What are regulations on the rights of Vietnam National Chemical Group when participating in public activities?

What are regulations on the rights of Vietnam National Chemical Group when participating in public activities?

Pursuant to Article 13 of the Charter of Organization and Operation of Vietnam National Chemical Group issued together with Decree 20/2018/ND-CP stipulating the rights of Vietnam National Chemical Group when participating in public activities as follows:

1. Raise capital for business in the form of bond issuance; borrow capital from credit institutions and other financial institutions; borrow capital from employees and other forms of capital mobilization as prescribed by law.

The mobilization of capital for business shall comply with the principle of self-responsibility for repayment, ensuring the effective use of mobilized capital, and must not change the form of ownership of Vietnam National Chemical Group. In case the Vietnam National Chemical Group mobilizes capital to change its ownership, it must be agreed by the owner and comply with the provisions of law.

Borrow capital abroad in accordance with the law and must be approved by the Ministry of Industry and Trade, for loans guaranteed by the Government must be appraised and approved by the Ministry of Finance.

2. Actively use capital for their business activities; be established, use and manage the funds in accordance with the law.

3. Decide to depreciate fixed assets on the principle that the minimum depreciation rate must cover tangible and intangible depreciation of fixed assets and is not lower than the minimum depreciation rate according to state regulations.

4. Be enjoyed subsidies, price subsidies or other preferential regimes of the State when performing tasks of public utility activities, national defense, security, disaster prevention or providing products and services under the State's price policy which are not enough to cover the cost of producing these products and services.

5. Be rewarded for innovation initiatives, technical improvement, management and technology; bonuses to increase labor productivity; Bonuses for saving materials and expenses as prescribed by law. These bonuses are accounted into the business expenses of Vietnam National Chemical Group, which is made once with the maximum bonus amount not exceeding the effectiveness of the innovation initiative, technical improvement, management and technology, increase labor productivity, save materials and bring costs in one year.

6. Be enjoyed investment and reinvestment incentives in accordance with law; exercise the owner's right to the capital invested in subsidiaries and other enterprises.

7. Refuse and denounce any request to provide resources not prescribed by law by any individual, agency or organization, except for voluntary contributions for humanitarian and public purposes.

8. After fulfilling the tax payment obligation, carrying forward the loss in accordance with the provisions of the Law on corporate income tax and other financial obligations as prescribed by law, setting aside provisions, the remaining realized profit be divided and used in accordance with the provisions of law. In case the debt is due to be paid but has not been fully paid, the salary increase and bonus for employees, including managers, may only be increased after the due debt has been fully paid.

9. Guarantee and mortgage loans to subsidiaries of credit institutions and banks at home and abroad according to the provisions of law.

10. Have other financial rights as prescribed by law.

What are the obligations and responsibilities of the Vietnam National Chemical Group regarding capital and assets?

Pursuant to Article 16 of the Charter of Organization and Operation of Vietnam National Chemical Group issued together with Decree 20/2018/ND-CP stipulating the obligations and responsibilities of the Vietnam National Chemical Group regarding capital and assets as follows:

1. Preserve and develop the state capital invested in the Vietnam National Chemical Group and the capital itself mobilized.

2. Be responsible for their debts and other property obligations within the assets of the Vietnam National Chemical Group.

3. The revaluation of assets of the Vietnam National Chemical Group shall be in accordance with the provisions of law.

Best regards!