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MINISTRY
OF FINANCE OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.
1914/QD-BTC
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Hanoi,
September 16, 2022
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DECISION
SOLUTION FOR INSPECTING IMPLEMENTATION OF CIRCULAR NO.
19/2003/TT-BTC DATED MARCH 20, 2003 OF THE MINISTER OF FINANCE GUIDING INCREASE
AND DECREASE OF CHARTER CAPITAL AND MANAGEMENT OF TREASURY STOCKS IN
JOINT-STOCK COMPANIES
MINISTER OF FINANCE
Pursuant to Decree No.
87/2017/ND-CP dated July 26, 2017 of the Government on functions, tasks,
powers, and organizational structure of the Ministry of Finance;
Pursuant to Decree No.
34/2016/ND-CP dated may 15, 2016 of Government elaborating the Law on
Promulgation of Legislative Documents;
Pursuant to Decree No.
154/2020/ND-CP dated December 31, 2020 of the Government on amendment to Decree
No. 34/2016/ND-CP dated May 14, 2016 of the Government elaborating the Law on
Promulgation of Legislative Documents;
Pursuant to Decree No.
99/2006/ND-CP dated September 15, 2006 of the Government on inspection of
implementation of policies, strategies, planning, and plans;
Pursuant to Decision No.
2475/QD-BTC dated December 23, 2021 of the Minister of Finance approving the
Plan for inspecting documents and List of legislative documents to be inspected
of their implementation in the year 2022;
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HEREBY DECIDES:
Article
1. The Solutions for
inspecting implementation of Circular No. 19/2003/TT-BTC dated March 20, 2003
of the Minister of Finance are attached hereto.
Article
2. This Decision comes
into effect from the day of signing.
Article
3. Chief of Ministry
Office, Director of Department of Corporate Finance, and heads of relevant
entities are responsible for the implementation of this Decision./.
PP.
MINISTER
DEPUTY MINISTER
Nguyen Duc Chi
SOLUTIONS
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1.
Purpose of inspection.
Review the application of
Circular No. 19/2003/TT-BTC dated March 20, 2003 of the Minister of Finance
when the Law on Enterprises No. 59/2020/QH14 dated June 17, 2020 of the
National Assembly and the Law on Securities No. 54/2019/QH14 dated November 26,
2019 of the National Assembly have been promulgated, including relevant
legislative documents, and clarify issues, drawbacks, complaints, compliance
with this Circular during implementation. Propose and implement solutions for
Circular No. 19/2003/TT-BTC as per the law.
2.
Inspection scope and entities.
- Inspection
scope: Circular No. 19/2003/TT-BTC.
- Inspecting
entities: joint-stock companies (public companies and non-public companies).
3.
Inspection details.
Inspect implementation of
Circular No. 19/2003/TT-BTC:
- Terminology.
- The
Increase of charter capital:
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+ Requirements for carrying
surplus capital over to charter capital.
+ Amount of additional
shares to be issued when increasing charter capital by paying dividends using
shares or carrying surplus capital over to charter capital.
+ The use of differences in
price brought by re-evaluation of assets to increase charter capital (when
government policies are issued).
- The
decrease of charter capital:
+ Cases where charter
capital is decreased.
+Payment for shareholders.
- Management
of treasury stocks in joint-stock companies:
+ Cases where joint-stock
companies repurchase shares.
+ Conditions for performing
share repurchase.
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+ The purchase and sale of
treasury stocks for joint-stock companies that have applied to be publicly
listed.
+ Cases where joint stock
companies are not allowed to repurchase shares.
+ Joint stock companies not
allowed to repurchase shares.
+ Management and recording
of treasury stocks.
- Deal
with and record any increase caused by sale, purchase of treasury stocks, any
difference caused by issuance of additional shares greater than the face value;
the case where treasury stock sale price is less than purchase price, sale
price of additional shares is lower than the face value.
4.
Inspection period.
From January 1, 2021
(effective date of the Law on Enterprises in 2020 and the Law on Securities in
2019) until now.
5.
Inspection methods.
Entities shall inspect and
approve self-inspection reports once inspection solutions are promulgated.
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- In
September, October, and November of 2022: Department of Corporate Finance shall
send Official Dispatches requesting entities to inspect, produce
self-inspection reports, draft reports on inspection results, and gather
feedback of relevant entities.
- In
December of 2022: Report inspection results to the Ministry.
7.
Responsibilities for implementation.
- Department
of Corporate Finance is responsible for:
+ guiding, requesting,
encouraging entities to organize self-inspection in accordance with approved
inspection solutions.
+ taking charge and
cooperate with Department of Legal Affairs, State Securities Commission of
Vietnam, and Department of Accounting and Auditing Regulations in
consolidating, reporting inspection results, and sending request for solutions
for arising issues to the Ministry.
- Department
of Legal Affairs, State Securities Commission of Vietnam, and Department of
Accounting and Auditing Regulations are responsible or cooperating with
Department of Corporate Finance in implementing the approved inspection
solution.
- Entities
affiliated to inspecting entities are responsible for organizing
self-inspection in accordance with the guidelines, consolidate, and submit
self-inspection results to Ministry of Finance (via Department of Corporate
Finance).
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INSTRUCTION ON COMPLETING THE INSPECTION FORM
1. General
introduction
Department of Corporate
Finance and Ministry of Finance (Department of Corporate Finance) are assigned
to inspect the implementation of Circular No. 19/2003/TT-BTC dated March 20,
2003 of the Ministry of Finance guiding increase, decrease of charter capital
and management of treasury stocks in joint-stock companies (hereinafter
referred to as “Circular No. 19/2003/TT-BTC”).
In order to carry out this
task, the Department of Corporate Finance shall inspect several joint stock
companies (hereinafter referred to as “inspection participants”) in order to
look into implementation and application of Circular No. 19/2003/TT-BTC when
the companies increase or decrease charter capital and manage treasury stocks.
2. Guidance
on participation in inspection
► Participants
shall fill in information on their entities in Section 1. Information on
inspection participants.
► Participants
shall answer questions under Section 2. Inspection contents.
► Regarding
any other feedback and information, participants shall list under Section 3.
Other additional information.
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Once inspection form is
complete, participants shall send to Department of Corporate Finance as
follows:
► Mr./Mrs./Ms.
Do Thi Hien - Tel. 0941924158 (soft copies are to be sent to
dothihien@mof.gov.vn; physical copies are to be sent to Department of Corporate
Finance - Ministry of Finance (at 28 Tran Hung Dao, Hoan Kiem, Hanoi)).
Deadline for submission: ……………………………………………
(dd/mm/yyyy).
Heads of Department of
Corporate Finance - Ministry of Finance would like to send their regards.
SECTION 1 - INFORMATION ON
INSPECTION PARTICIPANT
Employer:
…………………………………………………………………………
Address:
……………………………………………………………..…………………
Contact information:
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…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
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SECTION 2 - INSPECTION
CONTENTS
A. General information
The questionnaire consists
of 5 main categories:
I. Terminology.
II. Issues
relating to the increase of charter capital.
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IV. Issues relating to
management of treasury stocks.
V. Other issues.
B. Detail inspection
contents:
I. Issues relating to
terminology (the use of definition of the terminology).
Questions to enterprise: The
enterprise chooses by ticking one of the options below.
a. The term: “Shareholders’
capital at a time”.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
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□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
c. The term: “Enterprise
managers”.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
d. The term: “Bonds
converted into shares”.
□ Comply
with Circular No. 19/2003/TT-BTC.
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…………………………………………………………………………………………………………
dd. The term: “Payment of
dividends in form of stocks”.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Other feedback/comments:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
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Questions to enterprise: The
enterprise chooses by ticking one of the options below.
a. Cases where charter
capital is increased.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
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□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
c. Amount of additional
shares to be issued when increasing charter capital by paying dividends using
shares or carrying surplus capital over to charter capital.
□ Comply
with Circular No. 19/2003/TT-BTC.
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…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
d. The use of differences in
price brought by re-evaluation of assets to increase charter capital (when
government policies are issued).
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
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…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
III. Issues relating to the
decrease of charter capital.
Questions to enterprise: The
enterprise chooses by ticking one of the options below.
a. Cases where charter
capital is decreased.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
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…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
b. Payment for shareholders
in case of a decrease in charter capital.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
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IV. Issues relating to
management of treasury stocks.
Questions to enterprise: The
enterprise chooses by ticking one of the options below.
a. Cases where joint-stock
companies repurchase shares.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
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…………………………………………………………………………………………………………
b. Conditions for performing
share repurchase.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
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□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
d. The purchase and sale of
treasury stocks for joint-stock companies that have applied to be publicly
listed.
□ Comply
with Circular No. 19/2003/TT-BTC.
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…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
dd. Cases where joint stock
companies are not allowed to repurchase shares.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
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…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
e. Joint stock companies not
allowed to repurchase shares.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
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f. Management and recording
of treasury stocks.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
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a. Dealing with and recording
any increase caused by sale, purchase of treasury stocks, any difference caused
by issuance of additional shares greater than the face value.
□ Comply
with Circular No. 19/2003/TT-BTC.
□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
b. Dealing with and
recording the case where treasury stock sale price is less than purchase price,
sale price of additional shares is lower than the face value
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□ Comply
with other documents (specify the documents).
…………………………………………………………………………………………………………
Practical example:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
SECTION 3 - OTHER FEEDBACK
Participants shall raise
issues that have not been mentioned under Section 2 here.
…………………………………………………………………………………………………………
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…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
GENERAL FEEDBACK:
□ Annul
Circular No. 19/2003/TT-BTC due its contents being prescribed by other
legislative documents.
Specify the legislative
documents:
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
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