Circular No. 74/2002/TT-BTC dated September 9, 2002 of the Ministry of Finance guiding the revaluation of the state-run commercial banks’ outstanding debts without security assets
THE MINISTRY OF FINANCE
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, September 09, 2002
GUIDING THE REVALUATION OF THE STATE-RUN COMMERCIAL BANKS OUTSTANDING DEBTS WITHOUT SECURITY ASSETS
In furtherance of the Prime Minister’s Decision No.149/2001/QD-TTg of October 5, 2001 approving the scheme for handling commercial banks outstanding debts, the Finance Ministry hereby guides the revaluation of debts without security assets owed to State-run commercial banks by operating State enterprises, as follows:
I. GENERAL PROVISIONS
1. Scope of application:
This Circular applies to the revaluation of State-run commercial banks outstanding debts without security assets, which become overdue as of December 31, 2000 with their debit balance still existing until the time of debt handling, and debtors being existent and operating State enterprises.
2. Objects of application:
Objects of application are State-run commercial banks and State enterprises, which are existent and operating, but not subject to dissolution or bankruptcy, and owe outstanding debts without security assets to State-run commercial banks.
3. Some concepts:
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In this Circular, the following concepts are construed as follows:
a/ "Outstanding debts without security debts" are outstanding debt amounts for which the measures of pledge, mortgage or acceptance of assets given in lieu of debts owed by State enterprises, as well as other security measures such as guarantee with the third party’s assets, security with assets formed from borrowed capital, and reception of assets assigned by court, are not applied.
b/ "Revaluation of the State-run commercial banks outstanding debts without security assets" means the determination of the value of assets actually possessed by State enterprises for repaying outstanding debts without security assets, aiming to figure out the actually remaining value of, and possibility to recover, the State-run commercial banks outstanding debts without security assets.
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