Circular No. 07/2025/TT-BNV dated May 22, 2025 on providing guidance on the management of labor, salaries, remunerations and bonuses for employees in organizations in accordance with clauses 5 and 8 of Article 34 of Decree No. 44/2025/ND-CP on the management of labor, salaries, remunerations, and bonuses for employees in state-owned enterprises

CIRCULAR

PROVIDING GUIDANCE ON THE MANAGEMENT OF LABOR, SALARIES, REMUNERATIONS AND BONUSES FOR EMPLOYEES IN ORGANIZATIONS IN ACCORDANCE WITH CLAUSES 5 AND 8 OF ARTICLE 34 OF DECREE NO. 44/2025/ND-CP DATED FEBRUARY 28, 2025 OF THE GOVERNMENT 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;

Pursuant to Decree No. 47/2025/ND-CP dated February 28, 2025 of the Government stipulating the functions, tasks, powers and organizational structure of Vietnam Television;

Pursuant to Decree No. 46/2021/ND-CP dated November 12, 2022 of Government on financial management and performance assessment for the Vietnam Development Bank;

Pursuant to Decree No. 45/2021/ND-CP dated March 31, 2021, of the Government on establishment, organization and operation of cooperative development assistance fun;.

Pursuant to Decree No. 147/2020/ND-CP dated December 18, 2020, of the Government on organization and operation of Local development fund;

Pursuant to Decree No. 39/2019/ND-CP dated May 10, 2019, of the Government on organization and operation of Small- and medium-sized enterprise development fund;

Pursuant to Decree No. 34/2018/ND-CP dated March 8, 2018, of the Government on establishment, organization and operation of Credit guarantee funds for small and medium-sized enterprises;

Pursuant to Decree No. 68/2013/ND-CP dated June 28, 2013, of the Government elaborating the Law on Deposit Insurance;

Pursuant to Decision No. 04/2021/QD-TTg dated January 29, 2021, of the Prime Minister on issuance of the Charter for organization and operation of the National Technology Innovation Fund;

Pursuant to Decision No. 131/2002/QD-TTg dated October 4, 2002 of the Prime Minister of Vietnam on the establishment of the Social policy bank;

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

The Minister of Home Affairs issue Circular providing guidance on the management of labor, salaries, remunerations and bonuses for employees in organizations in accordance with clauses 5 and 8 of Article 34 of Decree No. 44/2025/ND-CP dated February 28, 2025 of the Government on the management of labor, salaries, 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 in accordance with clauses 5 and 8 of Article 34 of Decree No. 44/2025/ND-CP dated February 28, 2025 of the Government on the management of labor, salaries, remunerations, and bonuses for employees in state-owned enterprises (hereinafter referred to as " Decree No. 44/2025/ND-CP") for employees in the following organizations:

1. Financial funds, including: Local development fund; National technology innovation fund; Credit guarantee funds for small and medium-sized enterprises; Cooperative development assistance fund that operates adopting the business model of a wholly state-owned single-member limited liability company; Small- and medium-sized enterprise development fund.

2. Financial institutions, including: Deposit Insurance of Vietnam; Bank for Social Policies; Vietnam Development Bank.

3. Vietnam Television (VTV).

Article 2. Regulated entities

1. Public employees and employees working under employment contracts (hereinafter referred to as “employees”).

2. General Director, Director, Deputy General Director, Deputy Director, Chief Accountant of Financial funds, Financial institutions (hereinafter referred to as the “Executive Board”); General Director, Deputy General Director of VTV.

3. General Director, Director, Deputy General Director, Deputy Director, Chief Accountant of Financial Fund, Financial Organization (hereinafter referred to as the Executive Board); General Director, Deputy General Director of VTV.

4. The Head of the Supervisory Board, Controllers, and members of the Supervisory Board appointed (hereinafter referred to as “Controllers”).

5. Agencies, organizations and individuals related to the implementation of this Circular.

Chapter II

MANAGEMENT OF LABOR, SALARY, REMUNERATION AND BONUS FOR EMPLOYEES IN FINANCIAL FUNDS AND FINANCIAL INSTITUTIONS

Section 1. RULES, OBJECTIVE FACTORS AND MANAGEMENT OF LABOR, PAY SCALE, PAYROLL

Article 3. Rules for management of labor, salaries, remunerations, bonuses

The financial fund or institution shall implement the rules for management of labor, salaries, remunerations, and bonuses in accordance with Article 3 of Decree No. 44/2025/ND-CP and Clause 1, Article 3 of Circular No. 003/2025/TT-BNV dated April 28, 2025, of the Minister of Home Affairs guiding the implementation of management of labor, salaries, remunerations, and bonuses for employees in state-owned enterprises (hereinafter referred to as “Circular No. 003/2025/TT-BNV"). When determining salaries for employees, the Executive Board, Board members, and Controllers, the profit indicator shall be replaced by the indicator of total revenue minus total expenses (hereinafter referred to as “net income”). The profitability ratio indicator is replaced by the return-on-equity (ROE) indicator, which is determined by dividing the net income by equity or the owner's capital contribution, whichever is selected by the financial fund or organization. The indicators of total revenue and total expenses shall be determined in accordance with laws on accounting and finance. In particular, the total revenue indicator used as the ground for determining salaries of employees in the Deposit Insurance of Vietnam includes the total annual proceeds from the investment in idle funds before being deducted and accounted as income; proceeds from deposit insurance operations; and other proceeds determined in accordance with the financial management regulations applicable to the Deposit Insurance of Vietnam.

Article 4. Objective factors excluded when determining salaries

1. When determining salaries of employees, the Executive Board, Board Members, and Controllers, the financial fund or organizations shall exclude the objective factors specified in Article 4 of Decree No. 44/2025/ND-CP, which directly affect labor productivity, net income, ROE, and objective factors according to the specific nature of the financial fund or organization, including:

a) The Local development fund shall exclude factors specified in points b, c and d of clause 3 of Article 42 of Decree No. 147/2020/ND-CP dated December 18, 2020 of the Government on organization and operation of the Local development fund.

b) National technology innovation fund shall exclude factors specified in point b of  Clause 3 of Article 44 of Decision No. 04/2021/QD-TTg dated January 01, 2021 of the Prime Minister on the Charter for organization and operation of the National Technology Innovation Fund.

c) The Credit guarantee funds for small and medium-sized enterprises shall exclude the factors specified in Point b of Clause 2 of Article 49 of Decree No. 34/2018/ND-CP dated March 8, 2018 of the Government on the establishment, organization and operation of the Credit guarantee funds for small and medium-sized enterprises..

d) The Cooperative development assistance fund shall exclude the factors specified in Point b of Clause 2 of Article 45 of Decree No. 45/2021/ND-CP dated March 31, 2021 of the Government on the establishment, organization and operation of the Cooperative development assistance fund.

dd) The Small- and medium-scale enterprise development fund shall exclude the factors specified in Point b of Clause 3 of Article 55 of Decree No. 39/2019/ND-CP dated May 10, 2019 of the Government on the organization and operation of the Small- and medium-scale enterprise development fund.

e) Vietnam Deposit Insurance shall exclude factors in which the State adjusts the deposit insurance fee bracket; adjusts the payout cap; supplements charter capital; adjusts the interest rate of Deposit Insurance of Vietnam's deposits at the State Bank of Vietnam (SBV); adjusts the deposit insurance fees chargeable by deposit insurance providers; adjusts the interest rate of Government bonds, SBV bills and does not issue Government bonds, SBV bills. Deposit Insurance of Vietnam must pay insurance benefits to depositors at credit institutions under special control in accordance with the approved bankruptcy plan of the credit institution; provide special loans to credit institutions (excluding non-bank credit institutions) that experience mass withdrawals as regulated by law; use operational funds to purchase long-term bonds from the compulsory transferee as per the State Bank's decision; sell government bonds, sell long-term bonds of assisting credit institutions, and sell SBV bills to pay insurance payouts in case the operational provision fund is insufficient to cover deposit insurance; participate in restructuring and handling weak credit institutions in accordance with law; exempt deposit insurance fees for institutions under special control or waive fees for the period immediately before special control.

g) Bank for Social Policies, Vietnam Development Bank shall exclude factors in which the state changes management fees; changes on-lending interest rates and deposit interest rates for government-guaranteed bonds, State Bank interest-bearing loans, 2% deposits of State credit institutions in VND; adjusts or creates new exchange rate differentials; and credit risk provisions.

2. Calculation and exclusion of the impact of the objective factors specified in clause 1 of this Article are carried out in accordance with clause 2 of Article 3 of Circular No. 003/2025/TT-BNV .

Article 5. Management of labor, pay scale, payroll

Financial funds or institutions shall manage labor, establish and issue pay scales, payroll, allowances for full-time employees, Executive Board, Board Members, and Controllers as stipulated in Article 4 of Circular No. 003/2025/TT-BNV .

Section 2. MANAGEMENT OF SALARY, REMUNERATION, AND BONUS FOR EMPLOYEES IN FINANCIAL FUNDS

Article 6. Salaries of employees and Executive Board

The salaries of employees and the Executive Board of the Financial Fund shall comply with Chapter III of Decree No. 44/2025/ND-CP and Chapter II of Circular No. 003/2025/TT-BNV. When determining the planned average salary level, the actual average salary level, the salary fund using the average salary level specified in Articles 7, 8, and 9 of Circular No. 003/2025/TT-BNV , or when determining the salary fund using a pay rate specified in Article 12 of Circular No. 003/2025/TT-BNV , the profit indicator is replaced by the net income indicator; the salary coefficient, the increased or decreased salary amount, the additional salary portion, and the reduced salary fund linked to profit are tied to the net income.

Article 7. Base salary, planned salary level of Board members and Controllers

The basic salary level and planned salary level of full-time Board members and Controllers shall comply with Articles 20 and 21 of Decree No. 44/2025/ND-CP, and Clause 5 of Article 34 of Decree No. 44/2025/ND-CP. To be specific:

1. The basic salary of the President of the Management board or the President of the Financial Fund is calculated based on the basic salary of the President of the Board of Directors. The basic salary of members of the Board of Directors members is calculated based on the basic salary of their titles.

2. When determining the basic salary level, the planned salary level, the profit indicator is replaced by the net income indicator; the profitability indicator is replaced by the ROE indicator.

3. The planned salary level in accordance with clause 1, clause 5 of Article 21, and clause 5 of Article 34 of Decree No. 44/2025/ND-CP shall be determined depending on the net income indicator and the ROE indicator as follows:

a) For financial funds with a planned net income and ROE equal to or higher than the previous year's actual net income and ROE, the maximum salary level is 1,5 times the basic salary level.

b) For financial funds with planned net income equal to or higher than the previous year's actual net income and the planned ROE lower than the previous year's actual ROE, the maximum planned salary level shall be determined according to the following formula:

Where:

- MTL_kh: The planned salary level;

- ML_cb: Base salary level;

- ROB_kh: Planned ROE;

- ROB_thnt: The actual ROE of the previous year.

c) For financial funds with planned net income lower than the previous year's actual net income and the planned ROE equal to or higher than the previous year's actual ROE, the maximum planned salary level shall be determined according to the following formula:

Where:

- MTL_kh: The planned salary level;

- ML_cb: Base salary level;

- TC_kh: Planned net income;

- TC_thnt: The actual net income of the previous year.

d) Financial funds with both the planned net income and ROE lower than the actual net income and ROE of the previous year:

If the percentage (%) of the planned ROE to the actual ROE of the previous year is lower than the percentage (%) of the planned net income to the actual net income of the previous year, the maximum planned salary level shall determined according to formula (1).

If the percentage (%) of the planned ROE to the actual ROE of the previous year is lower than the percentage (%) of the planned net income to the actual net income of the previous year, the maximum planned salary level shall determined according to formula (2).

dd) For financial funds whose planned net income/ROE is not lower than the previous year's actual net income/ROE, but the planned salary level, after being determined in accordance with points a, b, and c of this Clause 1, is lower than the actual salary level (including any additional salary when the financial fund's net income exceeds the planned net income) 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 determined according to the provisions of the law on labor, salaries and apportioned according to regulations on payment of salary of the Financial Fund.

e) The planned salary level determined in accordance with points b, c of this Clause shall not be less than 80% of the basic salary level.

Article 8. Actual salary level, remuneration, advance of salary and remuneration, decision on salary and remuneration levels of Board members and Controllers

The determination of actual salary, remuneration, advance of salary and remuneration, and decision on salary and remuneration levels of board members and Controllers shall be carried out in accordance with Articles 22, 23, 24, and 25 of Decree No. 44/2025/ND-CP: the profit indicator shall be replaced by the net income target; the profitability indicator shall be replaced by the ROE indicator; and the actual salary levels of Board Members and Supervisors shall not exceed 1,5 times the basic salary level specified in Clause 5 of Article 34 of Decree No. 44/2025/ND-CP.

Article 9. Bonus and benefit

Bonuses and benefits for employees, the Executive Board, Board members, and Controllers shall comply with Article 26 of Decree No. 44/2025/ND-CP and other legislative documents with specific regulations for Financial Funds (if any), 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 financial funds.

Section 3. MANAGEMENT OF SALARY, REMUNERATION, AND BONUS FOR EMPLOYEES IN FINANCIAL ORGANIZATIONS

Article 10. Salaries of employees and Executive Board

The salaries of employees and the Executive Board of the Financial organization shall comply with Chapter III of Decree No. 44/2025/ND-CP and Chapter II of Circular No. 003/2025/TT-BNV. When determining the planned average salary level, the actual average salary level, the salary fund using the average salary level specified in Articles 7, 8, and 9 of Circular No. 003/2025/TT-BNV , or when determining the salary fund using a pay rate specified in Article 12 of Circular No. 003/2025/TT-BNV , the profit indicator is replaced by the net income indicator; the salary coefficient, the increased or decreased salary amount, the additional salary portion, and the reduced salary fund linked to profit are tied to the net income.

Article 11. Base salary, planned salary level of Board members and Controllers

The basic salary level and planned salary level of full-time Board members and Controllers shall be determined in accordance with Articles 15 of Decree No. 003/2025/TT-BLDTBXH. When determining the basic salary level, the planned salary level, the profit indicator is replaced by the net income indicator; the profitability indicator is replaced by the ROE indicator.

Article 12. Actual salary level, remuneration, advance of salary and remuneration, decision on salary and remuneration levels of Board members and Controllers

The determination of actual salary, remuneration, advance of salary and remuneration, and decision on salary and remuneration levels of Board members and Controllers shall be carried out in accordance with Articles 22, 23, 24, and 25 of Decree No. 44/2025/ND-CP: the profit indicator shall be replaced by the net income target; the profitability indicator shall be replaced by the ROE indicator.

Article 13. Bonus and benefit

Bonuses and benefits for employees, the Executive Board, Board members, and Controllers shall comply with Article 26 of Decree No. 44/2025/ND-CP and other legislative documents with specific regulations for Financial organizations (if any), 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 Financial organizations.

Article 14. Salary mechanisms and salary fund during the restructuring of Vietnam Development Bank

If, during the restructuring period, Vietnam Development Bank does not manage salaries and remunerations in accordance with Articles 10, 11, 12, 13, and 14 hereof but follows the Salary mechanisms and salary fund specified in Article 40 of Decree No. 46/2021/ND-CP dated March 31, 2021, of the Government on financial management and performance assessment for Vietnam Development Bank (hereinafter referred to as “Decree No. 46/2021/ND-CP") as follows:

1. The salaries of employees shall be determined in accordance with point a of clause 2 of Article 40 of Decree No.46/2021/ND-CP.

2. The salaries of managers (including the President and members of the Board of Directors, Head of the Supervisory Board, full-time members of the Supervisory Board, General Director, Deputy General Director, and Chief Accountant) are determined depending on the completion of tasks as specified in point b of clause 2 of Article 40 of Decree No. 46/2021/ND-CP. If managers are assessed to have completed the task, the maximum salary shall be as follows:

a) The salary level of the President and members of the Board of Directors, Head of the Supervisory Board, and full-time members of the Supervisory Board shall not exceed the basic salary of Grade 4, Group I as specified in Article 20 of Decree No. 44/2025/ND-CP.

b) The salary level of the General Director, Deputy General Director, and Chief Accountant is determined by the Board of Directors of Vietnam Development Bank for each position, ensuring that the average salary level for these positions does not exceed the average salary level of the President and full-time members of the Board of Directors.

Chapter III

MANAGEMENT OF SALARIES OF EMPLOYEES OF VIETNAM TELEVISION

Article 1. RULES, OBJECTIVE FACTORS FOR DETERMINING SALARIES

Article 15. rules for determining salaries

1. The actual salary fund for employees of VTV shall be determined and implemented by VTV units:

a) The salary fund for employees in the Editorial Board of Multimedia Television shall be determined and implemented depending on labor productivity and profit, in accordance with Article 17 of Section 2 of this Chapter.

b) The salary fund for employees in overseas resident missions is determined and implemented depending on the standards, norms, and policies of the state for overseas Vietnamese bodies, in accordance with Article 18 of Section 2 of this Chapter.

c) The salary fund for employees in units performing production and management tasks (hereinafter referred to as production and management units) shall be determined and implemented depending on labor productivity and the level of revenue assurance to offset costs, in accordance with Section 3 of this Chapter.

2. The salaries of the General Director and Deputy General Director of VTV are calculated together in the salary fund for employees in production and management units and are paid according to the regulations on salary payment formulated and issued by VTV.

Article 16. Objective factors excluded when determining salaries

1. VTV shall exclude objective factors excluded when determining salaries as follows:

a) When determining the salary of employees in the Editorial Board of Multimedia Television, the objective factors specified in Article 4 of Decree No. 44/2025/ND-CP that directly affect labor productivity and profit shall be excluded.

b) When determining salaries of employees in production and management units, objective factors specified in Article 4 of Decree No. 44/2025/ND-CP, and the objective factors based on the specific nature of VTV that directly impact labor productivity and the level of revenue assurance to offset costs shall be excluded. These factors include: (i) VTV produces news and/or television programs serving the political tasks of the CPV and State as directed by competent state authorities, which are not included in the annual production and broadcast plans without allocated funds for implementation; (ii) VTV organizes sports events such as the FIFA World Cup and UEFA European Football Championship (Euro) with incurred copyright fees and/or production costs for programs related to copyrights outside the plan, where the revenue from these activities is insufficient to offset the costs.

2. Calculation and exclusion of the impact of the objective factors specified in clause 1 of this Article are carried out in accordance with the rules specified in clause 2 of Article 3 of Circular No. 003/2025/TT-BNV .

Section 2. SALARIES FOR EMPLOYEES IN EDITORIAL BOARD OF MULTIMEDIA TELEVISION AND OVERSEAS RESIDENT MISSIONS

Article 17. Salaries for employees in Editorial Board of Multimedia Television

The salary fund, salary payment for employees in Editorial Board of Multimedia Television  shall be determined, advanced, provided for and apportioned in accordance with Chapter III of Decree No. 44/2025/ND-CP and Chapter II of Circular No. 003/2025/TT-BNV.

Article 18. Salaries for employees in overseas resident missions

The salary fund and salary payment for employees in overseas resident missions shall comply with Decree No. 08/2019/ND-CP dated January 23, 2019, of the Government stipulating a number of policies for members of overseas Vietnamese bodies, and Decree No. 166/2017/ND-CP dated December 31, 2017, of the Government stipulating standards, norms, and policies for management and use of public property of overseas Vietnamese bodies and amending and replacing documents (if any).

Section 3. SALARIES FOR EMPLOYEES OF SALARY FOR PRODUCTION AND MANAGEMENT UNITS AND GENERAL DIRECTORS, DEPUTY GENERAL DIRECTORS

Article 19. Determination of salary fund

VTV shall choose the method for determining the salary fund for employees (including public employees. employees working under employment contracts) of production and management units and General Directors, Deputy General Directors. To be specific:

1. If VTV chooses to determine the salary fund using the average salary level, the planned salary fund shall be determined based on the average number of employees and the planned average salary level. The planned average salary level shall be determined based on the actual average salary level of the previous year, depending on labor productivity and the planned level of revenue assurance to offset costs compared to the actual performance of the previous year. To be specific:

a) If the revenue is enough to offset the costs and the planned labor productivity is higher than the previous year's actual labor productivity, the maximum increase in average salary shall not exceed the increase in labor productivity and be calculated according to the following formula:

Where:

- TL_bqkh: Planned average salary level.

- TL_bqthnt: The average salary level of the previous year shall be determined by dividing the actual salary fund of the previous year of employees and the General Directors, Deputy General Directors by the average actual number of employees in the previous year and dividing by 12 months.

- W_kh: Planned labor productivity; W_thnt: Labor productivity of the previous year determined in accordance with Appendix attached to Circular No. 003/2025/TT-BNV .

- H_tlns: The productivity-based salary coefficient chosen by VTV ranging from 0,8 to 1,0.

b) If the revenue is enough to offset the costs and the planned labor productivity is equal to the previous year's actual labor productivity, the average salary will equal to the average salary of the previous year.

c) If the revenue is enough to offset the costs and the planned labor productivity is lower than the previous year's actual labor productivity, the planned average salary is determined based on the actual average salary in the previous year minus the productivity-based salary decrease according to the following formula:

Where:

- TL_ns: Amount of productivity-based salary decrease.

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

d) If the revenue is not enough to offset the costs, the planned average salary level shall be determined based on the actual average salary level in the previous year and reduced until it ensures that the revenue is able to offset the costs, but at least equal to the basic salary level prescribed by the Government multiplied by the salary coefficient and allowances according to Decree No. 204/2004/ND-CP dated December 14, 2004, of the Government on salary policies for officials, public employees, and armed forces.

The actual salary fund shall be determined based on the actual average number of employees and the average salary level. The actual average salary level shall be determined based on the planned average salary level associated with labor productivity and the actual level of revenue assurance to offset costs compared to the plan under the same rules for determining the planned average salary level associated with labor productivity and the planned level of revenue assurance to offset costs compared to the previous year's actual performance.

2. If VTV chooses to determine the salary fund using pay rate, the salary fund shall be determined in accordance with Articles 10, 11, and 12 of Circular No. 003/2025/TT-BNV. The profit indicator shall then be replaced by the indicator of the level of revenue assurance to offset costs. The actual salary portion, amount the profit-based salary fund decrease shall depend on the indicator of the level of revenue assurance to offset costs.

3. The number of employees used to calculate the average salary level, labor productivity, average labor productivity, and the average level of revenue assurance to offset costs shall be used as the ground for determining the salary fund as prescribed in Clause 1 and Clause 2 of this Article, including public employees, employees working under employment contracts in production and management units and General Directors, Deputy General Directors and determined according to the Appendix attached to Circular No. 003/2025/TT-BNV .

Article 20. Advance, provision, and apportionment of salary for employees in production and management units

1. Based on the salary funds as prescribed in Clause 1 and Clause 2 of Article 19 hereof, VTV shall decide the advance, provision of salaries of employees, General Director, Deputy General Director in accordance with Article 18 of Decree No. 44/2025/ND-CP.

2. The apportionment of salaries of employees, General Directors and Deputy General Directors shall be carried out according to the salary payment regulations formulated and issued by VTV, ensuring publicity, transparency and compliance with the law. The salary payment regulations must ensure that the average salary increase of the General Director and Deputy General Director does not exceed the average salary increase of employees in production and management units.

Chapter IV

IMPLEMENTATION CLAUSES

Article 21. Effect

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

2. The following documents shall be annulled:

a) Circular No. 32/2016/TT-BLDTBXH dated October 25, 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 Deposit Insurance of Vietnam;

b) Circular No. 34/2016/TT-BLDTBXH dated October 25, 2016, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary for employees of Vietnam Television;

c) Circular No. 45/2016/TT-BLDTBXH dated October 25, 2016, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration and bonus for employees of the Local development fund;

d) Circular No. 04/2019/TT-BLDTBXH dated January 21, 2019, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration and bonus for employees of the Credit guarantee funds for small and medium-sized enterprises;

dd) Circular No. 34/2019/TT-BLDTBXH dated December 30, 2019, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration and bonus for employees of the Small- and medium-sized enterprise development fund;

e) Circular No. 12/2022/TT-BLDTBXH dated June 30, 2022, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration and bonus for employees of the National technology innovation fund;

g) Circular No. 13/2022/TT-BLDTBXH dated June 30, 2022, of the Minister of Labor, War Invalids and Social Affairs on guidelines for the management of labor, salary, remuneration and bonus for employees of the Cooperative development assistance fund.;

3. For Financial funds, Financial organizations, VTV 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 (or General Director, Deputy General Directors), the planned salary and remuneration levels for Board members and Controllers for 2025 in accordance with this Circular.

4. The provision of meals during breaks for employees, the Executive Board, General Directors, Deputy General Directors, Board Members, and Controllers of the Financial Funds, Financial Organizations, and VTV shall comply with the collective bargaining agreement or internal regulations, rules of such Financial Funds, Financial Organizations, and VTV, and in compliance with the law.

5. For state off-budget financial funds that are applying the salary mechanism according to the business model of a wholly state-owned single-member limited liability company as prescribed by competent state authorities but not yet prescribed in Clause 1 of Article 1 hereof, labor, salary, remuneration, and bonus management shall comply with regulations for financial funds in this Circular.

Article 22. Responsibility for implementation

1. The General Directors, Directors, Board Members, Board of Directors, Presidents of the Funds, Heads of the Supervisory Boards, and Controllers of the Financial Funds and Financial Institutions are responsible for fulfilling the duties specified in Article 28 of Decree No. 44/2025/ND-CP, clause 1 of Article 20 of Circular No. 003/2025/TT-BNV , and reporting data according to the forms issued with Circular No. 003/2025/TT-BNV. In these reports, the profit indicators in the forms are replaced with the net income indicators, and the profitability indicators are replaced with the ROE indicators.

2. The General Director of VTV has the following duties:

a) Approve the planned salary fund, actual salary fund of employees in units before April 15 every year; and pay rate (for cases where VTV chooses to determine the salary fund using pay rate).

b) Issue transparent salary payment regulations in compliance with the law; make decisions on advances, provisions, and apportionment of salaries for employees, General Directors, and Deputy General Directors.

c) Compile and submit a report on VTV's salary fund and data using Form 1 and Form 2 attached hereto to the Ministry of Home Affairs and the Ministry of Finance before July 15 every year for inspection and supervision.

3. The owner's representative agency of Financial funds, Deposit Insurance of Vietnam, shall perform the responsibilities specified in clause 1, clause 3, clause 4, and clause 5 of Article 30 of Decree No. 44/2025/ND-CP.

4. 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.

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