Circular No. 003/2025/TT-BNV guiding the management of labor, wages, remuneration, and bonuses in state-owned enterprises

CIRCULAR

Guidelines for managing labor, wages, remuneration, and bonuses in state-owned enterprisesbonus in state-owned enterprises

_________

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

Pursuant to Decree No. 44/2025/NĐ-CP dated February 28, 2025, of the Government stipulating the management of labor, wages, remuneration, and bonuses in state-owned enterprises;

At the proposal of the Director of the Wages and Social Insurance Department;

The Minister of Home Affairs issues this Circular guiding the implementation of the management of labor, wages, remuneration, and bonuses in state-owned enterprises.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular guides the implementation of the management of labor, wages, remuneration, and bonuses in state-owned enterprises as prescribed in Article 1 of Decree No. 44/2025/NĐ-CP dated February 28, 2025, of the Government stipulating the management of labor, wages, remuneration, and bonuses in state-owned enterprises (hereinafter referred to as Decree No. 44/2025/NĐ-CP).

Article 2. Applicability

The objects subject to this Circular shall be implemented in accordance with the provisions of Article 2 of Decree No. 44/2025/NĐ-CP.

Article 3. Principles of managing labor, wages, remuneration, and bonuses and objective factors when determining wages and remuneration

1. The principles of managing labor, wages, remuneration, and bonuses shall be implemented in accordance with the provisions of Article 3 of Decree No. 44/2025/NĐ-CP, wherein the profit indicator for determining wages and the profit rate is pre-tax profit (for enterprises established and operating not for profit purposes, the total revenue minus total costs after excluding the impact of objective factors, if any, can be used instead of the profit indicator and calculated as the profit rate when determining wages); labor productivity and the profit rate on enterprise equity or the equity contribution of the owner in the enterprise (hereinafter referred to as the profit rate) shall be determined according to the Appendix attached hereto.

2. Objective factors stipulated in Article 4 of Decree No. 44/2025/NĐ-CP that directly affect increases or decreases in labor productivity, profits, and the profit rate shall be excluded by the enterprise when determining wages and remuneration. Calculations and exclusions of the impact of objective factors must be quantified into specific values and figures based on the principle: objective factors increasing labor productivity, profits, and the profit rate must be deducted, while those reducing labor productivity, profits, and the profit rate must be added to labor productivity, profits, and the profit rate when determining wages and remuneration.

Article 4. Labor Management, Pay Scale, and Salary Grid

1. Enterprises shall develop labor plans, organize recruitment and utilization of labor, and implement policies and benefits for workers as prescribed in Article 5 of Decree No. 44/2025/NĐ-CP; establish and issue pay scales, salary grids, and allowances as prescribed in Article 6 of Decree No. 44/2025/NĐ-CP.

2. Annually, enterprises shall review the wage levels of workers and members of the management board, council members, and full-time supervisors in the current pay scale, salary grid, and allowances. If the wage levels in the current pay scale, salary grid, and allowances comply with the provisions of Clause 2 of Article 6, they shall continue to be implemented in accordance with Article 32 of Decree No. 44/2025/NĐ-CP; otherwise, the enterprise must revise, supplement, or develop new pay scales, salary grids, and allowances in accordance with Clauses 2 and 3 of Article 6 of Decree No. 44/2025/NĐ-CP.

Chapter II

WAGES OF WORKERS AND MANAGEMENT BOARD

Section 1

METHODS FOR DETERMINING THE WAGE FUND

Article 5. Method for Determining

The wage fund for employees and the Management Board shall be determined according to the methods prescribed in Article 7 of Decree No. 44/2025/NĐ-CP.

Article 6. Selection of Method for Determination

The enterprise shall select the method for determining the wage fund for employees and the Management Board as prescribed in Article 8 of Decree No. 44/2025/NĐ-CP.

Section 2

||| DETERMINATION OF THE GROSS WAGE FUND THROUGH THE AVERAGE WAGE LEVEL

Article 7. Planned Average Wage Level

The planned average wage level shall be determined according to the provisions of Article 9 of Decree No. 44/2025/NĐ-CP, wherein the planned wage level under Clause 1 of Article 9 of Decree No. 44/2025/NĐ-CP shall be determined as follows:

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

(tonnes CO

- TL_bqkh: Planned average wage level. 

- TL_bqthnt: Actual average wage level of the previous year, which is calculated by dividing the actual wage fund (including additional wages for cases where the actual profit exceeds the planned profit) of the previous year for employees and the Management Board by the actual average number of employees used in the previous year as specified in the Appendix attached hereto and by the actual number of months the enterprise operated in that year. 

For the actual average wage level of 2024 serving as the basis for determining the planned average wage level for 2025, it shall be calculated by dividing the actual wage fund for 2024 of employees, the management salary from the actual wage fund of managers in 2024 according to the enterprise's remuneration regulations, and safety bonuses (if applicable) by the actual average number of employees (including the Management Board) used in 2024 and by the actual number of months the enterprise operated in that year.

- W_kh: Planned labor productivity; Wthnt: Actual labor productivity of the previous year, as specified in the Appendix attached hereto. 

- Central agencies of political-social organizations;_tlln: Wage rate coefficient linked to profit, wherein if the planned profit is not lower than the actual profit of the previous year, then Tlln equals 1.0; if the planned profit is lower than the actual profit of the previous year, then Tlln equals 0.8.

2. For enterprises with planned labor productivity equal to the actual implementation of the previous year, the planned average wage level shall be determined based on profit as follows:

a) If the planned profit is higher than the actual implementation of the previous year, the maximum planned average wage level shall be determined according to the following formula:

TL_bqkh = TL_bqthnt + TL_ln  (2) 

Where:

- TL _bqkh: Planned average wage level. 

- TL_bqthnt: Actual average wage level of the previous year. 

- TL_ln: Additional wage amount based on profit, determined according to the following formula:

"5. The pre-tax weighted average cost of capital i (%) is determined according to the formula below:_kh: Planned profit; Pthnt: Actual profit of the previous year.

b) If the planned profit is equal to the actual implementation of the previous year, the maximum planned average wage level shall be equal to the actual average wage level of the previous year.

c) If the planned profit is lower than the actual implementation of the previous year, the maximum planned average wage level shall be determined according to the following formula:

TL_bqkh = TL_bqthnt - TL_ln (4) 

Where:

- TL_bqkh: Planned average wage level. 

- TL_bqthnt: Actual average wage level of the previous year. 

- TL_ln: Decrease in wage amount based on profit, determined according to the following formula: 

"5. The pre-tax weighted average cost of capital i (%) is determined according to the formula below:_kh: Planned profit; P_thnt: Actual profit of the previous year.

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

a) If the planned profit is higher than the actual implementation of the previous year, the maximum planned average wage level shall be determined based on profit according to the following formula:

TL_bqkh = TL_bqthnt - TL_ns + TL_ln (6)

Where:

- TL_bqkh: Average planned wage level.

- TL_bqthnt: Actual average wage level of the previous year.

- TL_ns: Decrease in wage amount based on labor productivity, determined according to the following formula:

- Electronic Information Portal_kh: Planned labor productivity; W_thnt: Actual labor productivity of the previous year, as specified in the Appendix attached hereto.

TL_ln: Additional wage amount based on profit.

b) If the planned profit is equal to the actual implementation of the previous year, the maximum planned average wage level shall be determined by subtracting the decrease in wage amount based on labor productivity (TL_ns).

c) If the planned profit is lower than the actual implementation of the previous year, the maximum planned average wage level shall be determined according to the following formula:

TL_bqkh = TL_bqthnt - TL_ns - TL_ln (8)

Where:

- TL_bqkh: Average planned wage level.

- TL_bqthnt: Actual average wage level of the previous year.

- TL_ns: Decrease in wage amount based on labor productivity.

- TL_ln: Decrease in wage amount based on profit.

4. After determination according to Clauses 1, 2, and 3 of this Article, the planned average wage level shall be guaranteed not to be lower than the wage level stipulated in Clause 2 of Article 9 of Decree No. 44/2025/NĐ-CP.

Article 8. Level of average wage implemented

The level of average wage implemented shall be determined based on the planned average wage level, linked to the actual increase or decrease in labor productivity compared to planned labor productivity and actual profit compared to planned profit according to the principle of determining the planned average wage level linked to the increase or decrease in planned labor productivity and profit compared to actual labor productivity and profit of the preceding year as stipulated in Article 7 of this Circular.

Article 9. Determination of the wage fund

1. The planned wage fund shall be determined according to the following formula:

Article 24_kh = TL_bqkh x L_khbq x t + V_đt (9)

Where:

- Q_kh: Planned wage fund.

- TL_bqkh: Planned average wage level, determined in accordance with the provisions of Article 7 of this Circular.

-_khbq: Average number of workers planned, determined in accordance with the Appendix issued together with this Circular.

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

- Vđt: Difference in wages for full-time staff of mass organizations paid by the organization, calculated based on the average number of full-time staff of mass organizations planned and the difference between the average wage level of full-time staff of mass organizations at the enterprise and the average wage level paid by the organization. The average wage level of full-time staff of mass organizations at the enterprise is determined based on the average wage level used as the basis for calculating the wage difference of the preceding year for full-time staff of mass organizations in accordance with state regulations and adjusted according to planned labor productivity and profit compared to the actual performance of the preceding year as stipulated in Article 7 of this Circular.

2. The actual wage fund shall be determined according to the following formula:

Article 24_the = TL_bqth x L_thbq x t + V_đt (10)

Where:

- Q_the: Actual salary fund.

- TL_bqth: Actual average wage level, determined in accordance with the provisions of Article 8 of this Circular.

-_thbq: Actual average number of workers used, determined in accordance with the Appendix issued together with this Circular.

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

- V (VND/year): is the total investment capital allocated annually for the usable area of social housing for rent, ensuring the preservation of capital, calculated according to the following formula:_đt: Wage difference for full-time staff of mass organizations paid by the organization, determined according to Clause 1 of this Article.

3. For enterprises whose actual profit exceeds planned profit, additional wages may be added to the actual wage fund specified in Clause 2 of this Article according to the principle that for every 1% excess profit, up to a maximum of 2% additional wage fund can be added under Clause 2 of this Article, but the additional wage amount shall not exceed 20% of the excess profit over planned profit and shall not exceed two months of the actual average wage level specified in Article 8 of this Circular.

Section 3

DETERMINATION OF THE WAGE FUND THROUGH A STABLE WAGE RATE

Article 10. Stable wage rate

The stable wage rate (hereinafter referred to as the wage rate) shall be implemented in accordance with Article 12 of Decree No. 44/2025/NĐ-CP, wherein the wage rate is determined by dividing the total wages of the years immediately preceding the first year of applying the wage rate by the total values of production and business indicators according to the following formula:

Where:

- DG: Wage rate.

- n: First year of the period when the enterprise applies the wage rate.

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

- i: Specific years immediately preceding the first year of applying the wage rate.

- Σ^n-1_i=n-k QTLth_{international} : Total actual wage funds (including the additional wage portion for enterprises with actual profit exceeding planned profit) of workers and the Management Board of the years immediately preceding the first year of applying the wage rate. For enterprises determining the wage rate that must use actual wage funds from 2024 or earlier, the actual wage funds from 2024 or earlier include the actual wage fund of workers, management board salaries from the management salary fund according to the enterprise's remuneration system, and safety bonuses (for enterprises implementing a safety bonus system, if applicable).

- Σ^n-1_i=n-k CTĐGth_i: Total values of production and business indicators selected by the enterprise to calculate the wage rate (total product, output, including converted products or output or total revenue or total revenue minus total costs excluding wages or profit or other indicators reflecting the characteristics and nature of labor costs for workers) actually achieved in the years immediately preceding the first year of applying the wage rate.

Article 11. Planned payroll fund, unit price payroll fund

1. The enterprise shall determine the planned payroll fund in accordance with Clause 1, Article 13 of Decree No. 44/2025/NĐ-CP as the basis for temporarily advancing payments to employees and the Management Board for monthly salaries.

2. Annually, based on production and business performance indicators, the enterprise shall determine the unit price payroll fund as the basis for determining the actual payroll fund prescribed in Article 12 of this Circular according to the following formula:

Article 24_TLĐG = DG x T_CTĐGTH (12)

Where:

- Q_TLĐG: Unit price payroll fund.

- DG: Unit price, determined in accordance with Article 10 of this Circular.

- T_CTĐGTH: Production and business performance indicators selected by the enterprise to calculate the unit price annually.

Article 12. Determination of the actual payroll fund

Based on the unit price payroll fund determined according to the formula (12) in Clause 2, Article 11 of this Circular, the enterprise shall determine the actual payroll fund linked to annual labor productivity and profit as follows:

1. If the enterprise has realized profits not lower than the average profit, the actual payroll fund shall be determined based on the unit price payroll fund and adjusted according to labor productivity as follows:

a) If the increase (in percentage terms) in the average unit price salary compared to the average salary of previous years is equal to or lower than the increase (in percentage terms) in realized labor productivity compared to the average labor productivity, then the maximum actual payroll fund shall be determined as the unit price payroll fund;

b) If the increase (in percentage terms) in the average unit price salary compared to the average salary of previous years is higher than the increase (in percentage terms) in realized labor productivity compared to the average labor productivity, then the maximum actual payroll fund shall be determined based on the unit price payroll fund after reduction, ensuring that the increase (in percentage terms) in the average unit price salary compared to the average salary of previous years does not exceed the increase (in percentage terms) in realized labor productivity compared to the average labor productivity.

The average unit price salary is determined based on the unit price payroll fund and the average number of workers (including the Management Board) actually employed during the year; the average salary of previous years is determined based on the total actual payroll funds used to calculate the unit price under Article 10 of this Circular and the average number of workers (including the Management Board) actually employed during the first year of applying the unit price.

2. If the enterprise has realized profits exceeding the average profit, it may add additional salary to the actual payroll fund specified in Clause 1 of this Article according to the principle of adding up to 2% to the actual payroll fund for every 1% excess profit, but the additional salary portion shall not exceed 20% of the excess profit over the planned profit and shall not exceed two months' worth of the average salary calculated by dividing the actual payroll fund specified in Clause 1 of this Article by the average number of workers actually employed and by the actual number of months the enterprise operates in the year.

3. If the enterprise has realized profits lower than the average profit, after determining the actual payroll fund based on the unit price payroll fund and adjusting it according to labor productivity in a similar manner to enterprises with realized profits not lower than the average profit as stipulated in Clause 1 of this Article, it must reduce this actual payroll fund accordingly in percentage terms or absolute value of the portion of realized profit lower than the average profit, ensuring that the actual payroll fund after reduction is not lower than the payroll fund calculated based on the actual average number of workers employed and the salary level prescribed in Clause 2, Article 9 of Decree No. 44/2025/NĐ-CP.

4. If the enterprise has no profit or incurs losses, the actual payroll fund shall be calculated based on the actual average number of workers employed and the salary level prescribed in Clause 2, Article 9 of Decree No. 44/2025/NĐ-CP. In cases where losses are reduced (including years without profit), the enterprise shall base its determination of the payroll fund on the extent of loss reduction, ensuring overall proportionality, and report to the representative body of the owner for review and comments before making a decision.

5. The average labor productivity and average profit as prescribed in Clauses 1, 2, and 3 of this Article shall be determined according to the Appendix attached to this Circular.

Section 4

DETERMINATION OF THE PAYROLL FUND FOR CERTAIN CASES, TEMPORARY ADVANCEMENTS, RESERVES, AND DISTRIBUTION OF SALARIES

Article 13. Determination of the wage fund for certain cases

For enterprises implementing public products or services or operating in fields where the State has set production limits, the enterprise may choose to determine the wage fund through wage rates, during the period when new tasks arise from the provision of management and air traffic control products and services, which require additional labor according to the requirements of competent state agencies, or when using high-tech labor, the wage fund shall be determined in accordance with Articles 14, 15, 16, and 17 of Decree No. 44/2025/NĐ-CP, including:

1. For enterprises that simultaneously implement public products and services and engage in production and business activities (other than public products and services), the enterprise's wage fund includes the portion corresponding to public products and services and the portion corresponding to production and business activities, determined as follows:

a) The portion corresponding to public products and services is determined based on the progress of implementation and the degree of completion of the volume of public products and services ordered or assigned by the State;

b) The portion corresponding to production and business activities, for enterprises determining the wage fund through average wages, is determined in accordance with Section 2 of this Chapter; for enterprises determining the wage fund through unit prices, it is determined in accordance with Section 3 of this Chapter. When determining this portion of the wage fund, productivity and profit indicators are calculated based on the enterprise's production and business activities, with productivity calculated based on the average annual number of workers of the enterprise as defined in the Appendix attached hereto;

c) After determining the wage fund according to points a and b of this clause, the wage fund must be guaranteed to be at least equal to the wage fund calculated based on the average number of workers employed and the wage rate stipulated in Clause 2 of Article 9 of Decree No. 44/2025/NĐ-CP.

2. For enterprises providing management and air traffic control products and services, if they need to arrange additional labor according to the requirements of competent state agencies to ensure aviation security and safety objectives, and if applying the method of determining the wage fund through unit prices, the wages of the expected additional workers are included in the unit price as the basis for determining the wage fund as follows:

a) The number of expected additional workers is calculated based on the expected number of workers to be used (averaged annually) according to the roadmap, determined based on the strategic plans, master plans, policies, investment and development plans related to the aviation sector approved by the competent authority, relevant standards and regulations of aviation authorities, international agreements related to aviation security and safety that the enterprise represents Vietnam in signing and participating in, and other requirements of competent state agencies to ensure aviation security and safety objectives;

b) The wages of the expected additional workers are calculated based on the average wage level of similar workers in the preceding years before the first year of applying the unit price and are included in the total wages to determine the unit price in accordance with Article 10 and the average wages of previous years stipulated in Article 12 of this Circular. The enterprise must ensure the addition of the required number of workers whose wages have been included in the unit price during the implementation period.

3. For enterprises using high-tech workers, the wage fund is determined as follows:

a) High-tech workers include pilots and workers classified as high-tech human resources under Clause 10 of Article 3 of the Law on High Technology related to hydrogen energy, and workers performing jobs listed in Appendix I issued together with Decision No. 38/2020/QĐ-TTg dated December 30, 2020;

b) Enterprises using high-tech workers as specified in point a of this clause, if they consider it necessary to have a separate wage fund to pay commensurate wages to attract, encourage, and retain such workers, may calculate the wages of these workers separately from the wage fund of regular workers and the Management Board;

c) The wage level for calculating the wages of high-tech workers is based on the market wage levels for equivalent positions, determined and selected by the enterprise, but must ensure that it does not reduce profits compared to the realized profits of the previous year, if the enterprise determines the wage fund through average wages; in the case of determining the wage fund through unit prices, it must not reduce profits compared to average profits. This portion of the wage fund must be guaranteed to be no less than the wages stipulated in the labor contracts, and the enterprise must report it concurrently with the planned and actual wage funds of regular workers and the Management Board (for enterprises determining the wage fund through average wages) or the actual wage fund (for enterprises determining the wage fund through unit prices) to the agency representing the owner for review and approval before implementation, and can only be used to pay high-tech workers in accordance with the enterprise's wage payment regulations;

d) When determining the separate wage fund for high-tech workers as stipulated in points b and c of this clause, the enterprise excludes the number of high-tech workers when determining the average number of workers, productivity, unit price, average wages, wage fund of regular workers and the Management Board, and Clause 2 of the Appendix issued together with this Circular.

Article 14. Advance payment, reserve, and distribution of wages

The enterprise decides on advance payment, reserve of wages, and implements the distribution of wages for employees and the Management Board, and high-tech labor wages according to Articles 18 and 19 of Decree No. 44/2025/NĐ-CP, wherein the average wage level of employees serves as the basis for comparison when determining the maximum wage level for the General Director and Director as stipulated in Point b Clause 1 Article 19 of Decree No. 44/2025/NĐ-CP, including the wages of high-tech labor (if applicable) as provided for in Clause 3 Article 13 of this Circular.

Chapter III

WAGES AND FEES OF BOARD MEMBERS, AUDITORS

Article 15. Basic wage rate, planned wage level

The basic wage rate and planned wage level of Board Members and Auditors working full-time shall be implemented according to Articles 20 and 21 of Decree No. 44/2025/NĐ-CP, wherein the planned wage level as stipulated in Point b Clause 1 and Clause 5 Article 21 of Decree No. 44/2025/NĐ-CP shall be determined as follows:

1. For enterprises with planned profit not lower than the realized profit of the immediately preceding year and the planned profit ratio lower than the realized profit ratio of the immediately preceding year, the maximum planned wage level shall be determined according to the following formula:

Where:

- MTL_kh: Planned wage level.

- ML_cb: Basic wage rate.

- ROE_kh: Planned profit ratio; ROEthnt: Realized profit ratio of the immediately preceding year.

2. For enterprises with planned profit lower than the realized profit of the immediately preceding year and the planned profit ratio not lower than the realized profit ratio of the immediately preceding year, the maximum planned wage level shall be determined according to the following formula:

Where:

- MTL_kh: Planned wage level.

- ML_cb: Basic wage rate.

- P_kh: Planned profit; Pthnt: Actual profit of the previous year.

3. For enterprises with both planned profit and planned profit ratio lower than the realized profit and realized profit ratio of the immediately preceding year, the planned wage level shall be determined as follows:

a) In cases where the ratio (%) of the planned profit ratio compared to the realized profit ratio of the immediately preceding year is lower than the ratio (%) of planned profit compared to the realized profit of the immediately preceding year, the maximum planned wage level shall be determined according to formula (13);

b) In cases where the ratio (%) of planned profit compared to the realized profit of the immediately preceding year is lower than the ratio (%) of the planned profit ratio compared to the realized profit ratio of the immediately preceding year, the maximum planned wage level shall be determined according to formula (14).

4. For enterprises with planned profit or planned profit ratio not lower than the realized profit or realized profit ratio of the immediately preceding year, but the planned wage level after determination according to Point a Clause 1, Clause 4 Article 21 of Decree No. 44/2025/NĐ-CP and Clause 1, Clause 2 of this Article is lower than the realized wage level (including additional wage when the enterprise has realized profit exceeding planned profit) of the immediately preceding year, it shall be calculated based on the realized wage level of the immediately preceding year. Specifically, the realized wage level in 2024 serving as the basis for comparison when determining the planned wage level for 2025 is the wage from the realized wage fund of managers in 2024 (including safety bonuses for enterprises implementing a safety bonus system, if applicable), determined according to the law and distributed according to the enterprise's wage distribution regulations.

5. The planned wage level after determination according to Clauses 1, 2, and 3 of this Article shall not be lower than 80% of the basic wage rate.

Article 16. Level of actual salary, remuneration, advance payment of salary and remuneration, determination of salary and remuneration level

1. The enterprise shall determine the level of actual salary for Board Members and Supervisors working on a full-time basis and the remuneration level for Board Members and Supervisors working on a part-time basis in accordance with Article 22 and Article 23 of Decree No. 44/2025/NĐ-CP.

2. Advance payment of salary and remuneration and determination of salary and remuneration levels for Board Members and Supervisors shall be carried out in accordance with Article 24 and Article 25 of Decree No. 44/2025/NĐ-CP.

Chapter IV

BONUS AND BENEFITS

Article 17. Bonus and benefits for enterprises wholly owned by the State

The bonus and benefits for employees, Management Board, Board Members, and Supervisors of enterprises wholly owned by the State shall be implemented in accordance with Article 26 of Decree No. 44/2025/NĐ-CP, wherein the salary of the Management Board working under the appointment system serves as the basis for determining bonuses based on the actual salary fund of employees and the Management Board according to the wage regulation of the enterprise.

Article 18. Bonus and benefits for enterprises where the State holds more than 50% of the charter capital or the total number of voting shares

The bonus and benefits for employees, Management Board, Board Members, and Supervisors of enterprises where the State holds more than 50% of the charter capital or the total number of voting shares shall be implemented in accordance with Article 27 of Decree No. 44/2025/NĐ-CP, wherein the salary of the Management Board working under the appointment system serves as the basis for determining bonuses based on the actual salary fund of employees and the Management Board according to the wage regulation of the enterprise.

Chapter V

IMPLEMENTING PROVISIONS

Article 19. Effective Date

1. This Circular takes effect from June 15, 2025. The systems stipulated in this Circular shall be implemented from January 1, 2025.

2. The following consolidated documents are abolished:

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

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

c) Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016 of the Minister of Labor, Invalids and Social Affairs guiding the implementation of salary, remuneration, and bonus systems for managers of wholly state-owned limited liability companies;

d) Circular No. 28/2016/TT-BLDTBXH dated September 1, 2016 of the Minister of Labor, Invalids and Social Affairs guiding the implementation of regulations on labor, salaries, remuneration, and bonuses for companies with controlling shares or capital contributions from the State;

đ) Circular No. 33/2016/TT-BLDTBXH dated October 25, 2016 of the Minister of Labor, Invalids and Social Affairs guiding the pilot management of labor and salaries for the Military Post and Telecommunications Group during the period 2016-2020;

e) Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 of the Minister of Labor, Invalids and Social Affairs guiding the management of labor, salaries, remuneration, and bonuses in the Vietnam Asset Management Corporation;

g) Circular No. 04/2018/TT-BLDTBXH dated June 22, 2018 of the Minister of Labor, Invalids and Social Affairs amending certain provisions of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, salaries, remuneration, and bonuses in the Vietnam Asset Management Corporation;

h) Circular No. 16/2018/TT-BLDTBXH dated October 12, 2018 of the Minister of Labor, Invalids and Social Affairs guiding the management of labor, salaries, remuneration, and bonuses for employees and managers of the State Capital Investment Corporation;

i) Circular No. 04/2020/TT-BLDTBXH dated May 25, 2020 of the Minister of Labor, Invalids and Social Affairs guiding the implementation of unit price contracts and actual salary funds for employees and the Management Board as stipulated in Article 7 and Article 8 of Decree No. 20/2020/NĐ-CP dated February 17, 2020 of the Government piloting the management of labor, salaries, and bonuses for some state economic groups and corporations;

k) Circular No. 06/2024/TT-BLDTBXH dated July 30, 2024 of the Minister of Labor, Invalids and Social Affairs amending and supplementing certain provisions of Circular No. 26/2016/TT-BLDTBXH dated September 1, 2016 of the Minister of Labor, Invalids and Social Affairs guiding the management of labor, salaries, and bonuses for employees working in wholly state-owned limited liability companies and Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016 of the Minister of Labor, Invalids and Social Affairs guiding the implementation of salary, remuneration, and bonus systems for managers of wholly state-owned limited liability companies;

l) Circular No. 12/2024/TT-BLDTBXH dated November 14, 2024 of the Minister of Labor, Invalids and Social Affairs amending and supplementing ten circulars guiding the management of labor, salaries, remuneration, and bonuses for the Vietnam Deposit Insurance Corporation, the Vietnam Asset Management Corporation, Vietnam Television, Local Development Investment Funds, the State Capital Investment Corporation, the Small and Medium Enterprise Credit Guarantee Fund, the Small and Medium Enterprise Development Fund, the National Technology Innovation Fund, the Cooperative Support Development Fund, and guiding the management of labor, salaries, remuneration, and bonuses for the Vietnam Debt Purchase Limited Liability Company.

3. For enterprises that have approved the salary fund for the 2025 plan before the effective date of Decree No. 44/2025/NĐ-CP, they must review and adjust the 2025 salary fund plan for employees and the Management Board, as well as the planned salary and remuneration for Members of the Board and Supervisors, according to the guidance provided in this Circular, ensuring compliance with Decree No. 44/2025/NĐ-CP.

Article 20. Responsibilities for Implementation

1. The General Director, Director, Board of Members, or Chairman of the company, Head of the Supervisory Board, and Supervisor of state-owned enterprises with 100% state capital contribution shall implement the responsibilities stipulated in Article 28 of Decree No. 44/2025/NĐ-CP. In relation to the planned salary fund within the enterprise, they choose to determine the salary fund through the average salary level and the actual salary fund of employees and the Management Board. Before April 15 each year, the Board of Members or the Chairman of the company has the responsibility to report to the agency representing the owner for comments before approval. If the Board of Members or the Chairman of the company has already approved according to point b, Clause 2, Article 28 of Decree No. 44/2025/NĐ-CP, they must submit the report to the agency representing the owner within 15 days from the date of approval, but it must be submitted before April 15 each year so that the agency representing the owner can provide comments according to point b, Clause 1, Article 30 of Decree No. 44/2025/NĐ-CP.

2. The representative of state capital investment in enterprises where the state holds more than 50% of the charter capital or the total number of voting shares shall implement the responsibilities stipulated in Article 29 of Decree No. 44/2025/NĐ-CP.

3. The agency representing the owner shall implement the responsibilities stipulated in Article 30 of Decree No. 44/2025/NĐ-CP.

4. When implementing the responsibilities under Clause 1, Clause 2, and Clause 3 of this Article, the General Director, Director, Board of Members, or Chairman of the company, the representative of state capital investment in enterprises, and the agency representing the owner shall report statistical data according to the form issued together with this Circular.

5. The Minister, Head of a ministerial-level agency, Head of an agency under the Government, Chairman of the People's Committee of a province or centrally governed city, and related organizations and individuals shall be responsible for directing, urging, inspecting, and supervising the implementation of this Circular. During the implementation process, if there are difficulties, agencies, organizations, and enterprises are requested to reflect these issues to the Ministry of Home Affairs for research and resolution.

During the implementation process, if there are difficulties, agencies, organizations, and enterprises are requested to reflect these issues to the Ministry of Home Affairs for research and resolution./.