Decree No. 248/2025/NĐ-CP stipulates the salary, remuneration, and bonus system for direct state asset owners' representatives, state capital shareholding representatives, and Supervisors in state-owned enterprises.

 

DECREE

Regulations on salary, remuneration, and bonuses

of direct state capital representatives, state capital portion representatives, and Supervisors in state-owned enterprises

State capital and Supervisors in state-owned enterprises

Pursuant to the Law on Government Organization No. 63/2025/QH15;

Pursuant to the Enterprise Law No. 59/2020/QH14;

The Law Amending and Supplementing Certain Provisions of the Enterprise Law No. 76/2025/QH15;

Pursuant to the Law on State Capital Management and Investment in Enterprises No. 68/2025/QH15;

||| Based on the proposal of the Minister of Home Affairs;

The Government issues this Decree to regulate the salary, remuneration, and bonuses for direct state capital representatives, state capital portion representatives, and Supervisors in state-owned enterprises.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decree regulates the salary, remuneration, and bonuses for direct state capital representatives, Supervisors, and state capital portion representatives at state-owned enterprises as stipulated in the Enterprise Law; credit organizations where the State holds more than 50% of the charter capital, except policy banks, as stipulated in the Law on Credit Organizations.

Article 2. Applicability  

1. Direct state capital representatives (including Board of Members, Company Chairman); Head of the Supervisory Board, Supervisor (hereinafter referred to as Supervisor) at enterprises and credit organizations where the State holds 100% of the charter capital.

2. State capital portion representatives at joint-stock companies, limited liability companies with two or more members, and credit organizations where the State holds more than 50% but less than 100% of the charter capital (hereinafter referred to as capital representatives).

3. State capital representative bodies and other agencies, organizations, and individuals related to the implementation of the provisions of this Decree.

Article 3. General Principles for Implementing Salaries, Remunerations, and Bonuses

1. Direct state capital representatives, Supervisors, and dedicated capital representatives are assigned salaries according to the salary scale established and issued by the enterprise as the basis for implementing social insurance, health insurance, unemployment insurance, and other labor regulations, and they receive salaries and bonuses paid by the enterprise; non-dedicated direct state capital representatives, Supervisors, and capital representatives receive salaries and bonuses paid by the state capital representative body based on their positions and duties within the representative body and receive remuneration paid by the enterprise. The salaries of dedicated direct state capital representatives, Supervisors, and capital representatives and the remuneration of non-dedicated direct state capital representatives, Supervisors, and capital representatives paid by the enterprise are included in the general salary fund of the enterprise.

2. Based on the general salary fund, bonus fund, salary system, or bonus policy of the enterprise, the Board of Members or the Company Chairman decides, with the participation of the capital representative in providing opinions to the competent authority (Board of Members, Board of Directors, or Shareholders' Meeting) to decide and pay specific salaries, remunerations, and bonuses to direct state capital representatives and capital representatives according to their positions and roles within the enterprise; the state capital representative body provides opinions on the specific salaries, remunerations, and bonuses of Supervisors and notifies the enterprise to pay them to Supervisors. The amount of salaries, remunerations, and bonuses paid to direct state capital representatives, Supervisors, and capital representatives shall not exceed the maximum levels prescribed in Chapter II of this Decree.

3. The maximum salary and remuneration levels in Chapter II of this Decree are defined according to the positions of Chairman, Board of Directors member, Chairman, Board of Members member, Company Chairman, Head of the Supervisory Board, and Supervisor (hereinafter referred to as Board Member, Supervisor), averaged monthly and linked to annual production and business indicators, including: owner's equity or owner's contribution; revenue; pre-tax profit or total revenue minus total expenses for non-profit enterprises. The determination of the maximum salary, remuneration, and bonus levels as the basis for specific implementation is based on the annual production and business performance of state-owned enterprises and credit organizations as stipulated in Clause 3, Article 2 of the Law on Management and Investment of State Capital in Enterprises and the actual positions held by direct state capital representatives, Supervisors, and capital representatives in the enterprise. Among these:

a) For direct state capital representatives and capital representatives holding the position of Company Chairman兼任总经理、总经理或董事长兼总经理、总经理，根据法律规定，则确定其工资和奖金按照公司董事长或董事会主席专职的标准，其中工资增加该职位标准的20%;同时担任管理委员会成员的董事会成员则按管理委员会成员的工资和奖金以及非专职董事会成员的报酬确定；监事会仅有一名监事，根据企业法第103条的规定，则按监事会主席的工资和报酬确定；

b) For capital representatives holding positions that are not Board Members, dedicated capital representatives receive salaries and bonuses paid by the enterprise determined according to their positions as capital representatives at the enterprise based on the salary system or enterprise regulations; non-dedicated capital representatives receive salaries and bonuses paid by the state capital representative body based on their positions and duties as stipulated in Clause 1 of this Article and their remuneration paid by the enterprise is determined according to their positions as capital representatives at the enterprise based on the salary system or enterprise regulations.

4. When determining the level of basic salary and remuneration for members of the board of directors and supervisors, if there are objective factors specified in Appendix I issued together with this Decree that directly affect the pre-tax profit or total revenue minus total expenses (for non-profit enterprises) compared to the plan, the board of members or the company chairman shall calculate the exclusion, and the capital representative shall provide opinions to the competent authority (the board of members, the board of management, or the general meeting of shareholders) to ensure that the salary and remuneration are linked to the actual business performance of the enterprise.

Chapter II

MAXIMUM SALARY AND REMUNERATION

                               OF BOARD MEMBERS AND SUPERVISORS

Article 4. Basic Salary Level

1. The basic salary level for dedicated board members and supervisors is stipulated as follows:

TABLE OF BASIC SALARIES

Unit: million VND/month

2. The application of the basic salary levels for Group I and Group II shall be implemented according to the provisions in Appendix II issued together with this Decree.

Article 5. Maximum Salary Level

The maximum salary level for dedicated board members and supervisors is determined based on the basic salary level prescribed in Article 4 of this Decree and the enterprise's actual profit as follows:

1. If the enterprise has profit and the actual profit does not fall below the plan, the maximum salary will be twice the basic salary. If the actual profit exceeds the plan, it will be calculated at the principle of adding 2% of the salary for every 1% of profit exceeding the plan, but not more than 20% of the salary based on twice the basic salary. In cases where the actual profit is lower than the plan, the maximum salary will be calculated as 80% multiplied by twice the basic salary and the ratio of actual profit to planned profit, but not less than 80% of the basic salary.

2. If the enterprise does not have profit, the maximum salary will be 70% of the basic salary.

3. If the enterprise incurs losses or reduces losses, the maximum salary will be determined as follows:

a) In case of loss, the maximum salary will be 50% of the basic salary;

b) In case of reduced loss (including no profit), the maximum salary will be determined based on the degree of reduced loss compared to the plan, which will be 80% of the basic salary;

c) For cases where dedicated board members and supervisors are appointed by the state-owned entity to perform tasks at loss-making enterprises undergoing restructuring or dealing with existing issues, the maximum salary after being determined according to points a or b above can be increased by no more than 50% of the previously determined maximum salary.

4. If the enterprise's actual profit is higher than twice the minimum profit target specified in Appendix II issued together with this Decree (hereinafter referred to as the minimum profit) corresponding to the industry group, and the salary after calculation according to Clause 1 of this Article is still lower than the salary of equivalent positions in other enterprises in the same industry, the maximum salary will be determined as follows:

a) If the actual profit is not lower than the plan, the maximum salary will be: 2.5 times the basic salary if the actual profit is higher than twice the minimum profit; 3.0 times the basic salary if the actual profit is higher than three times the minimum profit; 4.0 times the basic salary if the actual profit is higher than four times the minimum profit;

b) If the actual profit is lower than the plan, the maximum salary will be calculated as 80% multiplied by the number of times the basic salary corresponding to the actual profit exceeding the minimum profit specified in point a above and the ratio of actual profit to planned profit, but not less than the basic salary.

5. For newly established enterprises or those just starting operations, the maximum salary in the first year of establishment or operation will not exceed the basic salary; for newly established enterprises based on mergers, if the salary is lower than the highest actual salary of equivalent positions in the merged enterprises before the merger, it will be calculated based on the salaries of those positions.

6. Enterprises engaged solely in public product and service activities will determine their salary levels linked to the volume of public products and services provided as follows:

a) If the volume of public products and services provided is not lower than the plan, the maximum salary will be 1.5 times the basic salary, and for enterprises providing public products and services that play a particularly important role in key and essential sectors of the national economy as defined by the Government, the maximum salary will be twice the basic salary;

b) If the volume of public products and services provided is lower than the plan, and part of the shortfall is due to the implementation of state policies or affected by external factors, the maximum salary will be 1.5 times the basic salary;

c) If the volume of public products and services provided is lower than the plan (excluding the situation in point b above), the maximum salary will be 80% multiplied by 1.5 times the basic salary and the ratio between the actual volume of public products and services provided and the planned volume, but not less than 50% of the basic salary.

7. A business that concurrently performs public products and services while engaging in production and business activities (excluding public product and service provision) may choose to determine its wage level according to the production and business activities stipulated in Clauses 1, 2, 3, 4, and 5 of this Article or according to the public product and service provision activities regulated in Clause 6 of this Article.

8. The wage level of Council Members and Supervisors who are officers, professional military personnel, defense officials, officers, non-commissioned officers, and personnel engaged in confidential work shall not be lower than the wage level corresponding to their positions, titles, ranks, grades, and salary allowances as prescribed by the Government for Council Members and Supervisors who are officers, professional military personnel, defense officials, officers, non-commissioned officers, and personnel engaged in confidential work when determined according to the provisions of Clauses 1, 2, 3, 6, and 7 of this Article.

Article 6. Maximum Allowance Level

The maximum allowance level for non-executive Council Members and Supervisors is determined based on actual working time but shall not exceed 20% of the corresponding wage level of executive Council Members and Supervisors.

Article 7. Advance Payment and Wage and Allowance Payment

Council Members and Supervisors are entitled to advance payment and wage and allowance payment according to the enterprise's wage regulations or policies. In cases where the advance payment and wage and allowance payment exceed the levels specified in Articles 5 and 6 of this Decree, the Council Members and Supervisors must repay the excess amount before June 30 of the following year.

Article 8. Bonuses

1. The bonuses of Council Members and Supervisors are determined from the bonus fund extracted from the reward and welfare fund according to the Law on State Capital Management and Investment in Enterprises, the Government's regulations on state capital management and investment in enterprises, and the enterprise's award system.

2. The specific annual bonus for each Council Member and Supervisor shall not exceed the number of months' wages of the enterprise allocated to establish the reward and welfare fund as stipulated in Clause 1 of this Article multiplied by the ratio between the reward fund and the welfare fund as prescribed or regulated by the enterprise, and multiplied by the average monthly wage received at the enterprise by each Council Member and Supervisor.

Chapter III

RESPONSIBILITY FOR IMPLEMENTATION AND PROVISIONAL CLAUSES

Article 9. Responsibility for Implementation

1. The Board of Members or the Chairman of the company at state-owned enterprises and credit organizations with 100% state-owned charter capital shall be responsible for:

a) Annually deciding the wage and allowance level implemented in the previous year for Council Members before April 15, and the bonus level for the previous year before June 30; determining and reporting to the representative body of the owner (simultaneously sending to the Ministry of Home Affairs for general monitoring and supervision) the wage, allowance, and bonus level of the Head of the Supervisory Board and Supervisors at the same time as deciding the wage, allowance, and bonus of Council Members;

b) Within fifteen days from the date of deciding the wage, allowance, and bonus of Council Members, submitting a report (including information on planned and actual production and business indicators of the enterprise as stipulated in Clause 3 of Article 3 of this Decree) to the representative body of the owner and the Ministry of Home Affairs for monitoring and inspection.

2. The Head of the Supervisory Board and Supervisors at state-owned enterprises and credit organizations with 100% state-owned charter capital shall be responsible for assisting the representative body of the owner in checking and supervising the implementation by the Board of Members or the Chairman of the company according to the law and this Decree, and periodically reporting to the representative body of the owner. If any non-compliant content is discovered, they shall propose that the Board of Members or the Chairman of the company make corrections and adjustments. If the proposal is not implemented, they shall report to the representative body of the owner for timely handling.

3. The capital representative shall be responsible for:

a) Participating in opinions and voting in the Board of Directors, Board of Members, or General Meeting of Shareholders regarding the wage, allowance, and bonus level implemented for the capital representative;

b) Within fifteen days from the date the Board of Directors, Board of Members, or General Meeting of Shareholders approves the wage, allowance, and bonus level of Council Members and the capital representative, submitting a report (including information on planned and actual production and business indicators of the enterprise or credit organization as stipulated in Clause 3 of Article 3 of this Decree) to the representative body of the owner and the Ministry of Home Affairs for monitoring and inspection.

4. The representative body of the owner shall be responsible for:

a) Annually providing comments and notifying the enterprise to pay the wage, allowance, and bonus for Supervisors at state-owned enterprises and credit organizations with 100% state-owned charter capital within fifteen days from the date the Board of Members or the Chairman of the company reports;

b) Receiving and reviewing the reports of the Board of Members or the Chairman of the company, and the capital representative regarding the wage, allowance, and bonus level of Council Members. If any non-compliant content is found, it shall require the Board of Members or the Chairman of the company to make corrections and adjustments; directing the capital representative to participate in opinions so that the Board of Members or the Board of Directors or the General Meeting of Shareholders can make corrections and adjustments to comply with this Decree;

c) Organizing the implementation and inspecting and supervising the implementation of laws and regulations on wages, allowances, and bonuses at state-owned enterprises and credit organizations under its management.

5. The Ministry of Home Affairs shall be responsible for:

a) Taking the lead and coordinating with relevant ministries and sectors to submit to the Government for consideration and adjustment of the basic wage level to be appropriate with the reality of each period;

b) Taking the lead and coordinating with relevant ministries and sectors to submit to the Government for the regulation of wages, allowances, and bonuses for direct owners, representatives of state capital, and Supervisors at state-owned enterprises; credit organizations with over 50% state-owned charter capital.

c) Coordinate with relevant ministries, sectors, and agencies representing the owner to organize inspections and supervision of the implementation of laws and regulations on salaries, remuneration, and bonuses at state-owned enterprises and credit organizations.

Article 10. Effective Date

1. This Decree takes effect from September 15, 2025. The regimes prescribed in this Decree shall be implemented from August 1, 2025.

2. Repeal Decree No. 44/2025/NĐ-CP dated February 28, 2025 of the Government on labor management, salary, remuneration, and bonuses in state-owned enterprises.

3. Amend the first and second bullet points under Point b Clause 1 Article 12 of Decree No. 60/2021/NĐ-CP dated June 21, 2021 of the Government on the financial autonomy mechanism for public service units to read: "Group 1 and Group 2 Units: Based on their financial situation, public service units may implement the salary autonomy mechanism (including determining the salary fund, paying salaries to civil servants and employees) according to the unit's operational results as if it were a wholly state-owned enterprise."

4. For state-owned enterprises with a corporate governance structure where the Chairman of the Board also serves as the General Director, if before the effective date of this Decree, the Government has approved the inclusion of the Chairman of the Board and the Supervisor's salaries in the employee salary fund and determined specific salary levels for the Chairman of the Board and the Supervisor based on the company's remuneration policy, then these specific salary levels for the Chairman of the Board and the Supervisor shall continue to be implemented according to the salary levels specified in the company's remuneration policy.

5. The determination of the salary fund for employees (including the Management Board) and the actual level of salaries, remuneration for Members of the Board, Supervisors at state-owned enterprises and credit organizations from January 1, 2025 to July 31, 2025 (hereinafter referred to as the seven months of 2025) shall be carried out as follows:

a) The actual salary fund for employees (including the Management Board) for the seven months of 2025 shall be determined by dividing the actual salary fund for 2025 by twelve months and multiplying by seven months, wherein the actual salary fund for 2025 serving as the basis for calculating the actual salary fund for the seven months of 2025 is determined based on the average number of employees (including the Management Board) actually employed and the average actual salary level according to Decree No. 44/2025/NĐ-CP dated February 28, 2025 of the Government on labor management, salary, remuneration, and bonuses in state-owned enterprises (hereinafter referred to as Decree No. 44/2025/NĐ-CP) and guiding documents (if any).

b) The actual level of salaries, remuneration for Members of the Board, Supervisors for the seven months of 2025 shall be determined based on planned salary levels, linked to production and business performance targets for 2025 according to Decree No. 44/2025/NĐ-CP and guiding documents (if any).

Article 11. Transitional Provisions

1. The Board of Directors or the Chairman of the Company, the representative of capital, has the right to choose to determine the common salary fund of the enterprise from August 1, 2025 to December 31, 2025 based on the actual salary fund of employees (including the Management Board) and the actual level of salaries, remuneration for Members of the Board, Supervisors from August 1, 2025 to December 31, 2025 as stipulated in Item 5 of Article 10 of this Decree but calculated for a period of five months (from August 1, 2025 to December 31, 2025), if they find that determining salaries and remuneration in this manner is more advantageous than the provisions of the Law on State Capital Management and Investment in Enterprises and the provisions of Chapter II of this Decree.

2. For the portion of salaries, remuneration, and bonuses of Supervisors in a limited liability company wholly owned by the state that the enterprise has transferred to the agency representing the owner for management before the effective date of this Decree but which the agency representing the owner has not yet paid or has not fully paid to the Supervisor, the agency representing the owner shall transfer such amounts back to the enterprise for the enterprise to pay to the Supervisor.

Article 12. Implementation Organization

1. The agency representing the owner organizes the management of salaries, remuneration, and bonuses for enterprises and credit organizations entrusted with the rights of the owner as prescribed in this Decree.

2. State financial funds outside the budget that are currently applying the salary mechanism of a wholly state-owned limited liability company according to the regulations of competent state authorities shall base their salary system for employees, General Directors, Directors, Deputy General Directors, Deputy Directors, Chief Accountants, and the salary, remuneration, and bonus system for Chairmen, members of the Management Council, Board of Members, Board of Directors, and Supervisors on the provisions of Clause 1, Clause 3, and Clause 4 Article 24 of the Law on State Capital Management and Investment in Enterprises and the provisions of this Decree, wherein the basic salary is determined according to the financial sector within industry and field group 7 as stipulated in point a Clause 2 Section II Appendix II issued together with this Decree; profit indicators are calculated based on pre-tax profit or total revenue minus total expenses; for financial funds operating under a Management Council model, the Management Council determines salaries and remuneration equivalent to those of the Board of Members.

3. The Securities Trading Corporation, Vietnam Securities Depository and Central Counterparty Corporation when determining the maximum salary and remuneration for Board Members and Supervisors, if there are objective factors specified in Appendix I issued together with this Decree and points b and c of Clause 2, Article 6 of Decree No. 59/2021/NĐ-CP dated June 18, 2021 of the Government regarding certain special contents on financial management mechanisms and assessment of operational efficiency for the Vietnam Securities Trading Corporation and Vietnam Securities Depository and Central Counterparty Corporation, causing revenue to increase by more than 7% or decrease by more than 3%, shall exclude the portion of revenue increase exceeding 7% (in cases where revenue increases by more than 7%) or include the portion of revenue decrease exceeding 3% (in cases where revenue decreases by more than 3%) in revenue to determine profit as the basis for determining the maximum salary and remuneration for Board Members and Supervisors.

4. Vietnam Deposit Insurance Corporation, Vietnam Development Bank, Vietnam Social Policy Bank shall base their implementation of wage systems for employees, General Directors, Deputy General Directors, Chief Accountants, and wage, remuneration, and bonus systems for Board Members and Supervisors on the provisions of Clause 1, Clause 3, Clause 4 of Article 24 of the Law on State Capital Management and Investment in Enterprises and the provisions of this Decree, wherein when implementing wage and remuneration systems, the profit indicator shall be replaced by the total revenue minus total expenses indicator; if there are objective factors specified in Appendix I and special factors specified in Appendix III issued together with this Decree directly affecting the total revenue and total expenses, then the Board of Directors of Vietnam Deposit Insurance Corporation, Vietnam Development Bank, and Vietnam Social Policy Bank shall calculate and exclude to ensure that wages and remunerations are linked to the actual production and business efficiency of the unit. Entrust the Board of Directors of Vietnam Development Bank and Vietnam Social Policy Bank to annually review and decide and bear responsibility for the wage, remuneration, and bonus levels of the Chairman, Board Members, Head of the Supervisory Board, and Supervisors of the Bank.

5. The General Director of Vietnam Television shall base the implementation of the wage system for officials, employees, General Directors, and Deputy General Directors on the legal regulations on wages for enterprises wholly owned by the State and related laws, ensuring that wages are linked to labor productivity and operational efficiency, and guaranteeing that revenue covers the production costs of Vietnam Television.

6. Political organizations, Vietnam Fatherland Front, and member organizations may apply the provisions of this Decree to implement wages, remuneration, and bonuses for enterprises wholly owned by political organizations or social-political organizations holding over 50% but less than 100% of the charter capital.

7. Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial People's Committees under central cities, and relevant organizations and individuals are responsible for enforcing this Decree.