The Government has issued the organisation and operation charter of the Viet Nam Chemical National Group (Vinachem).

Its chartered capital is now more than VND13.7 trillion (US$602.2 million). It’s expected to be VND20 trillion by 2020.

The Government will hold 100 per cent of its charter capital.

Accordingly, Vinachem will be a one-member limited company and will operate under the Law on Enterprises and related laws besides the charter.

Vinachem will have the primary functions of investment and trading of State capital in the chemical sector, fertiliser and plant protection trade and petrochemical and mineral exploitation and processing. It can invest in its subsidiaries or associated companies.

Vinachem’s organisational structure will include a member council, general director, deputy general directors, surveyors, a chief accountant and an international auditing board.

The chairman of the member council will be appointed the Prime Minister based on the proposal of the Minister of Industry and Trade.

Vinachem’s general director will manage the daily activities of the group and take responsibility for any assigned tasks.

The general director will be chosen by the member council after getting approval from the ministry. Each general director’s term will not exceed five years. — VNS