Project of Restructuring Vietnam Tobacco Corporation

The Prime Minister has justapproveProject on restructuring Vietnam Tobacco Corporation for the period 2012 - 2015.

The objective of this Project is to build a strong State Corporation with large scale and modern technology; to be the focal point for organizing, arranging and promoting the development of the Vietnamese tobacco industry; to compete with foreign corporations, and gradually reach out to the region and the world;...

According to the Restructuring Project, the main business of the Corporation is tobacco production and trading. In addition, the Corporation is allowed to conduct business in sectors related to its main business of food processing; other business sectors are decided by the Ministry of Industry and Trade.

The Charter Capital of the Corporation is decided by the Ministry of Industry and Trade after receiving the consent of the Ministry of Finance.

Arrange member units

According to the Project, the Parent Company - Vietnam Tobacco Corporation is a 100% state-owned enterprise. Maintain the dependent units of the Parent Company including: Branch of the Corporation at 30 Nguyen Du, Hanoi; Tobacco Trading Company; Tobacco Trading - Import-Export Company (based on the merger of Southern Trading Company and Tobacco Import-Export Company). Maintain the dependent accounting units of the Parent Company including: Vinataba Training Center, Tobacco Technical Economics Institute.

In addition, the Tobacco Technical Economics Institute Limited Liability Company was transformed into a dependent accounting unit of the parent company - the Corporation in 2014 after rearranging and restructuring the Institute's production and business tasks in the fields of tobacco raw material and tobacco leaf trading according to the provisions of law.

For enterprises in which the Corporation holds 100% of charter capital, maintain 9 one-member limited liability companies: Thang Long Tobacco; Thanh Hoa Tobacco; Bac Son Tobacco; Saigon Tobacco; Cuu Long Tobacco; An Giang Tobacco; Dong Thap Tobacco; Ben Tre Tobacco; Long An Tobacco.

Reorganize the Tobacco Companies: Thang Long, Thanh Hoa, Bac Son to operate under the Parent Company - Subsidiary model, in which Thang Long Tobacco Company is the parent company.

At the same time, reorganize the Tobacco Companies: Saigon, Cuu Long, An Giang, Dong Thap, Ben Tre, Long An to operate under the Parent Company - Subsidiary model, in which Saigon Tobacco Company is the Parent Company.

Restructuring Northern Food Company and converting it into a joint stock company, the Corporation holds 30% of charter capital, implemented in 2013.

Establishment of Vinataba One Member Limited Liability Company on the basis of consolidation and merger of Southern Trading Company, Tobacco Import-Export Company, Tobacco Trading Company and some tasks of the departments of the Corporation.

According to the Project, maintain 9 enterprises in which the Corporation holds more than 50% of charter capital and maintain 8 enterprises in which the Corporation holds less than 50% of charter capital.
The decision clearly states that the State capital divestment will be carried out, in which the Corporation holds 51% of the charter capital of Hoa Viet Joint Stock Company and Da Nang Tobacco Company Limited.

The Corporation has divested all state capital in 6 enterprises: Saigon - Quang Ngai Beer Joint Stock Company; Lilama Real Estate Joint Stock Company; Vietcombank; Bao Minh Insurance Joint Stock Corporation; Thang Long Real Estate Investment and Trading Joint Stock Company; Vinataba Trading and Investment Joint Stock Company.

According to (Chinhphu.vn) - LT