Obligations in Business of Vietnam Oil and Gas Group

To be specific, according to the provisions set forth in Article 17 of the Charter on the organization and operation of the Vietnam National Oil and Gas Group, issued together with Decree 07/2018/ND-CP, PVN has the following obligations in its business activities:

First, to achieve the goals and political tasks assigned by the State; to conduct business in the registered sectors and industries.

Second, to innovate, modernize technology and management methods to enhance efficiency and competitiveness.

Third, to ensure the rights and interests of employees and the employees' rights to participate in the management of PVN in accordance with the law.

Fourth, to comply with the State's regulations on national defense, security, culture, social order and safety, resource and environmental protection.

Fifth, to implement accounting, auditing, financial reporting, and statistical reporting policies as required by law and the requirements of the state owner.

Sixth, to be accountable to the state owner for the use of capital for investing in the establishment of subsidiaries and affiliated companies.

Seventh, to manage risks and insure PVN's assets, liabilities, and personnel in production and business activities in accordance with the law.

Eighth, to be subject to state supervision regarding salary scales, salary tables, salary unit prices, and salary policies for employees, the Chairman and members of the Board of Members, the General Director, Deputy General Director, Chief Accountant, and Supervisors of PVN.

Ninth, to be subject to supervision and inspection by the state owner; to comply with the inspection decisions by state authorities in accordance with the law.

Tenth, to perform other obligations in business as prescribed by law.

See also: Decree 07/2018/ND-CP on the Charter on the organization and operation of the Vietnam National Oil and Gas Group effective January 10, 2018.

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