Enterprises under the Ministry of Industry and Trade must cease banking operations before 2018

11:43, 11/07/2024

This is the directive of the Ministry of Industry and Trade in Decision 3657/QD-BCT regarding the Action Program of the Ministry of Industry and Trade in the Scheme for restructuring the system of credit institutions in conjunction with resolving bad debt (2016 - 2020) according to Decision 1058/QD-TTg.

To implement the above-mentioned Scheme, the Ministry of Industry and Trade sets out the key tasks for the Groups, General Corporations, and Enterprises (DN) under the Ministry as follows:

- The Groups, General Corporations, and DNs under the Ministry that are shareholders or have contributed capital to credit institutions must complete the divestment of investments and cease banking operations before 2018;- Representatives of the owners of the Groups, General Corporations, and DNs under the Ministry shall introduce appropriate handling measures such as:- Definitively handling the secured assets of the debt;- If continuing operations, allow the credit institution to convert the debt into contributed capital or supplement the capital for the DN to have a source to repay the credit institution;- Allow the DN to go bankrupt so the credit institution can recover the related debt.

Refer to Decision 3657/QD-BCT, effective from September 22, 2017.

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