Rights and Responsibilities of the State Owner Towards PVN

To be specific, under the provisions of Article 20 of the Charter on the organization and operation of the Vietnam Oil and Gas Group, the state owner has the following rights and responsibilities:

- Decide on the establishment, objectives, tasks, and business sectors; reorganize, convert ownership, dissolve, and request bankruptcy; contribute capital to other enterprises of PVN;- Approve the Charter, amendments, and supplements to the PVN Charter;- Decide on investment in charter capital; adjust, transfer part or all of the charter capital of PVN;- Decide on the organizational management structure of PVN; appoint, reappoint, dismiss, resign, reward, and discipline the Chairman and members of the Members' Council, Controllers, and CEO of PVN;- Decide on the strategy, business plan, and development investment plan of PVN;- Approve investment policies, purchase, sale of assets, and loan, lending contracts of PVN according to authority;- Regulate financial policies, profit distribution, funds formation and usage; approve the annual financial statements of PVN;- Regulate recruitment policies, salaries, bonuses; decide on the salary fund and remuneration for PVN Managers;- Decide on market development solutions, marketing and technology; regulate the mechanism for assigning tasks and participating in the provision and assurance of public utility, essential products, and services of the economy;- Supervise, inspect, audit the compliance with laws; evaluate the performance of the assigned objectives, tasks, operational results, and production and business efficiency; manage, use, preserve, and develop PVN's capital. Evaluate PVN Managers in managing and administering PVN;- Exercise other rights in accordance with the law.

Besides, the state owner must have obligations towards PVN, specifically:

- Invest sufficient charter capital for PVN;- Comply with the Charter on the organization and operation of the Vietnam Oil and Gas Group;- Be responsible for PVN's debts and other property obligations within the scope of PVN's charter capital;- Comply with laws when approving investment policies, purchase, sale of assets, and loan, lending, guarantee contracts of PVN;- Ensure PVN's business rights in accordance with the law;- Perform other obligations as prescribed by law.

See also: Decree 07/2018/ND-CP effective January 10, 2018.

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