Rights and Obligations of the State Owner regarding the Northern Vietnam Food Corporation

To be specific, according to the provisions of Article 10 of the Charter on organization and operation of Northern Food Corporation issued together with Decree 01/2018/ND-CP, the state owner has the following rights concerning Northern Food Corporation:

- Decide on the establishment, objectives, tasks, and business lines of the Corporation; reorganize, transform ownership, dissolve and request bankruptcy of the Corporation;- Decide on the content of the Charter, amend and supplement the Charter of the Corporation;- Decide on the investment of additional charter capital; adjust, transfer part or all of the charter capital of the Corporation;- Decide on the organizational management structure of the Corporation; appoint, reappoint, dismiss, resign, reward, and discipline the Chairman and members of the Members' Council, Supervisors of the Corporation;- Decide on the strategy, business production plans, and development investment plans of the Corporation;- Approve the investment policy, purchase, sale of assets, and capital mobilization contracts of the Corporation according to legal regulations;- Prescribe recruitment policies, salaries, and bonuses; decide on the salary levels for the Chairman and members of the Members' Council, Supervisors of the Corporation;- Prescribe the mechanism for assigning tasks and participate in implementing the provision and assurance of public utility and essential products and services of the economy according to legal regulations;- Supervise, inspect, and audit the compliance with the law; evaluate the implementation of assigned objectives and tasks, operational results, business production efficiency; manage, use, preserve, and develop the capital of the Corporation. Evaluate the Chairman and members of the Members' Council, Supervisors, General Director, Deputy General Directors, Chief Accountant of the Corporation;- Other rights and responsibilities according to legal regulations.

Additionally, the state owner has the following obligations:

- Invest sufficient charter capital for the Corporation;- Comply with the provisions of the Charter of the Corporation and relevant legal regulations concerning the owner;- Be liable for debts and other property obligations of the Corporation within the scope of the Corporation's charter capital; identify and separate the assets of the state owner and the assets of the Corporation;- Comply with legal regulations on contracts and related laws in purchasing, mobilizing capital, leasing, renting, and other transactions of the Corporation. Take legal responsibility for deciding investment projects; approve the policy of purchase, sale, capital mobilization, leasing, and renting according to authority;- Ensure business autonomy and legal responsibility of the Corporation; do not unlawfully intervene in the business activities of the Corporation;- Fulfill other obligations as prescribed by law.

See more related contents in the Charter on the organization and operation of Northern Food Corporation issued together with Decree 01/2018/ND-CP effective January 03, 2018.

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