The charter capital of the Vietnam Paper Corporation (VINAPACO) is decided by the Minister of Industry and Trade after receiving the consensus of the Ministry of Finance.
To guarantee that the Vinapaco has appropriate structuring; focusing on manufacturing and trading paper and pulp, forest plantation and exploitation for input materials of papermaking; improving business and production effectiveness, as well as competitiveness in line with environment protection; and last but not least, playing the key role in the paper industry of Vietnam.
These are the objectives of the project to restructure Vinapaco for the period of 2013 – 2015 which has recently been approved by the Prime Minister.
Under the project, Vinapaco’s main business lines include producing and trading paper, pulp and products made from paper; and planting and exploiting forests which provide input materials for paper manufacturing.
The charter capital of Vinapaco is decided by the Minister of Industry and Trade after its reaching consensus with the Ministry of Finance.
In terms of categorising and arranging existing members of Vinapaco in the period of 2012 – 2015, the mother company – Vinapaco is identified as a State-owned enterprise with 100 percent State-funded capital and there are 20 member companies under Vinapaco.
The Southern Paper Material One Member Limited Company, of which 100 percent of charter capital is held by the mother company Vinapaco, will be maintained.
Four forestry companies will be merged: Moc Son Forestry company will be merged into Tam Son Forestry company; and A Mai Forestry company into Yen Lap Forestry company.
In addition, Paper Technology and Cellulose Institute and Tree for Paper Input Material Research Institute will shift their operation mode to scientific and technology enterprises. The Vocational College of Paper Technology and Electro-Mechanics will be under the management of the Ministry of Industry and Trade (MoIT).
In terms of financial restructuring, 100 percent of capital of Vinapaco will be withdrawn from nine enterprises, including Saigon Garment – Match Joint Stock Company; Viet Thai Production, Import – Export, Service and Investment Limited Company; Saigon – Phu Tho Beer Joint Stock Company; Vietnam Industry and Commerce Securities Joint Stock Company; Thanh Hoa Paper Joint Stock Company; Tan Mai Eastern Joint Stock Company; Tan Mai Central Joint Stock Company; Tan Mai Central Highlands Joint Stock Company and Tan Mai Lam Dong Joint Stock Company.
In terms of settlement of existing financial issues of Bai Bang expansion project – phase 2, Vinapaco will continue to perform the project’s payment and financial procedures, as well as to report to the MoIT as regulated by law.
In the case of Phuong Nam Pulp Mill project, Vinapaco will develop the restructuring option and report to the MoIT for approval, and to the Prime Minister for consideration and approval if necessary.
The Prime Minister requests Vinapaco’s Board of Members to develop the option for rearrangement of production and business activities as well as the option to restructure member companies in line with the content of this Project to guarantee specialisation and appropriate work allocation while avoiding fragmentation of resources and internal competitiveness, before submitting to competent authorities for approval and implementation.
Besides, it is necessary that a specific roadmap and plan are available so that by the end of 2015, withdrawal of 100 percent of capital from nine mentioned above enterprises will have been completed. Instructions will be needed for the completion of restructuring and privatizing member companies according to the plan for restructuring and renovating enterprises in the period of 2012 – 2015, as approved by the Prime Minister.
P.V
Vietnamese
