industries;

- Designing, design consulting, manufacturing, and building steel producing works, industrial and civil works, producing and trading in construction materials;

- Training, science researching, technology transferring and vocational training for steel producing and metal materials producing industries;

- Trading in and exploring ports, providing forwarding services, warehouse, workshop, office and house services; investing and trading in infrastructures for the industrial zones, urban areas and other real estates.

- Trading in oxygen, nitrogen and argon gases (including liquid form); providing and assembling gas pipeline equipment systems.

- Financial trading;

- Trading in hotels, restaurants, tourism and travel services;

- Exporting laborers;

- Other services according to the provisions of law.

6. The execution and management apparatuses of the Vietnam Steel Corporation include: the Management Board, the Control Board, the General Director, the deputy general directors, the chief accountant and assisting apparatuses.

7. The organizational apparatuses of Vietnam Steel Corporation at the time of establishment include: the Office of Vietnam Steel Corporation, and the following independent accounting units, non-business units and branches:

- Phu My Flat Steel Company;

- Phu My Steel Company;

- Nha Be Steel Rolling and Refining Company;

- Thu Duc Steel Rolling and Refining Company;

- Bien Hoa Steel Rolling and Refining Company;

- The Labor Cooperation Center with foreign countries;

- The Metallurgical Designing and Consulting Company;

- Phuong Nam Hotel;

- The Ferrous Metallurgical Institute;

- Thai Nguyen School for Electric-Engineering and Metallurgical Training;

- The branch in central Vietnam;

- The branch in western region.

8. Subsidiary and associated companies, which have shares or capital contribution of the Vietnam Steel Corporation at the time of establishment as enclosed appendix.

Article 2.

Organization of implementation

1. The Ministry of Industry:

- Direct and monitor the implementation of this Decision.

- Submit to the Prime Minister the decision on appointment of the president and members of the Management Board of the Vietnam Steel Corporation.

2. The Ministry of Finance: determine the rate of charter capital of Vietnam Steel Corporation at the proposal of the Corporation’s Management Board.

3. The Management Board of Vietnam Steel Corporation:

- Organize the implementation of this Decision in accordance with the current stipulations.

- Submit the Charter on operation and organization of Vietnam Steel Corporation to the Prime Minister for approval.

- Submit the decision on appointment of the General Director of Vietnam Steel Corporation for acceptance.

Article 3.

This Decision takes effect 15 days after its publication in CONG BAO.

The ministers of Industry; Finance; Planning and Investment; Home Affairs, Labor, War Invalids and Social Affairs; the Governor of the State Bank of Vietnam, the heads of the concerned agencies; and the Management Board of Vietnam Steel Corporation shall have to implement this Decision.