The State Bank of Vietnam (SBV) issued Document No. 1821/NHNN-TTGSNH on March 25 on the divestment of the state-owned enterprises (SOEs) from credit institutions.
Accordingly, implementing the instructions of the Prime Minister in Notice No. 85/TB-VPCP on March 11 on the divestment of wholly SOEs from the banking sector in accordance with Decision No.51/2014/QD-TTg of the Prime Minister dated September 15, 2014 (Decision 51), the SBV requires ministries, ministerial-level agencies, People's Committees of provinces and cities directly under the Central Government, economic groups, state corporations, SOEs and the SBV municipal and provincial branches to implement following substances:
For the sale of shares of SOEs resulting in the case that the purchasers become the major shareholders of credit institutions (directly or indirectly own 5% and 5% plus of the share capital with voting rights of credit institutions) or in the case that the purchasers being the major shareholders of those credit institutions, credit institutions carry out the procedures for selling shares in accordance with Law on Credit Institutions and Circular No.06/2010/TT-NHNN dated February 26, 2010 on organization, management, governance, charter capital, transfer of shares, amendment of license, and charter capital of commercial banks (Circular No. 06).
To implement the above – mentioned sale of shares, SOEs that are shareholders of credit institutions are responsible for coordinating with the credit institutions (leading units) to choose eligible partners in line with the SBV’s regulations; compile records with attachment of supporting documents as prescribed in Circular No. 06 for SBV’s approval.
For the other cases, the divestment of SOEs from credit institutions is implemented in compliance with Decree No. 71/2013/ND-CP of the Government dated July 11, 2013 on the state capital investment in enterprises and financial management of enterprises with 100% of the charter capital owned by the state; Decision No. 51 and the other relevant provisions.
DH