The company’s President shall be designated by the representative agency as prescribed by law

1. The company’s President shall be designated by the representative agency as prescribed by law.

The term of office of the company’s President shall not exceed 05 years with a term limit of two terms. Standards, conditions of the company’s President, and cases in which the company’s President is dismissed, discharged from duty shall comply with Article 92 and Article 93 of this Law.

2. The company’s President shall exercise rights and obligations of the owner’s representative in accordance with the Law on management and use of state capital for investment in enterprises; other rights and obligations prescribed in Article 91 and Article 96 of this Law.

3. Salary, bonuses, and other benefits of the company’s President shall be decided by the representative agency and included in the company’s administrative expense.

4. The company’s President shall use the executive apparatus, assisting units (if any), and the company’s seal to perform his/her duties. Where necessary, the company’s President shall consult with Vietnamese and foreign experts before deciding an importing issue within the competence of the company’s President. The consultancy cost shall be specified in financial management regulations of the company.

5. The decisions mentioned in Clause 2 of this Article must be made in writing and bear the signature of the company’s President, even if the company’s President concurrently holds the position of Director/General Director.

6. A Decision of the company’s President shall be effective from the day on which it is signed or from its effective date written therein, except for the cases in which it must be accepted by the representative agency.

7. Where the company’s President is not present in Vietnam for more than 30 days, another person must be authorized in writing to perform some of the rights and obligations of the company’s President’s; the authorization must be made in writing and a written notification shall be promptly sent to the representative agency. Other cases of authorization shall comply with the company’s rules and regulations.