Circular No. 36/2021/TT-BTC guiding contents regarding investment of state capital in enterprises

CIRCULAR

Guiding a number of contents regarding investment of state capital in enterprises and management and use of capital and assets at enterprises as prescribed in the Government's Decree No. 91/2015/ND-CP dated October 13, 2015; the Government's Decree No. 32/2018/ND-CP dated March 08, 2018; the Government's Decree No. 121/2020/ND-CP dated October 09, 2020, and the Government's Decree No. 140/2020/ND-CP dated November 30, 2020

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Pursuant to the Law on the Management and Use of State Capital Invested in Production and Business at Enterprises dated November 26, 2014;

Pursuant to the Government's Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises;

Pursuant to the Government’s Decree No. 32/2018/ND-CP dated March 08, 2018, amending and supplementing a number of articles of the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises;

Pursuant to the Government's Decree No. 121/2020/ND-CP dated October 09, 2020, amending and supplementing a number of articles of the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises, which is amended and supplemented by Clause 5, Article 1 of the Government’s Decree No. 32/2018/ND-CP dated March 08, 2018, amending and supplementing a number of articles of the Government’s Decree No. 91/2015/ND-CP;

Pursuant to the Government’s Decree No. 140/2020/ND-CP dated November 30, 2020, amending and supplementing a number of articles of the Government’s Decree No. 126/2017/ND-CP dated November 16, 2017, on transformation of state enterprises and single-member limited liability companies with 100% state enterprise-invested charter capital into joint-stock companies; the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises and the Government’s Decree No. 32/2018/ND-CP dated March 08, 2018, amending and supplementing a number of articles of the Decree No. 91/2015/ND-CP;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Director of the Department of Corporate Finance;

The Minister of Finance hereby promulgates the Circular guiding a number of contents regarding investment of state capital in enterprises and management and use of capital and assets at enterprises.

Article 1. Scope of regulation and subjects of application

1. This Circular provides guidance on a number of contents regarding investment of state capital in enterprises and management and use of capital and assets at enterprises as prescribed in the Government's Decree No. 91/2015/ND-CP dated October 13, 2015; the Government's Decree No. 32/2018/ND-CP dated March 08, 2018; the Government's Decree No. 121/2020/ND-CP dated October 09, 2020, and the Government's Decree No. 140/2020/ND-CP dated November 30, 2020.

2. This Circular applies to subjects specified in Article 2 of the Decree No. 91/2015/ND-CP and Clause 1, Article 2 of the Decree No. 140/2020/ND-CP.

Article 2. Adjustment of charter capital

1. Adjustment of charter capital at enterprise of which the State holds 100% of charter capital.

a) Newly established enterprises, shall base on the Scheme for establishment of enterprises decided by the competent authority and the actual capital granted by the state (as for newly established enterprises without construction investment projects) or the state capital granted according to accounting of finished works approved by the competent authority (as for newly established enterprises based on the handover of the construction investment projects) to record an increase of the equity in their accounting books. Enterprises shall register the charter capital amounts in their enterprise registration certificates upon establishment equal the actual capital amounts already granted and invested by the state in accordance with the Law on Enterprises.

b) For enterprises that are operating, the adjustment of charter capital shall comply with Article 11 of the Government's Decree No. 91/2015/ND-CP, Clause 4, Article 1 of the Government's Decree No. 32/2018/ND-CP and Clause 7, Article 2 of the Government's Decree No. 140/2020/ND-CP.

For enterprises with charter capital approved by the competent authority from 2020 forward, it is required to review and formulate a plan to determine the charter capital supplementary investment source under Clause 21, Article 2 of the Decree No. 140/2020/ND-CP to submit to the competent authority for approval. Upon determining the criteria “charter capital approved before the re-determination” specified in Article 9 of the Decree no. 91/2015/ND-CP and Clause 5, Article 2 of the Decree No. 140/2020/ND-CP, enterprises shall base on the actual equity stated on the financial statement at the time of December 31, 2020 for which the profit has been distributed as prescribed, and the actual equity determined by the owner's investment capital (code 411), development investment fund (code 418) and the capital construction investment capital source (code 422) on the enterprise's accounting balance sheet. For enterprises in the list of equitization approved by the competent authority, the charter capital supplementary source from the State budget and enterprise reorganization assistance fund shall not be determined upon determining the charter capital.

For enterprises that do not need to supplement charter capital or do not prepare a plan to determine charter capital and charter capital supplement investment source specified in Clause 7, Article 2 of the Decree No. 140/2020/ND-CP, the owner-representing agencies shall be responsible for reviewing, deciding and directing the enterprises to pay the difference between the equity and the charter capital into the state budget, the remittance of such difference shall not affect the solvency and debt repayment obligations of the enterprises. Within 10 days after the owner-representing agencies make decisions, the enterprises shall be responsible for paying the difference between the enterprises’ equity and charter capital into the state budget, and at the same time, account for reduction of owner’s investment capital according to current regulations.

2. The adjustment of charter capital upon addition of state investment capital at joint stock companies and limited liability companies with two or more members shall comply with Clause 2, Article 12, Articles 14 and 18 of the Government’s Decree No. 91/2015/ND-CP; Clause 5, Article 1 of the Government’s Decree No. 32/2018/ND-CP; Article 1 of the Government’s Decree No. 121/2020/ND-CP; Clauses 9 and 10, Article 2 of the Government’s Decree No. 140/2020/ND-CP.

The owner-representing agency shall direct a state capital representative to request the joint stock company or limited liability company with two or more members to register the increased capital in accordance with the Law on Enterprises, and at the same time, issue a writing notice on the total value of the state capital actually invested (or contributed) in the company and the number of stocks held by the state shareholders (for investment in joint stock company) within 01 month after an increase in the charter capital has been made. Such notice shall be sent to the owner-representing agency for monitoring and management.

Article 3. Transfer of capital, rights to buy shares, rights to contribute investment capital of the State and enterprise of which the State holds 100% of charter capital

1. The principles, competent to decide and methods of transfer of state capital invested in joint stock companies and limited liability companies with two or more members shall comply with Article 38 of the Decree No. 91/2015/ND-CP; Clauses 15 and 16, Article 1 of the Decree No. 32/2018/ND-CP; Clauses 18 and 19, Article 2 and Clauses 4 and 5, Article 5 of the Decree No. 140/2020/ND-CP. The price appraisal organization shall, based on methods of enterprise valuation as prescribed in the Ministry of Finance’s Circular No. 28/2021/TT-BTC dated April 27, 2021 formulating the Vietnamese Valuation Standard 12 and amending, supplementing or replacing documents (if any), determine the reserve price of capital transfer, in which the brand value (including cultural and historical value) in the enterprise value determined according to the enterprise valuation methods as prescribed.

When transferring capital to another organization or individual who is not a member of a limited liability company with two or more members (after the members of the company do not purchase or do not buy all of the capital), the owner-representing agency shall direct the representative of the state capital portion in a limited liability company with two or more members to comply with Article 38 of the Decree No. 91/2015/ND-CP; Clause 15 and Clause 16, Article 1 of the Decree No. 32/2018/ND-CP; Clause 18, Clause 19, Article 2 and Clauses 4 and 5, Article 5 of the Decree No. 140/2020/ND-CP. The owner-representing agency shall decide on applying the capital transfer method in line with the enterprise’s charter to ensure divestment of all the capital to be transferred and not to exceed the maximum number of members in accordance with the Law on Enterprise.

2. The principles, competent to decide and methods of transfer of outside-invested capital of enterprises of which the State holds 100% of charter capital shall comply with Article 29 of the Decree No. 91/2015/ND-CP; Clauses 12 and 13, Article 1 of the Decree No. 32/2018/ND-CP; Clauses 15 and 16, Article 2 and Clauses 2 and 3, Article 5 of the Decree No. 140/2020/ND-CP. The price appraisal organization shall, based on methods of enterprise valuation as prescribed in the Ministry of Finance’s Circular No. 28/2021/TT-BTC dated April 27, 2021 formulating the Vietnamese Valuation Standard 12 and amending, supplementing or replacing documents (if any), determine the reserve price of capital transfer, in which the brand value (including cultural and historical value) in the enterprise value determined according to the enterprise valuation methods as prescribed.

When transferring capital to another organization or individual who is not a member of a limited liability company with two or more members (after the members of the company do not purchase or do not buy all of the capital), the enterprise of which the State holds 100% of charter capital shall  comply with Clause 13, Article 1 of the Decree No. 32/2018/ND-CP; Clause 15 and Clause 16, Article 2, Clauses 2 and 3, Article 5 of the Decree No. 140/2020/ND-CP. The enterprise shall decide on applying the transfer method in line with its charter to ensure divestment of all the capital to be transferred and not to exceed the maximum number of members in accordance with the Law on Enterprise.

3. The transfer of rights to buy shares, rights to contribute investment capital by enterprises of which the State holds 100% of charter capital/the transfer of rights to buy shares, rights to contribute investment capital invested by the state in joint stock companies or limited liability companies with two or more members shall comply with Clause 17, Article 1 of the Decree No. 32/2018/ND-CP and Clause 20, Article 2 of the Decree No. 140/2020/ND-CP.

4. For assets subject to uncompensated transfer to the State of Vietnam under the commitment after expiration of the operation duration as stated in the joint venture contract, the provisions provided in the Law on Investment and the Law on Management and use of public assets and relevant guiding documents shall apply.

5. To issued together with this Circular the Regulation Template on the capital transfer by enterprises of which the State holds 100% of charter capital, transfer of state capital invested in joint stock companies and limited liability companies with two or more members (Appendix No. 01). Based on the Regulation Template attached to this Circular, specific status of the units with capital contributions and capital portions to be transferred, the auction organization shall be responsible for promulgating the regulation on auction of shares/capital contributions and related forms for the organization of auction after obtaining consents of the owner-representing agency.

For the State Capital Investment Corporation, on the basis of the Regulation Template provided in this Circular and the mechanism for selling state capital specified in the Decree No. 140/2020/ND-CP and the Government's Decree regarding the functions, tasks and operation mechanism of the State Capital Investment Corporation, the Corporation's Members' Council shall be responsible for formulating and promulgating the Regulation Template on selling capital of the Corporation after obtaining written opinions of the owner-representing agency.

6. Cases of transferring state capital and capital of enterprises of which the State holds 100% of charter capital in other enterprises that have approved plans but have not yet been disclosed before November 30, 2020 must be reviewed and adjusted according to the Decree No. 140/2020/ND-CP (including determining the reserve price and approving the capital transfer plan) to continue the implementation.

Article 4. Management of capital and assets at enterprises of which the State holds 100% of charter capital

The management of capital and assets at enterprises of which the State holds 100% of charter capital shall comply with Section 1, Chapter III of the Decree No. 91/2015/ND-CP; Clauses 6, 7, 8, 9 and 10, Article 1 of the Decree No. 32/2018/ND-CP; Clauses 11, 12 and 13, Article 2 of the Decree No. 140/2020/ND-CP and the following provisions:

1. The enterprise must develop and promulgate internal regulations for management and use of its capital and assets; in which, the combination of each managing department in the enterprise and compensation liability of each department or individual for damage or loss of assets to the enterprise must be clearly determined.

2. If the enterprise has special assets such as domestic animals, crop plants, equipment with radioactive source or poison contained in them and other special assets, in addition to the compliance of the law on finance in course of management, use and liquidation of such assets, the regulations, of specialized law must be complied.

3. Regarding capital preservation, the enterprise shall take measures specified in Section 2, Article 22 of the Decree No. 91/2015/ND-CP for conservation of state-invested capital. In which:

a) For the setting-up of provisions for: devaluation of stocks, loss of investments, bad debts and warranty of products, goods and construction and installation works, enterprises shall comply with the Ministry of Finance’s Circular No. 48/2019/TT-BTC dated August 08, 2019 and amending, supplementing or replacing documents (if any). The setting-up of provisions in enterprises conducting business in special sectors, enterprises performing political and social tasks shall comply with the specialized law or as permitted by the competent authority.

b) Loss or profit of an enterprise which are used as a basis for evaluation of the capital preservation specified in Clause 3, Article 22 of the Decree No. 91/2015/ND-CP are equal to the difference between the total turnover (including net turnover from sale and provision of goods and services, turnover from financial operation and other incomes) minus (-) total expenses (including cost of goods sold; financial expenses; costs for goods sale; costs for enterprise management) incurred from the production and business operation of such enterprise that are accounted as prescribed. If the difference is a positive number, the enterprise has profit; if the difference is a negative number, the enterprise incurs a loss; and if the difference is zero, the enterprise neither has profit nor incurs loss.

c) The level of state capital conservation shall be valued on the basis of management and determination of revenue, other income and expenses for determining the enterprise’s profit or loss (business results) as stipulated in Article 30 of the Decree No. 91/2015/ND-CP and the Vietnamese Accounting Standard and applicable enterprise accounting regime promulgated by the Ministry of Finance. The determination of revenues, expenses and other income for tax calculation shall comply with the tax law.

4. The recording, assessment and accounting of exchange rate differences of the enterprise shall comply with the applicable enterprise accounting regime promulgated by the Ministry of Finance. For the exchange rate difference gain due to the re-evaluation of monetary items denominated in foreign currency at the end of the period recorded in the business results (if any), the enterprise shall not use it to set up the reward and welfare fund and the bonus fund for managers and supervisors.

Article 5. Management of capital of enterprises of which the State holds 100% of charter capital in joint stock companies and limited liability companies

1. The management of capital of an enterprise at a joint stock company or limited liability company shall comply with Section 2, Chapter III and Clause 5, Article 42 of the Decree No. 91/2015/ND-CP; Clauses 11, 12 and 13, Article 1 of the Decree No. 32/2018/ND-CP; Clauses 22, Article 2 and Clauses 2 and 3, Article 5 of the Decree No. 140/2020/ND-CP.

If the subsidiary company is a single-member limited liability company of which the parent company holds 100% of charter capital, the parent company being enterprise of which the State holds 100% of charter capital shall annually approve financial statements and decisions on distribution and use of after-tax profits and collection of after-tax profits in accordance with the approved financial rules of the subsidiary company In case the equity in the subsidiary company is greater than the approved charter capital, the enterprise shall transfer the difference to the parent company and account it as revenue from financial activities as prescribed in Clause 14, Article 2 of the Decree No. 140/2020/ND-CP.

2. The enterprise shall direct the representative of the enterprise’s capital in enterprises with 50% or more of the charter capital (hereinafter referred to as level-II enterprises) to comply with the Clause 22, Article 2 of the Decree. No. 140/2020/ND-CP. The transfer of level-II enterprise’s capital in other enterprises shall comply with its charter, the law on enterprises, securities and other laws, ensuring the principles of market, publicity, transparency and highest return on investment.

Article 6. Inventory and handling of asset inventory results at enterprises of which the State holds 100% of charter capital

1. The enterprise must carry out an actual inventory in order to determine the quantity of short-term and long-term assets subject to its management and use; the quantity of its owned stocks; compare the receivables and payables in the following cases:

a) When accounting books are closed for preparing annual financial statements;

b) Execution of the competent authorities’ decisions on division, splitting, merger, consolidation, dissolution, bankruptcy and ownership transfer;

c) After an event of natural disaster or enemy hostility; or when the enterprise’s assets have been changed due to any other reason;

d) Other cases as prescribed by the competent authorities.

2. Handling inventory results:

a) Handling of inventory results at the time of preparing annual financial statements:

- If the inventory result is insufficient compared to the number of assets recorded in the accounting books, the concerned collective or individual shall make compensation for deficiency caused by his/her/its subjectiveness. The Members’ Council or the company president (as for enterprises do not establish a Members’ Council) or Director General or Director shall decide the compensation rate and be responsible for his/her own decisions. The value of the deficient assets after being compensated by the compensation of the collective or individual (if any) or the value of the deficient assets due to objective reasons, the enterprise shall account it in production and business expenses.

- In case the result of asset inventory is excess compared to the number of assets recorded in the accounting books, the enterprise must clearly identify the cause of the excess of assets. For excess assets that are not required to be returned, they shall be accounted into other income of the enterprise; for excess assets with unidentified causes, they shall be recorded in payables and other payables. In case the cause of excess asset value has been identified and a handling record is available, the handling decision shall be based on for an appropriate accounting decision.

b) The handling of inventory results specified at Points b, c and d, Clause 1 of this Article shall comply with the laws for each specific inventory case.

c) The enterprise shall be responsible for timely handling its losses of assets and debts. If failing to handle such losses of assets and debts, the Members’ Council or the company president (as for enterprises does not establish the Members’ Council) or Director General or Director shall assume responsibilities before the owning-representing agency as the case of dishonest reporting the enterprise’s financial situation and shall assume responsibilities before the law for the violation resulting in the losses of assets of the enterprise.

Article 7. Distribution of profits at enterprises of which the State holds 100% of charter capital

Enterprises shall distribute their profits in accordance with Article 31 of the Decree No. 91/2015/ND-CP; Article 2 of the Decree no. 32/2018/ND-CP; Clause 4, Article 4 of this Circular and the following provisions:

1. The profit of the enterprise shall be determined according to the law on accounting after making up for the loss of the previous year according to the law on enterprise income tax, setting up the science and technology development fund, paying enterprise income tax in accordance with the law, the remaining profits shall be distributed under Clauses 1, 2 and 3, Article 31 of the Decree No. 91/2015/ND-CP and Article 2 of the Decree No. 32/2018 /ND-CP.

2. Grounds for setting up the reward and welfare fund and the bonus fund for managers and supervisors shall be determined as follows:

a) The classification of enterprises A, B, C as a basis for setting up funds shall comply with the Government's regulations on supervision of state capital investment in enterprises; financial supervision for evaluation of operational efficiency and disclosure of financial information of enterprises of which the State holds 100% of charter capital and enterprises with state capital and guiding circulars issued by the Ministry of Finance.

b) Regarding monthly salary used as the basis for setting up funds:

Grounds for setting up the reward and welfare fund: The enterprise’s implemented salary fund for employees in the fiscal year which is approved and determined in accordance with the Government’s Decree No. 51/2016/ND-CP dated June 13, 2016, on management of employees, salaries, bonuses of employees in single-member limited liability companies of which charter capital is wholly owned by the State and amending, supplementing or replacing documents (if any) divided by (:) 12 months. If the enterprise implements the salary and bonus mechanism according to specific regulations, it shall comply with the Government's specific regulations.

Grounds for setting up the bonus fund for managers and supervisors: The salary and remuneration fund implemented in the financial year of the enterprise manager (full-time and part-time) which is approved by the owner and determined in accordance with the Government’s Decree No. 52/2016/ND-CP dated June 13, 2016 CP, stipulating salaries, remuneration and bonuses for managers of single-member limited liability companies in which 100% charter capital is held by the State and amending, supplementing or replacing documents (if any) divided by (:) 12 months. If the enterprise implements the salary and bonus mechanism according to specific regulations, it shall comply with the Government's specific regulations.

Article 8. Formulation of financial plans

1. The formulation of financial plans of an enterprise of which the State holds 100% of charter capital shall comply with Article 33 of the Decree No. 91/2015/ND-CP and the following provisions:

a) On an annual basis, at the same time when the managing ministries, Commission for the Management of State Capital at Enterprises and People's Committees of provinces and centrally run cities prepare the  budget estimates according to the Law on State Budget, the enterprises shall develop the financial plan of the following year and send it to the owner-representing agency, the same-level financial agency and the Ministry of Finance before July 31 every year to summarize and prepare the state budget estimate. Grounds and orders for developing the financial plan shall comply with Article 33 of the Decree No. 91/2015/ND-CP.

b) The forms of enterprise report shall comply with Appendix 02 - Form No. 01 “Financial plan of 100% state-owned enterprise”; Form No. 02 “Financial plan - Consolidated report of 100% state-owned enterprise operating under the model of parent company and subsidiary company” attached to this Circular.

2. On an annual basis, at the same time when the managing ministries, Committees for management of state capital at enterprises and People's Committees of provinces and centrally run cities prepare the  budget estimates according to the Law on State Budget, the owner-representing agency shall direct the representative of the State capital portions at a joint stock company or limited liability company with two or more members to base on the Resolution of the Shareholders’ General Meeting or Members’ Council and relevant documents in order to develop the financial plan of the following year and send it to the owner-representing agency, the same-level financial agency and the Ministry of Finance before July 31 every year to summarize and prepare the state budget estimate. Report forms shall comply with Appendix No. 02 - Form No. 03 “Financial plan of state-invested company” attached to this Circular.

Article 9. Reporting regime and summarization of reports

1. The enterprises of which the State holds 100% of charter capital must prepare, present and send reports (periodical or ad-hoc reports) to the owner-representing agency and state management agency in accordance with Article 35 of the Decree No. 91/2015/ND-CP and the following provisions:

a) Periodical reports include:

- Financial statement: At the end of an accounting period of quarter or year, the enterprise must prepare its quarterly or annual financial statements (including a separate financial statement of the parent company and a consolidated financial statement of an economic corporation or state-owned corporation or a parent company in the group of a parent company - subsidiary company). The enterprise’s quarterly or annual financial statements must be prepared under adequate forms.

Forms and time limit for submission and report-receiving bodies shall comply with the Ministry of Finance’s Circular No. 200/2014/TT-BTC dated December 22, 2014, guiding the enterprise accounting regime, Vietnamese Accounting Standard and the Circular guiding the implementation of accounting standard promulgated by Ministry of Finance and amending and supplementing documents (if any).

- Reports on a number of off-balance sheet items:

Upon making annually or quarterly financial statements, the enterprise shall prepare reports on a number of off-balance sheet items. Time-limit for submission and report-receiving bodies of such reports are the same with those of the enterprise’s financial statements.

The enterprise shall made the forms of such reports in accordance with Appendix No. 03 “Report on a number of off-balance sheet items” attached to this Circular. In which: Form No. 01 - Report on a number of off-balance sheet items; Form No. 02 - Report on a number of off-balance sheet items - Consolidated report of enterprise operating under the model of parent company and subsidiary company”.

d) Reports on enterprise’s restructuring situation

On a quarterly basis, the enterprise undergoing restructuring shall update its restructuring situation and data until the 20^th day of the last month of the quarter and complete the preparation and sending of the following reports to the owner-representing agency, financial agency at the same level and the Ministry of Finance before the 22^nd of the last month of the quarter:

- Report on the situation of arrangement and equitization made according to Appendix No. 04 “Form of the implementation of equitization of enterprise of which the State holds 100% of charter capital and single-member limited liability company with 100% state enterprise-invested charter capital and 100% charter capital” attached to this Circular.

- The report on the investment capital divestment made according to Appendix No. 05 “Form of capital divestment at enterprises” attached to this Circular.

c) Reports on offshore investment

Based on the annual financial statements that already made, the enterprise shall make a report on offshore investment and send it to the owner-representing agency, the same-level financial agency and the Ministry of Finance according to the deadline for submission of the annual financial statement.

The enterprise shall made the forms of such reports in accordance with Appendix No. 06 “Report on offshore investment” attached to this Circular. In which: Form No. 01 - Report on offshore investment and recovery of offshore investment capital; Form No. 02 - Report on the offshore investment project”.

d) In addition to the reports stated at Points a, b and c, Clause 1 of this Article, the enterprise must make and send ad-hoc reports at the request of the owner-representing agency and state management agency. Contents (forms) and time limit of report shall be determined based on specific request of the owner-representing agency and state management agency.

2. State-invested enterprises shall make, present and send annual financial statements according to the forms, time limit and report-receiving bodies as guided in the Ministry of Finance’s Circular No. 200/2014/TT-BTC dated December 22, 2014, guiding the enterprise accounting regime, Vietnamese Accounting Standard and the Circular guiding the implementation of accounting standard promulgated by Ministry of Finance and amending and supplementing documents (if any).

Apart from exercising the rights and responsibilities specified in Clause 3, Article 37 of the Decree No. 91/2015/ND-CP; Clause 14, Article 1 of the Decree No. 32/2018/ND-CP and Clause 17, Article 2 of the Decree No. 140/2020/ND-CP, the representative of the state capital portion in a joint stock company or a limited liability company with two or more members shall, based on audited annual financial statements of a joint stock company or a limited liability company with two or more members, be responsible for summarizing and submitting a report on the contents provided in Appendices No. 03 and 06 attached to this Circular to the owner-representing agency, the financial agency at the same level and the Ministry of Finance according to the deadline for submitting annual financial statements.

In addition to the above-mentioned statements, the representative of the state capital portion shall make and send ad-hoc reports at the request of the owner-representing agency and state management agency. Contents (forms) and time limit of report shall be determined based on specific request of the owner-representing agency and state management agency.

3. Managing ministries, Commission for the Management of State Capital at Enterprises and People's Committees of provinces and centrally run cities shall be responsible for:

a) Within 03 days from the date of receipt of the report of the enterprise and its representative, summarizing the reports of enterprises of which the state holds 100% of charter capital, enterprises with state capital contribution and reports of the representatives of the state capital portion in joint stock companies and liability companies with two or more members under its management according to Appendices No. 02, 03 and 06 above and sending them to the Ministry of Finance for generally synthesizing and reporting to the competent authorities.

b) On a quarterly basis, updating the situation and data of restructuring of enterprises under its management until the 20th of the last month of the quarter and completing the formulation and sending of such reports made according to Appendices No. 04 and 05 as mentioned above to the Ministry of Finance before the 25th of the last month for generally synthesizing and reporting to the competent authorities

4. The owner-representing agencies, enterprises and representatives of the State capital portions at enterprises shall send such reports to the report-receiving bodies via post office and by accessing the financial management information system at website: http://soe.mof.gov.vn or http://dnnn.mof.gov.vn in accordance with Article 8 and Clauses 1, 2 and 3 of this Article. Accessing account and password of the owner-representing agency, enterprise or representative of the State capital portions at enterprise as follows:

a) For the owner-representing agency: An attached unit shall be assigned to appoint an individual to be in charge of such accounts and passwords provided by the Ministry of Finance.

b) For the enterprise: Accessing account shall be the enterprise’s tax identification number and password shall be sent by the system to the enterprise’s email address as registered with the Ministry of Finance.

c) For the representative of the State capital portions at enterprise: Accessing account shall be the enterprise’s tax identification number and password shall be sent by the system to the representative’s email address as registered with the Ministry of Finance.

Article 10. Effect

This Circular takes effect on July 10, 2021 and replaces the Ministry of Finance’s Circular No. 219/2015/TT-BTC dated December 31, 2015, guiding a number of contents of the Government's Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises and the Ministry of Finance’s Circular No. 59/2018/TT-BTC dated July 16, 2018, amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 219/2015/TT-BTC dated December 31, 2015.

Any difficulties arising in the course of implementation should be promptly reported to the Ministry of Finance for study, supplement and amendment./.

* All Appendices are not translated herein.