Circular No. 003/2025/TT-BNV dated April 28, 2025 on guidance on the management of labor, salaries, remunerations, and bonuses for employees in state-owned enterprises

CIRCULAR

ON GUIDANCE ON THE MANAGEMENT OF LABOR, SALARIES, REMUNERATIONS, AND BONUSES FOR EMPLOYEES IN STATE-OWNED ENTERPRISES

Pursuant to Decree No. 25/2025/ND-CP dated February 21, 2025, of the Government on functions, tasks, powers and organizational structure of the Ministry of Home Affairs;

Pursuant to Decree No. 44/2025/ND-CP dated February 28, 2025 of the Government regulating the management of labor, salaries, remunerations and bonuses for employees in state-owned enterprises;

At the request of Director General of Department of Wage and Social insurance;

The Minister of Home Affairs issues a Circular on guidance on the management of labor, salary remunerations, and bonuses for employees in state-owned enterprises.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Circular provides for guidance on the management of labor, salaries, remunerations and bonuses for employees in state-owned enterprises in accordance with Article 1 of Decree No. 44/2025/ND-CP dated February 28, 2025 of the Government regulating the management of labor, salaries, remunerations and bonuses for employees in state-owned enterprises (hereinafter referred to as “Decree No. 44/2025/ND-CP”).

Article 2. Regulated entities

Regulated entities in this Circular shall comply with Article 2 of Decree No. 44/2025/ND-CP.

Rules of management of labor, salaries, remunerations, bonuses, and objective factors of determination of salaries and remunerations

1. The rules for management of labor, salaries, remunerations and bonuses shall comply with Article 3 of Decree No. 44/2025/ND-CP, in which the profit indicator to determine salary and return on equity (ROE) is profit before corporate income tax (CIT) (for established enterprises operating on a not-for-profit basis, the total revenue minus total costs after excluding any impact of objective factors may be used instead of the profit indicator for calculating the ROE when determining salary); labor productivity and the return on the enterprise's equity or the owner's capital contribution at the enterprise (hereinafter referred to as the “ROE”) are determined according to the Appendix attached hereto.

2. Objective factors specified in Article 4 of Decree No. 44/2025/ND-CP that directly affect the increase or decrease of labor productivity, profits, and ROE shall be calculated and excluded by enterprises when determining salary and remuneration, the calculation and exclusion of the impact of which must be quantified into specific values ​​and figures in accordance with rules: Objective factors that increase labor productivity, profit, and ROE must be deducted; objective factors that reduce labor productivity, profit, and ROE must be added to labor productivity, profit, and ROE when determining salary and remuneration.

Article 4. Management of labor, pay scale, payroll

1. Enterprises shall develop labor plans, organize recruitment, use workforces, and implement benefits and policies for employees in accordance with Article 5 of Decree No. 44/2025/ND-CP; develop and issue pay scale, payroll, and salary allowances in accordance with Article 6 of Decree No. 44/2025/ND-CP.

2. The enterprise shall annually reviews the salary levels of employees and the Executive Board, Board members, and specialized controllers in the current pay scale, payroll, and allowances. If the salary levels in the current pay scale, payroll, and allowances ensure compliance with Clause 2, Article 6, they shall continue to be applied in accordance with Article 32 of Decree No. 44/2025/ND-CP; if not, the enterprise must revise or develop a new pay scale, payroll, and allowance in accordance with Clauses 2 and 3 of Article 6 of Decree No. 44/2025/ND-CP.

Chapter II

SALARIES OF EMPLOYEES AND EXECUTIVE BOARD

Section 1. METHODS FOR DETERMINING SALARY FUND

Article 5. Determination methods

The salary fund of employees and the Executive Board is determined using methods prescribed in Article 7 of Decree No. 44/2025/ND-CP.

Article 6. Selection of determination methods

Enterprises shall select the method of determining the salary fund of employees and the Executive Board in accordance with Article 8 of Decree No. 44/2025/ND-CP.

Section 2. DETERMINATION OF SALARY FUND THROUGH AVERAGE SALARY LEVEL

Article 7. Planned average salary level

The planned average salary level shall be determined in accordance with Article 9 of Decree No. 44/2025/ND-CP, in which the planned salary level specified in Clause 1 of Article 9 of Decree No. 44/2025/ND-CP is determined as follows:

1. For enterprises with planned labor productivity higher than the actual labor productivity of the previous year, the maximum planned average salary level shall be determined as follows:

Where:

- TL_bqkh: Planned average salary level.

- TL_bqthnt: The actual average salary level of the previous year shall be determined by dividing the actual salary fund (including the additional salary in case the actual profit of the enterprise exceeds the planned profit) of the previous year of employees and the Executive Board by the average actual number of employees in the previous year determined in accordance with the Appendix attached hereto and dividing by the actual number of months the enterprise operates in the year.

The actual average salary level of 2024 shall be used as ground for determining the average salary planned for 2025, determined by the actual salary fund of 2024 of employees, the salary of the Executive Board from the actual salary fund for managers in 2024 in accordance with regulations on payment of salary of the enterprise and the safety bonus (for enterprises implementing the safety bonus policies, if any) divided by the actual average number of employees (including the Executive Board) in 2024 and divided by the actual number of months the enterprise operates in the year.

- W_kh: Planned labor productivity; W_thnt: The actual labor productivity of the previous year determined in accordance with Appendix attached hereto.

- H_tlln: Salary coefficient associated with profit, where (i) if planned profit is not lower than the actual profit in the previous year, then H_tlln is equal to 1.0; or (ii) if the planned profit is lower than the actual profit in the previous year, then H_tlln is equal to 0.8.

2. For enterprises with planned labor productivity equal to the previous year’s actual labor productivity, the maximum planned average salary level associated with profit shall be determined as follows:

a) If the planned profit is higher than the previous year's actual profit, the maximum planned average salary level shall be determined using the following formula:

Where:

- TL_bqkh: Planned average salary level.

- TL_bqthnt: The actual average salary level of the previous year.

- TL_ln: Increased salary amount relative to the profit, which is determined using the following formula:

P_kh: Planned profit; P_thnt: The actual profit of the previous year.

b) If the planned profit equals the previous year's actual profit, the maximum planned average salary level shall equal the actual average salary level of the previous year.

c) If the planned profit is lower than the previous year's actual profit, the maximum planned average salary level shall be determined using following formula:

Where:

- TL_bqkh: Planned average salary level.

- TL_bqthnt: The actual average salary level of the previous year.

- TL_ln: Decreased salary amount relative to the profit, which is determined using the following formula:

P_kh: Planned profit; P_thnt: The actual profit of the previous year.

3. For enterprises with planned labor productivity lower than the actual labor productivity of the previous year, the maximum planned average salary level shall be determined as follows:

a) If the planned profit is higher than the previous year's actual profit, the maximum planned average salary level associated with profit shall be determined using following formula:

Where:

- TL_bqkh: Planned average salary level.

- TL_bqthnt: The actual average salary level of the previous year.

- TL_ns: Decreased salary amount relative to the labor productivity, which is determined using the following formula:

W_kh: Planned labor productivity; W_thnt: Labor productivity of the previous year determined in accordance with Appendix attached hereto.

TL_ln: Increased salary amount relative to the profit:

b) If the planned profit equals the previous year's actual profit, the maximum planned average salary level shall equal the previous year's actual average salary level minus the decreased salary amount relative to the labor productivity (TL_ns).

c) If the planned profit is lower than the previous year's actual profit, the maximum planned average salary level shall be determined using following formula:

Where:

- TL_bqkh: Planned average salary level.

- TL_bqthnt: The actual average salary level of the previous year.

- TL_ns: Decreased salary amount relative to the labor productivity.

- TL_ln: Decreased salary amount relative to the profit:

4. The average salary level determined in accordance with Article 9 of Decree No. 44/2025/ND-CP shall not be lower than the salary level under policies specified in Clause 2 of Article 9 of Decree No. 44/2025/ND-CP:

Article 8. Actual average salary level

The average actual salary level is determined based on the planned average salary level associated with the increase or decrease in actual labor productivity compared to the planned labor productivity and actual profit compared to the planned profit under the same rules as determining the planned average salary level associated with the increase or decrease in planned labor productivity and profit compared to the actual labor productivity and profit of the previous year specified in Article 7 hereof.

Article 9. DETERMINATION OF SALARY FUND

1. The planned salary fund shall be determined using the following formula:

Where:

- Q_kh: The planned salary fund.

- TL_bqkh: Planned average salary level determined in accordance with Article 7 hereof.

- L_khbq: The planned number of employees determined in accordance with the Appendix attached hereto.

- t: Number of months the enterprise operates in a year.

- V_đt: The difference in salary of full-time union officials paid by the union organization shall be calculated based on the average planned number of full-time union officials and the difference between the average salary of full-time union officials in the upper enterprise and the average salary paid by the union organization. The average salary level of full-time union officials in enterprises shall be determined based on the average salary level used as the basis for determining the difference in salary of the previous year of full-time union officials according to State regulations and adjusted according to planned labor productivity and profit compared to the actual labor productivity and profit of the previous year in accordance with Article 7 hereof.

2. The actual salary fund shall be determined using the following formula:

Where:

- Q_th: The actual salary fund.

- TL_bqth: Actual average salary level determined in accordance with Article 8 hereof.

- L_thbq: The actual number of employees determined in accordance with the Appendix attached hereto.

- t: Actual number of months the enterprise operates in a year.

- V_đt: The difference in salary of full-time union officials paid by the union organization shall be determined in accordance with clause 1 of this Article.

3. For enterprises with actual profit exceeding planned profit, additional salaries may be added to the actual salary fund as prescribed in Clause 2 of this Article under the principle that if the profit exceeds 1%, the salary fund may be increased by a maximum of 2% according to Clause 2 of this Article, but the additional salary shall not exceed 20% of the actual profit exceeding planned profits and shall not exceed 02 months of average salary as prescribed in Article 8 hereof.

Section 3. DETERMINATION OF SALARY FUND THROUGH PAY RATE

Article 10. Pay rate

Pay rate (hereinafter referred to as "rate") shall be implemented in accordance with Article 12 of Decree No. 44/2025/ND-CP and be determined by the total salary of the years preceding the first year of applying the rate divided by the total value of production and business targets using the following formula:

Where:

- DG: Pay rate.

- n: The first year of the period in which the enterprise applies the rate.

- k: Number of years the enterprise plans to apply the rate (k = 2 or k = 3 or k = 4 or k = 5).

- i: Specific years immediately preceding the first year of application of the rate

-  : Total actual salary fund (including additional salary in case the enterprise has actual profit exceeding planned profit) of employees and the Executive Board of the years preceding the first year of applying the rate. For enterprises that have to use the actual salary fund from 2024 and earlier to determine the rate, the actual salary fund from 2024 and earlier shall include the actual salary fund for employees and the salary of the Executive Board from the actual salary fund for managers according to the enterprise's regulations on salary and safety bonuses (for enterprises implementing the safety bonus policy, if any).

- : The total value of production and business indicators selected by the enterprise to calculate the actual rate (based on total product quantity or total production, including converted total product quantity or total production or total revenue or total revenue minus total cost excluding salary, profit, or other indicators, which reflect the characteristics, nature, and working time of the employees) in the years preceding the first year of applying the rate.

Article 11. Planned salary fund, rate-based salary fund

1. Enterprises shall determine the planned salary fund in accordance with Clause 1 of Article 13 of Decree No. 44/2025/ND-CP that shall be used as grounds for advancing monthly salary for employees and the Executive Board.

2. Annually, based on the actual production and business indicators, the enterprise shall determine the rate-based salary fund that shall be used as grounds for determining the actual salary fund prescribed in Article 12 hereof according to the following formula:

Where:

- Q_TLĐG: The rate-based salary fund.

- ĐG: Rate determined in accordance with Article 10 hereof.

- T_CTĐGTH: production and business indicators selected by for calculating the annual actual rate.

Article 12. Determination of the actual salary

Based on the rate-based salary fund determined according to formula (12) in Clause 2 of Article 11 hereof, the enterprise shall determine the actual salary fund associated with annual actual labor productivity and profit as follows: 1. Enterprises with the actual profit not lower than average profit, the actual salary fund shall be determined based on the rate-based salary fund and adjusted according to labor productivity as follows:

a) If the percentage increase in the average rate-based salary compared to average salary of the previous years is equal to or lower than the percentage increase in actual labor productivity compared to the average labor productivity, the maximum actual salary fund shall be determined by the rate-based salary fund.

b) If the percentage increase in the average rate-based salary compared to the average salary of previous years is higher than the percentage increase in actual labor productivity compared to the average labor productivity, the maximum actual salary fund shall determined by the rate-based salary fund after deductions, ensuring that the percentage increase in the average rate-based salary does not exceed the percentage increase in labor productivity.

The average rate-based salary shall be determined based on the rate-based salary fund and the actual average number of employees (including the Executive Board) in the year; the average rate-based salary of the previous years shall be determined by the total actual salary funds for pricing in Article 10 hereof and the total actual average number of employees (including the Executive Board) in the years before the first year of applying the rate.

2. Enterprises with actual profit exceeding the average profit may add more salary to the actual salary fund under the principle that for every 1% profit exceeding, a maximum of 2% of the salary fund can be added, but the additional salary must not exceed 20% of the profit exceeding the planned profit and not more than 2 months of the average salary calculated using the actual salary fund in this Article divided by the actual average number of employees and divided by the actual months the enterprise operates in the year.

3. Enterprises with actual profit lower than the average profit, after determining the actual salary fund based on the rate-based salary fund and making adjustments according to labor productivity following similar principles as enterprises with actual profit not lower than the average profit specified in this Article, must deduct the corresponding actual salary fund according to the percentage or the absolute value of the actual profit lower than the average profit, ensuring that the reduced actual salary fund is not lower than the salary fund calculated using the actual average number of employees and the salary level specified in Clause 2 of Article 9 of Decree No. 44/2025/ND-CP.

4. For enterprises that do not generate any profits or incur losses, the actual salary fund shall be calculated using the actual average number of employees and the salary level specified in Clause 2 of Article 9 of Decree No. 44/2025/ND-CP. If the enterprise decreases the loss (including an actual non-profit year) compared to the average profit, the salary fund shall be determined based on the extent of the loss decrease to ensure general proportionality. The report on such matters shall be submitted to the owner’s representative agencies for review and feedback before making decisions.

5. Average labor productivity and average profit as specified in Clauses 1, 2, and 3 of this Article are determined according to the Appendix attached hereto.

Section 4. DETERMINATION OF SALARY BUDGET IN SOME CASES, ADVANCE, PROVISION, AND APPORTIONMENT OF SALARY

Article 13. Determination of salary budget in some cases

For (i) enterprises providing public services or operating in sectors where the State prescribes production limits, (ii) enterprises determining the salary fund by the rate, during the application of which, new tasks arise, (iii) air traffic management product and service providers that have to assign additional employees at the request of the competent state authorities, and (iv) enterprises using high-tech  employees, the salary fund shall be determined in accordance with Articles 14, 15, 16, and 17 of Decree No. 44/2025/ND-CP. To be specific:

1. For enterprises providing public products/services and engaging in production and business activities at the same time (other than public products/service provision), the enterprise's salary fund shall consist of the portion corresponding to public products/services and the portion based on production and business activities. To be specific:

a) The portion corresponding to public products/services shall be determined based on the progress of completion, the volume of products/services commissioned or assigned by the State.

b) The portion corresponding to production and business activities, (i) for enterprises determining the salary fund by average salary level, shall be determined in accordance with Section 2 of this Chapter; (ii) for enterprises determining the salary fund by rate, shall be determined in accordance with Section 3 of this Chapter. When determining this portion, labor productivity and profits are calculated using the enterprise's production and business activities, with labor productivity calculated using the annual average number of employees that is determined in accordance with the Appendix attached hereto.

c) The salary fund, after being determined in accordance with points a and b of this clause, must not be lower than the salary fund calculated using the actual average number of employees and the salary level specified in Article 9 of Clause 2 of Decree No. 44/2025/ND-CP.

2. For air traffic management product and service providers that have to assign additional employees at the request of the competent state authorities to ensure aviation security and safety, if they determine salary fund by rate, the salary of the projected additional employees shall be calculated based on the following:

a) The projected number of additional employees shall be calculated based on the projected number of employees to be used (on average annually) according to the outlined investment and development strategy, planning, guidelines related to the aviation sector approved by the competent authority, aviation authorities' standards and regulations, international agreements related to aviation security and safety signed by Vietnam's representative enterprises, and other requirements of the competent state authorities to ensure aviation security and safety.

b) The salary of the projected additional employees is calculated based on the actual average salary of similar employees in the preceding years before the first year of applying the rate and is included in the total salary to determine the rate in accordance with Article 10 and the average salary of the previous years specified in Article 12 hereof. The enterprise must ensure the addition of employees as required by the competent state authority whose salary has been included in the rate during the implementation phase.

3. For enterprises using high-tech employees, the salary fund shall be determined as follows:

a) High-tech employees include pilots, employees of the high-tech workforce specified in Article 3 of the Law on High Technology working in hydrogen energy, and implementing tasks specified in Appendix I attached to Decision No. 38/2020/QD-TTg dated December 30, 2020, of the Prime Minister on issuance of the List of high technologies prioritized for investment in development and the List of high-tech products encouraged for development; IT and digital technology workforce directly involved in researching, developing, designing, assembling, manufacturing, testing, and inspecting semiconductor products, artificial intelligence products, and key digital technology products as per relevant laws.

b) If enterprises using high-tech employees specified in point a of this Clause need to have a separate salary fund to pay a competitive salary to attract, encourage, and retain high-tech employees, such fund shall be calculated separately from the regular salary fund of workers and the Executive Board;

c) The salary level used to calculate the salary portion for high-tech employees shall be based on the salary of equivalent positions in the market, determined and selected by the enterprise: if the enterprise determines the salary fund by average salary level, the enterprise must ensure that it does not affect and reduce the profit when comparing to the previous year; if the enterprise determines the salary fund by rate, it does not reduce profits. This salary portion shall not be below the salary specified in the employment contract. The enterprise must report this salary portion when determining the planned salary fund, actual salary fund of workers, and the management board (for enterprises determining the salary fund by average salary level) or the actual salary fund (for enterprises determining the salary fund by rate) to the owner's representative agency for review and approval before implementation. This portion shall only be used to pay high-tech employees in accordance with the enterprise's salary payment regulations;

d) When determining the salary portion for high-tech employees separately in accordance with points b and c, the enterprise must exclude the number of high-tech employees when calculating the average number of employees, labor productivity, rate, average salary, salary fund of regular workers and the Executive Board, and Appendix 2 attached hereto.

Article 14. Advance, provision, and apportionment of salary

Enterprises decide the advance, provision, and apportionment of salary of employees and the Executive Board and the salary of high-tech employees in accordance with Articles 18 and 19 of Decree No. 44/2025/ND-CP, in which the average salary of employees shall be used for comparison when determining the maximum salary of the General Director and Director specified in Point b of Clause 1 of Article 19 of Decree No. 44/2025/ND-CP, including salaries of high-tech employees (if any) specified in Clause 3 of Article 13 hereof.

Chapter III

SALARY, REMUNERATION OF BOARD MEMBERS AND CONTROLLERS

Article 15. Basic salary level, planned salary level

The basic salary level and planned salary level of full-time Board members and Controllers shall comply with regulations of Articles 20 and 21 of Decree No. 44/2025/ND-CP, in which the planned salary level specified in Point b of Clause 1 and Clause 5 of Article 21 of Decree No. 44/2025/ND-CP shall be determined as follows:

1. For enterprises with planned profit not lower than the actual profit in the previous year and the planned ROE lower than the actual ROE in the previous year, the maximum planned salary level shall be determined according to the following formula:

Where:

- MTL_kh: The planned salary level.

- ML_cb: Basic salary level.

- ROE_kh: Planned ROE; ROE_thnt: The actual ROE of the previous year.

2. For enterprises with planned profit lower than the actual profit in the previous year and the planned ROE not lower than the actual ROE in the previous year, the maximum planned salary level shall be determined according to the following formula:

Where:

- MTL_kh: The planned salary level.

- ML_cb: Basic salary level.

- P_kh: Planned profit; P_thnt: The actual profit of the previous year.

3. For enterprises with both planned profit and ROE lower than the actual profits and ROE in the previous year, the maximum planned average salary level shall be determined as follows:

a) If the percentage (%) of the planned ROE to the actual ROE of the previous year is lower than the percentage (%) of the planned profit to the actual profit of the previous year, the maximum planned salary level shall determined according to formula (13);

b) If the percentage (%) of the planned profit to the actual profit of the previous year is lower than the percentage (%) of the planned ROE to the actual ROE of the previous year, the maximum planned salary level shall determined according to formula (14).

4. Enterprises whose planned profit/ROE is not lower than the previous year's actual profit/ROE, but the planned salary level, after being determined in accordance with point a of Clause 1, Clause 4 of Article 21 of Decree No. 44/2025/ND-CP and Clause 1, Clause 2 of this Article, is lower than the actual salary level (including any additional salary when the enterprise's profit exceeds the planned profit) of the previous year, the planned salary level shall be calculated using the actual salary level of the previous year. The actual salary level of 2024 used as ground for determining the salary level planned for 2025 is the salary from the actual salary budget of 2024 for managers (including safety bonuses for enterprises implementing the safety bonus policies, if any) determined in accordance with the law and divided in accordance with the regulation on salary payment of the enterprises.

5. The planned salary level determined in accordance with Clause 1, Clause 2, and Clause 3 of this Article shall not be less than 80% of the basic salary level.

Article 16. Actual salary level, remuneration level, advance of salary, remuneration, decision on the salary level, remuneration level

1. Enterprises shall determine the actual salary level of full-time Board Members and Controllers and the remuneration level of part-time Board Members and Controllers in accordance with Articles 22 and 23 of Decree No. 44/2025/ND-CP.

2. Advance of salary, remuneration, and decision on salary and remuneration levels of Board members and Controllers shall be carried out in accordance with Articles 24 and 25 of Decree No. 44/2025/ND-CP.

Chapter IV

BONUS AND BENEFIT

Article 17. Bonus and benefit for wholly State-owned enterprises

Bonuses and benefits for employees, the Executive Board, Board members, and Controllers of wholly State-owned enterprises shall comply with Article 26 of Decree No. 44/2025/ND-CP, in which the salary of the Executive Board working under the appointment policy used for determining the bonus is the salary level from the actual salary fund of employees and the Executive Board in accordance with the regulations on salary payment of the enterprises.

Article 18. Bonus and benefit for partially State-owned enterprises (over 50% of charter capital or voting shares is held by the State)

Bonuses and benefits for employees, the Executive Board, Board members, and Controllers of partially State-owned enterprises shall comply with Article 27 of Decree No. 44/2025/ND-CP, in which the salary of the Executive Board working under the appointment policy used for determining the bonus is the salary level from the actual salary fund of employees and the Executive Board in accordance with the regulations on salary payment of the enterprises.

Chapter V

IMPLEMENTATION CLAUSES

Article 19. Effect

1. This Circular comes into force from June 15, 2025. The policies prescribed in this Circular shall be implemented from January 1, 2025.

2. The following documents shall be annulled:

a) Joint Circular No. 23/2005/TTLT-BLDTBXH-BTC dated August 31, 2005, of the Ministry of Labor - Invalids and Social Affairs - Ministry of Finance guiding the ranking and salary arrangement for full-time members of the Board of Directors, General Director, Director, Deputy General Director, Deputy Director, Chief Accountant of state-owned companies;

b) Circular No. 26/2016/TT-BLDTBXH dated September 1, 2016, of the Minister of Labor, War Invalids and Social Affairs providing guidance on management of labor, salaries and bonuses for employees working in wholly state-owned single-member limited liability enterprises;

c) Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the salary, remuneration, and incentives for managers in wholly state-owned single-member limited liability enterprises;

d) Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, of the Minister of Labor, War Invalids and Social Affairs providing guidance on labor, salary, remuneration and bonus for companies whose shares or contributed capital portions are predominantly owned by the State;

dd) Circular No. 33/2016/TT-BLDTBXH dated October 25, 2016, of the Minister of Labor, War Invalids and Social Affairs providing guidance on pilot implementation of labor and salary management for the Military Industry and Telecoms Group in the 2016 – 2020 period;

d) Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration, and bonus paid to employees working in Vietnam Asset Management Company;

g) Circular No. 04/2018/TT-BLDTBXH dated June 22, 2018, of the Minister of Labor, War Invalids and Social Affairs amending Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 on guidelines for the management of labor, salary, remuneration and bonus paid to employees working in Vietnam Asset Management Company;

h) Circular No. 16/2018/TT-BLDTBXH dated October 12, 2018, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration, and bonus paid to employees and managers of the State Capital and Investment Corporation;

i) Circular No. 04/2020/TT-BLDTBXH dated May 25, 2020, of the Minister of Labor, War Invalids and Social Affairs on guidance on regulations on actual piece rate, salary funds of employees and the Executive Board as prescribed in Articles 7 and 8 of Decree No. 20/2020/ND-CP dated February 17, 2020 of the Government on pilot implementation of labor, salary and bonus management for some business groups and state-owned corporations;

k) Circular No. 06/2024/TT-BLDTBXH dated July 30, 2024, of the Minister of Labor, War Invalids and Social Affairs amending Circular No. 26/2016/TT-BLDTBXH dated September 1, 2016, of the Minister of Labor, War Invalids and Social Affairs on guidance on management of labor, salary, and bonus for employees working in wholly state-owned single-member limited liability companies and Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, of the Minister of Labor, War Invalids and Social Affairs on guidance on implementation of salary, remuneration, and bonus for managers of wholly state-owned single-member limited liability companies;

l) Circular No. 12/2024/TT-BLDTBXH dated November 14, 2024, of the Minister of Labor, War Invalids and Social Affairs amending 10 Circulars on guidance on management of labor, salary, remuneration and bonus for employees working in the Deposit Insurance of Vietnam, the Vietnam Asset Management Company, Vietnam Television, the Local Development Investment Fund, the State Capital Investment Corporation, the Credit Guarantee Fund for Small And Medium-Sized Enterprises, the Small And Medium-Sized Enterprise Development Fund, the National Technology Innovation Fund, the Cooperative Development Support Fund and guidance on the management of labor, salary, remuneration and bonus for the Vietnam Debt Trading One Member Limited Liability Company.

3. For enterprises that have approved the planned salary fund for 2025 before Decree No. 44/2025/ND-CP comes into force, they must review and adjust the planned salary fund for 2025 for employees and the Executive Board, the planned salary and remuneration levels for Board members and Controllers in accordance with this Circular, ensuring compliance with Decree No. 44/2025/ND-CP.

Article 20. Responsibility for implementation

1. The General Director, Director, Board of Directors, or President of the company, Head of the Controller Board, Controllers of wholly state-owned enterprises shall perform the responsibilities prescribed in Article 28 of Decree No. 44/2025/ND-CP. For the planned salary fund of the enterprises determined through the average salary and the actual salary fund of employees and the Executive Board, before April 15 of each year, the Board of Directors or President of the company shall be responsible for reporting to the owner's representative agency for feedback before approval. If the Board of Directors or the President of the company has already approved in accordance with Point b of Clause 2 of Article 28 of Decree No. 44/2025/ND-CP, the report must be sent to the owner's representative agency within 15 days from the date of approval but must be sent before April 15 every year for the owner's representative agency to give feedback in accordance with Point b of Clause 1 of Article 30 of Decree No. 44/2025/ND-CP.

2. The representative of the State capital invested in a partially state-owned enterprise shall perform the responsibilities prescribed in Article 29 of Decree No. 44/2025/ND-CP.

3. The owner's representative agency shall perform the responsibilities prescribed in Article 30 of Decree No. 44/2025/ND-CP.

4. When performing the responsibilities prescribed in Clauses 1, 2, and 3 of this Article, the General Director, Director, Board of Directors or President of the company, the representative of the State capital invested in the enterprise, and the owner's representative agency shall send a statistical report using the form attached hereto.

5. Ministers, heads of ministerial agencies, heads of government agencies, Presidents of People's Committees of provinces and centrally affiliated cities and relevant agencies, organizations and individuals are responsible for implementing this Circular.

Should any problems arise during the implementation process, promptly report to the Ministry of Home Affairs for research and resolution./.