Press release on the issuance of Circular No.30/2018/TT-NHNN
On December 12th 2018, the Governor of the State Bank of Vietnam (SBV) issued Circular No.30/2018/TT-NHNN guiding the determination of state capital of equitized enterprises which are credit institutions (hereinafter referred to as Circular No.30/2018/TT-NHNN).
The issuance of Circular No.30/2018/TT-NHNN is aimed at implementing the provisions in Article 31 of Decree No. 126/2017/ND-CP dated November 16th 2017 by the Government on transforming state-owned enterprises and 100% state-invested one-member limited liability companies to joint stock companies. (The Government assigns the SBV to develop a guiding document for the determination of state capital of equitized enterprises which are credit institutions)
Circular No.30/2018/TT-NHNN consists of 3 Articles with the following main contents:
- Stipulating and guiding the extraction of data on the account system to determine the state capital at state-owned credit institutions for the equitization (including the following items: Charter capital; Investment capital for infrastructure and procurement of fixed assets; Other capital; Reserve fund to supplement the Charter capital; Development investment fund; Financial reserve fund).
- The Circular also has a provision stipulating the case that when the equitized enterprise is a credit institution subject to equitization process, which still has a positive balance in the Assistance Fund for Restructuring Enterprises account, the balance has to be determined as state capital and shall be handled with based on the provisions of Decree No. 126/2017/ND-CP.
This Circular shall take effect from March 1st 2019.
Translated by VA