Circular No. 07/1998/TT-NHNN1 guides the implementation of certain contents related to banks when converting state-owned enterprises into joint-stock companies pursuant to Decree No. 44/1998/NĐ-CP. This Circular stipulates the actual value of state capital, the succession of rights and obligations, continued borrowing, agency fees for selling shares, and purchasing shares from credit organizations.
适用范围
Commercial banks, financial companies, credit organizations, and state-owned enterprises are in the process of being converted into joint-stock companies.
要点
- When state-owned enterprises are converted into joint-stock companies, the actual value of state capital is calculated by subtracting liabilities, including both principal and interest on loans, from the actual value (Article 1).
- Upon conversion, the joint-stock company continues to succeed the rights and obligations with credit organizations, completes procedures for receiving loans, repaying maturing debts, and agreeing on plans to handle remaining debts (Article 2).
- Joint-stock companies can continue to borrow from commercial banks and financial companies under the same mechanisms and interest rates as state-owned enterprises (Article 3).
- Commercial banks and financial companies acting as agents for selling shares or guaranteeing the sale of shares for joint-stock companies are entitled to fees within the scope of fees prescribed by the Ministry of Finance (Article 4).
- Credit organizations may purchase shares of joint-stock companies according to current regulations on contributions by credit organizations (Article 5).
🌐 本文件的社会影响
- Benefits: Creating opportunities for commercial banks, financial companies, and credit organizations to participate in the process of converting state-owned enterprises into joint-stock companies through continued borrowing, agency sales of shares, or purchasing shares.
- Costs/Burdens: State-owned enterprises must complete complex procedures related to the actual value of state capital and the succession of obligations with credit organizations during the conversion process.
- Limitation of Rights: State-owned enterprises lose some privileges of state-owned enterprises after being converted into joint-stock companies.
❓ 常见问题
How is the actual value of state capital calculated?
The actual value of state capital for conversion into joint-stock companies is calculated by subtracting liabilities, including both principal and interest on loans, from the actual value of the enterprise (Article 1).
Can joint-stock companies continue to borrow from banks?
Yes, joint-stock companies can continue to borrow from commercial banks and financial companies under the same mechanisms and interest rates as state-owned enterprises (Article 3).
Do commercial banks charge fees when selling shares?
Yes, commercial banks and financial companies acting as agents for selling shares or guaranteeing the sale of shares for joint-stock companies are entitled to fees within the scope of fees prescribed by the Ministry of Finance (Article 4).
Can credit organizations purchase shares of joint-stock companies?
Yes, credit organizations may purchase shares of joint-stock companies according to current regulations on contributions by credit organizations (Article 5).
When does this Circular take effect?
This Circular takes effect from the date of issuance and replaces Circular No. 06/1998/TT-NHNN1 (Article 6).
全文
| STATE BANK OF VIETNAM |
SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness |
| Number: 07/1998/TT-NHNN1 | Hanoi, September 28, 1998 |
CIRCULAR
Guidelines for Implementing Certain Aspects Related to Banks When State-Owned Enterprises Are Converted into Joint Stock Companies (Pursuant to Decree No. 44/1998/NĐ-CP dated June 29, 1998)
To implement 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 guides the implementation of certain aspects related to banks when state-owned enterprises are converted into joint stock companies as follows:
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1. The actual value of the state capital for privatization according to the forms prescribed in Article 7 of Decree No. 44/1998/NĐ-CP shall be calculated by subtracting all liabilities, including debts owed to credit institutions (including both principal and interest), from the actual value of the enterprise.
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 continue to inherit and perform all rights and obligations of the state-owned enterprise before the conversion in relation to credit institutions, in accordance with current laws, proceed to receive outstanding loans (both principal and interest) from credit institutions, repay maturing loans, and negotiate with credit institutions on plans to handle remaining debts in accordance with the forms of privatization of state-owned enterprises.
3. Privatized enterprises may continue to borrow from commercial banks, finance companies, and other state credit institutions under the mechanisms and interest rates previously applied to state-owned enterprises.
4. Commercial banks and finance companies acting as agents for selling shares or guaranteeing the sale of shares for privatized enterprises shall be entitled to fees agreed upon by the privatized enterprises with the commercial banks and finance companies within the limits set by the Ministry of Finance.
5. Credit institutions may purchase shares of privatized enterprises in accordance with current laws governing the contribution of credit institutions.
6. This Circular takes effect from the date of issuance and replaces Circular No. 06/1998/TT-NHNN1 dated August 15, 1998 on Guidelines for Implementing Certain Aspects Related to Banks When State-Owned Enterprises Are Converted into Joint Stock Companies Pursuant to Decree No. 44/1998/NĐ-CP dated June 29, 1998.
- Credit institutions must closely follow the selection and decisions regarding privatized enterprises and the privatization plans for each enterprise as prescribed in Article 7 of Decree No. 44/1998/NĐ-CP to fully perform their rights and obligations in handling debts and lending to privatized enterprises.
7. Implementation organization:
- Departments, Bureaus, Offices, and units directly under the Central State Bank, provincial and municipal branches of the State Bank shall be responsible for implementing this Circular in accordance with their assigned functions and tasks./.
- The Departments, Bureaus, Offices, Boards, and units directly under the State Bank of Vietnam, and the provincial and municipal branches of the State Bank shall be responsible for implementing this Circular in accordance with their assigned functions and tasks./.
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Dương Thu Hương (Signed) |
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