Circular No. 76/2022/TT-BTC amends and supplements certain provisions of Circular No. 111/2020/TT-BTC dated December 29, 2020, issued by the Ministry of Finance, guiding certain contents on financial treatment, determining the value of public service units, initial public offerings, and managing and using proceeds from converting public service units into joint-stock companies.

CIRCULAR
Amending and supplementing certain provisions of Circular No. 111/2020/TT-BTC dated December 29, 2020 of the Ministry of Finance guiding certain contents regarding financial settlement, determining the value of public service organizations, initial share sales, and managing and using proceeds from converting public service organizations into joint-stock companies.
for the first time and managing, using funds collected from converting public institutions into joint-stock companies

||| converting public institutions into joint-stock companies

Pursuant to the Law on Management and Use of State Assets dated June 21, 2017;

Pursuant to the Law on Enterprises dated June 17, 2020;

Pursuant to the Law on Management and Use of State Capital for Investment in Business Operations dated November 26, 2014;

Pursuant to the Civil Servant Law dated November 15, 2010; and the Law Amending and Supplementing Certain Provisions of the Civil Servants and Public Officials Law and the Civil Servant Law dated November 25, 2019;

Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017, issued by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decree No. 151/2017/NĐ-CP dated December 26, 2017 of the Government detailing certain provisions of the Law on Management and Use of Public Assets;

Pursuant to Decree No. 150/2020/NĐ-CP dated December 25, 2020 of the Government on transforming public service organizations into joint-stock companies;

At the proposal of the Director of the Enterprise Finance Department,

The Minister of Finance issues this Circular amending and supplementing certain provisions of Circular No. 111/2020/TT-BTC dated December 29, 2020 of the Ministry of Finance guiding certain contents regarding financial settlement, determining the value of public service organizations, initial share sales, and managing and using proceeds from converting public service organizations into joint-stock companies.

Article 1. Amending and supplementing certain provisions of Circular No. 111/2020/TT-BTC as follows:

1. Amend Clause 2 of Article 5 as follows:

"2. Accounts payable:

Public service organizations undergoing transformation classify accounts payable according to the provisions of Clause 1, Article 16 of Decree No. 150/2020/NĐ-CP dated December 25, 2020 of the Government on transforming public service organizations into joint-stock companies.

a) Based on contracts, debt notices, debt reconciliation, and other relevant documents (if any), public service organizations undergoing transformation shall carry out the following: prepare a list of loans owed to each creditor; determine tax debts, fees, and other payments due to the state budget; analyze loan details according to the contract (domestic loans, foreign loans), guaranteed loans, unguaranteed loans, bond issuance loans; overdue and non-overdue accounts payable, principal, interest, and accounts payable that do not need to be settled.

b) Accounts payable that do not need to be settled by public service organizations undergoing transformation include:

Debts of the public service organization undergoing transformation where the creditors, upon debt reconciliation and confirmation, fall under one of the following cases:

+ Debts of enterprises that have been dissolved or declared bankrupt but for which no successor has been identified according to the dissolution or bankruptcy plan approved by the competent authority;

+ Debts of individuals who have died but for whom no heir has been identified according to the law on inheritance;

+ Debts of other creditors that are overdue but the creditors did not reconcile or confirm. In this case, the public service organization undergoing transformation must send a direct notification letter to the creditor and simultaneously announce it through mass media at least ten working days before the valuation date.

- State budget funds;

- Non-repayable foreign aid and loans;

- Fees allowed to remain for use according to the law on fees and charges;

- Part of the special fund or other funds formed from state budget funds or surplus of the public service organization undergoing transformation;

- Other debts that do not need to be settled."

2. Amend Article 11 as follows:

"Article 11. Implementing transparency and disclosure of information:

Public service organizations undergoing transformation must publicly disclose information about the process of converting into joint-stock companies according to Clause 1, Article 42 of Decree No. 150/2020/NĐ-CP and the following specific contents:

1. Within the latest ten working days from the date of receiving decisions and documents from the competent authority regarding financial settlement, labor, land related to the conversion process into joint-stock companies as stipulated in Decree No. 150/2020/NĐ-CP, the public service organization undergoing transformation must publish the information on the Government Portal, and simultaneously send it to the Ministry of Finance, the Ministry of Planning and Investment, and the Steering Committee for Enterprise Reform and Development for monitoring.

2. Quarterly (before the fifth day of the month immediately following the reporting quarter), the public service organization undergoing transformation is responsible for reporting on the situation and progress of implementing the conversion into joint-stock companies according to the approved plan by the competent authority (according to the Form attached as Appendix 3 of this Circular) and publish it on the Government Portal, and simultaneously send it to the Ministry of Finance, the Ministry of Planning and Investment, and the Steering Committee for Enterprise Reform and Development for monitoring.

The public service organization undergoing transformation may submit the published information through one of the following methods: direct submission; submission via postal service; or submission via the Government Electronic System (in case the organization is connected to the Government Electronic System)."

Article 2. Implementation clause

1. This Circular takes effect from February 6, 2023.

2. During the implementation process, if there are any difficulties, please promptly report to the Ministry of Finance for consideration and resolution./.