Rights and Responsibilities of the State Owner for Vietnam Railways Corporation

To be specific, according to the provisions of Article 20 of the Charter on the organization and operation of Vietnam Railways Corporation issued under Decree 11/2018/ND-CP, the state owner has the following rights and responsibilities:

1. Decide on the establishment, objectives, tasks, and business sectors; reorganize, transform ownership, dissolve, and request bankruptcy for Vietnam Railways Corporation; reclaim the entire value of the assets of Vietnam Railways Corporation after it completes dissolution or bankruptcy.

2. Decide the content of the Charter, amend, and supplement the Charter of Vietnam Railways Corporation.

3. Decide the development strategy and the five-year investment and development plan of Vietnam Railways Corporation.

4. Approve the proposal of the Members' Council on the appointment, re-appointment, dismissal, resignation, reward, and discipline of the General Director of the Corporation.

5. Regulate the mechanism of task assignment and participate in providing and ensuring essential public service products of the economy.

6. Approve the capital mobilization plan, loan contracts, lending, investment projects, construction, purchase, and sale of fixed assets with a value equal to or greater than 50% of the owner's equity recorded in the quarterly or annual financial statements of Vietnam Railways Corporation at the closest time to the decision.

7. Decide to increase the charter capital of the Corporation; transfer part or all of the charter capital of Vietnam Railways Corporation.

8. Decide on the establishment of subsidiaries; approve the policy of capital contribution, increase, decrease of contributed capital, transfer of invested capital of Vietnam Railways Corporation in joint-stock companies, limited liability companies with two or more members; decide on the policy to receive joint-stock companies, limited liability companies with two or more members as subsidiaries, affiliated companies of the Corporation.

9. Approve financial statements, profit distribution plans, and annual fund provisions of Vietnam Railways Corporation.

10. Monitor, inspect, and audit the management, use, preservation, and development of capital, implementation of the strategy, investment development plan, and implementation of salary and reward policies of the Corporation.

11. Evaluate the implementation of assigned objectives and tasks, operational results, and business efficiency of the Corporation; assess the completion level of management and administration tasks of the Chairman of the Members' Council, members of the Members' Council and Controller of Vietnam Railways Corporation.

12. Execute other rights as prescribed by law.

See more details about the obligations of the state owner towards Vietnam Railways Corporation at: Decree 11/2018/ND-CP issued on January 16, 2018.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE