Circular No. 06/1998/TT-NHNN1 guides the implementation of certain contents related to the State Bank when converting state-owned enterprises into joint-stock companies according to Decree No. 44/1998/NĐ-CP. The Circular stipulates the actual value of state capital, the responsibility for inheriting debts, mechanisms for lending capital and agency fees for selling shares, as well as the right of financial institutions to purchase shares.
적용 범위
State-owned enterprises in the process of being converted into joint-stock companies, the State Bank of Vietnam, financial institutions, commercial banks, and finance companies.
핵심 사항
- State-owned enterprises → the actual value of state capital is calculated by subtracting liabilities (including principal and interest) from the actual value.
- Joint-stock companies resulting from conversion → are responsible for inheriting debts from state-owned enterprises, completing procedures to accept loans and negotiating debt resolution plans with financial institutions.
- Joint-stock companies resulting from conversion → continue to borrow capital under the current mechanism and interest rate applicable to state-owned enterprises for two consecutive years after conversion, and may continue borrowing if business performance is good thereafter.
- Commercial banks and finance companies → are entitled to agency fees for selling shares at levels prescribed by the Ministry of Finance or competent authorities.
- Financial institutions → are allowed to purchase shares of joint-stock companies resulting from conversion according to current regulations.
🌐 이 문서의 사회적 영향
- State-owned enterprises and the State Bank of Vietnam will provide additional guidance during the conversion process to facilitate compliance with the law.
- Commercial banks and finance companies will have opportunities to earn fees from agency activities in selling shares, increasing revenue sources.
- Financial institutions have additional opportunities to purchase shares of joint-stock companies resulting from conversion, helping to diversify investments.
❓ 자주 묻는 질문
How is the actual value of state capital calculated?
The actual value of state capital at enterprises undergoing joint-stock conversion is calculated by subtracting liabilities, including principal and interest, from the actual value of the enterprise (Article 1).
What responsibilities do joint-stock companies resulting from conversion have towards financial institutions?
Joint-stock companies resulting from conversion are responsible for inheriting and performing the rights and obligations of state-owned enterprises previously in relation to financial institutions, completing procedures to accept loans including principal and interest, repaying maturing loans, and negotiating plans to resolve remaining debts (Article 2).
What is the mechanism for lending capital to joint-stock companies resulting from conversion?
Joint-stock companies resulting from conversion can continue to borrow capital under the current mechanism and interest rate applicable to state-owned enterprises for two consecutive years after conversion, and may continue borrowing if business performance is good thereafter (Article 3).
How do commercial banks and finance companies benefit from fees?
Commercial banks and finance companies are entitled to agency fees for selling shares at levels prescribed by the Ministry of Finance or competent authorities (Article 4).
Can financial institutions purchase shares of joint-stock companies resulting from conversion?
Yes, financial institutions are allowed to purchase shares of joint-stock companies resulting from conversion according to current legal provisions on capital contribution and share purchases (Article 5).
전문
CIRCULAR
Guidelines for Implementing Certain Aspects Related to Banks when Converting State-Owned Enterprises into Joint Stock Companies
(Pursuant to Decree No. 44/1998/NĐ-CP dated June 29, 1998)
Pursuant to Decree No. 44/1998/NĐ-CP dated June 29, 1998 of the Government on converting state-owned enterprises into joint stock companies, the State Bank of Vietnam issues guidelines for implementing certain aspects related to banks when converting state-owned enterprises into joint stock companies as follows:
1. The actual value of the state capital portion at the enterprise for joint stock conversion according to the forms prescribed in Article 7 of Decree No. 44/1998/NĐ-CP shall be calculated based on the actual value of the enterprise minus all liabilities payable, including loans from credit institutions (including principal and interest).
2. When a state-owned enterprise has a decision from the competent authority to convert into a joint stock company pursuant to Article 17 of Decree No. 44/1998/NĐ-CP of the Government, the joint stock company shall have the responsibility to succeed and perform the rights and obligations of the state-owned enterprise previously in relation with credit institutions according to the current laws, complete procedures to receive outstanding loan balances including principal and interest from credit institutions, repay maturing loans, and negotiate with credit institutions about the handling plans for remaining debts in accordance with the forms of state enterprise joint stock conversion.
3. State-owned enterprises undergoing joint stock conversion that borrow funds from state credit institutions shall continue borrowing under the existing mechanism and interest rate as follows:
For enterprises where the State retains controlling shares or special shares, they may continue borrowing under the existing mechanism and interest rate applicable to state-owned enterprises;
For enterprises where the State does not hold controlling shares or special shares, nor participates in shareholding, they may continue borrowing under the existing mechanism and interest rate applicable to state-owned enterprises for two consecutive years following the formal transition to operate under the Law on Enterprises. After this period, if the joint stock company demonstrates effective production and business operations and has a need for borrowing, it will be eligible to continue borrowing from credit institutions under the current lending mechanisms.
4. Commercial banks and financial companies acting as agents for selling shares or guaranteeing the issuance of shares for joint stock conversion enterprises shall receive fees agreed upon by the joint stock conversion enterprises with commercial banks and financial companies within the scope of fees stipulated by the Ministry of Finance or other competent authorities.
Credit institutions may purchase shares of joint stock conversion enterprises according to the current laws on capital contribution and share purchases by credit institutions.
This Circular takes effect from the date of signature.
7. Implementation organization:
Credit institutions must closely follow the selection and decision-making process for joint stock conversion enterprises and the joint stock conversion plans of each enterprise according to the forms prescribed in Article 7 of Decree No. 44/1998/NĐ-CP to fully implement their rights and obligations in handling debts and lending to joint stock conversion enterprises.
The Director of the Governor's Office, Department Heads, Bureau Chiefs, Chief Inspector of the State Bank of Vietnam, Heads of units under the Central State Bank, and Provincial and Municipal Branch Governors of the State Bank of Vietnam are responsible for enforcing this Circular in accordance with their assigned functions and tasks./.
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