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CEO must avoid losses to keep job

Update: June, 14/2013 - 11:05

HA NOI (VNS)— The Chief Executive Officer (CEO) of the Viet Nam National Textile Garment Group (Vinatex) will be dismissed if the firm suffers losses in two consecutive years, according to new Ministry of Industry and Trade (MoIT) regulations.

Vinatex have agreed to the draft of a new Charter and Regulation which will see CEOs lose their job if targets are not met.

Vinatex is a limited liability company, which is 100 per cent owned by State and has charter capital of VND3.4 trillion (US$162 million).

The Government wants to develop Vinatex as a specialist in the textile industry.

While the State allows the company to set up financial funds in order to perform its specific tasks, they are not permitted to exceed the firm's charter capital. — VNS

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