Legal Form, Legal Status, Functions, and Duties of PVN

The Charter on the organization and operation of Vietnam Oil and Gas Group issued together with Decree 07/2018/ND-CP specifies the legal form, legal status, functions, and tasks of PVN as follows:

- PVN is a one-member limited liability company wholly owned by the State, operating under the provisions of the Enterprise Law, relevant legal regulations, and the Charter on the organization and operation of Vietnam Oil and Gas Group;- PVN has legal status, its own seal, emblem, and is permitted to open accounts at the State Treasury, domestic and foreign banks in accordance with the law;- The primary functions and tasks of PVN include:- Conducting oil and gas activities and signing oil and gas contracts with organizations and individuals engaged in oil and gas operations as per the Oil and Gas Law; organizing fundamental investigation and managing and supervising the activities of oil and gas exploration, petroleum industry, gas industry, power industry, petroleum processing, storage and distribution of petroleum products, and petroleum services based on contracts with oil and gas contractors, subsidiaries, and other organizations and individuals;- Directly producing and trading for profit in accordance with the law. Economic relations arising between PVN and other enterprises in the Group are expressed through economic contracts;- Investing in subsidiaries and associated companies; controlling subsidiaries as per the law and the Charter on the organization and operation of Vietnam Oil and Gas Group;- Exercising the rights and obligations of the owner towards PVN's capital contributions in subsidiaries and associated companies and exercising PVN's rights and obligations according to the association contract for associated companies in which PVN does not contribute capital;- Developing and organizing the implementation of a business coordination plan within the Group;- Performing other tasks assigned by the State to PVN and according to the regulations in the Charter on the organization and operation of Vietnam Oil and Gas Group.

This content is stipulated in Article 3 of the Charter on the organization and operation of Vietnam Oil and Gas Group issued together with Decree 07/2018/ND-CP effective from January 10, 2018.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE