Circular No. 31/2015/TT-BLDTBXH guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Corporation (VAMC).

CIRCULAR

Guidelines for managing labor, wages, remuneration, and bonuses in the company

management of assets of Vietnamese credit organizationst s

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This Circular guides the establishment of plans and the organization of implementation of working hours and rest time for workers engaged in seasonal production work and piecework manufacturing.onPursuant to Decree No. 61/2015/NĐ-CP dated July 9, 2015 of the Government on employment support policies and the National Employment Fund

Pursuant to Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of the Company for Management of Assets of Credit Organizations of Vietnam;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."Decree No. 34/2015/NĐ-CP dated March 31, 2015 amending and supplementing certain provisions of Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of the Company for Management of Assets of Credit Organizations of Vietnam;g Pursuant to Decree No. 50/2013/NĐ-CP dated May 14, 2013 of the Government stipulating the management of labor, wages, and bonuses for employees in state-owned joint-stock companies with one member;No. Pursuant to Decree No. 51/2013/NĐ-CP dated May 14, 2013 of the Government stipulating the wage system, remuneration, and bonuses for members of the Board of Members or Chairman, Supervisors, General Directors or Directors, Deputy General Directors or Deputy Directors, Chief Accountants in state-owned joint-stock companies with one member;

On the management of labor, wages, remuneration, and bonuses in the Company for Management of Assets of Credit Organizations of Vietnam.

This Circular guides the management of labor, wages, remuneration, and bonuses for employees, Chairman of the Board of Members, members of the Board of Members, General Director, Deputy General Director, Chief Accountant, Head of the Supervisory Board, and members of the Supervisory Board in the Company for Management of Assets of Credit Organizations of Vietnam according to the provisions of Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of the Company for Management of Assets of Credit Organizations of Vietnam (hereinafter referred to as VAMC).June 2024;2. Chairman of the Board of Members and members of the Board of Members, General Director, Deputy General Director, Chief Accountant, Head of the Supervisory Board, and members of the Supervisory Board., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP1. VAMC shall manage labor, determine the planned wage fund, unit price of wages, advance payment of wages, actual wage fund, distribution of wages, and bonuses for employees according to the provisions of Section 2; Article 5, Article 6, Article 7, Clause 1, Clause 2 Article 8, Article 9 Section 3 and Section 4 of Circular No. 18/2013/TT-BLDTBXH dated September 9, 2013 of the Ministry of Labor, Invalids, and Social Affairs guiding the implementation of labor management, wages, and bonuses for employees in state-owned joint-stock companies with one member (hereinafter referred to as Circular No. 18/2013/TT-BLDTBXH).policies 2. When determining the planned wage fund, actual wage fund, and advance payment of wages according to Clause 1 of this Article, VAMC shall determine the average labor productivity index and profit as follows:

At the proposal of the Director of the Department of Labor and Wages;

The Minister of Labor, Invalids and Social Affairs issues this Circular stipulating the adjustment rate for monthly salary and income already paid for social insurance;ib) Piecework manufacturing dependent on the timing requested by the customer, including textile, garment, leather, footwear, and electronic component assembly industries.FUNCTIONS, DUTIES, POWERS, ORGANIZATIONAL STRUCTURE, OPERATIONAL REGULATIONS, AND RELATIONSHIPS OF MANAGEMENT BOARDS; DUTIES, POWERS OF THE CHAIRPERSON, VICE CHAIRPERSON (IF ANY), SECRETARY, AND MEMBERS OF MANAGEMENT BOARDSa) The average labor productivity index (implemented in the year or implemented in the immediately preceding year) is calculated based on total revenue minus total costs without wages divided by the average number of workers employed in the year; wherein: l- Total revenue minus total costs without wages is determined based on the total revenue index as prescribed in Clause 1 Article 23 of Decree No. 53/2013/NĐ-CP, Clause 13 Article 1 of Decree No. 34/2015/NĐ-CP of the Government; the total cost index without wages as prescribed in Clause 2 Article 23 of Decree No. 53/2013/NĐ-CP of the Government (excluding wage costs and allowances for cadres and staff specified at point g) and the guidance of the Ministry of Finance on financial regulations for VAMC;intention - The average number of workers employed in the year is determined according to Clause 1 Appendix I issued together with Circular No. 18/2013/TT-BLDTBXH of the Ministry of Labor, Invalids, and Social Affairs.

Section 1. GENERAL PROVISIONS

Article 1. Scope of Regulation

b) The profit index (implemented in the year or implemented in the immediately preceding year) is replaced by the index "amount recovered from non-performing debts purchased with special bonds", the amount recovered from non-performing debts purchased with special bonds is determined according to the guidance of the State Bank of Vietnam.

Article 2. Applicability

1. Employees work under labor contracts as prescribed by the Labor Code.

2. The Chairman of the Board of Members, members of the Board of Members, General Director, Deputy General Director, Chief Accountant, Head of the Supervisory Board, and members of the Supervisory Board.

3. Agencies, organizations, and individuals related to the management of labor, wages, remuneration, and bonuses as stipulated in this Circular.

Chapter 2. MANAGEMENT OF LABOR, WAGES, AND BONUSES FOR EMPLOYEES

Article 3. Labor management, planned wage fund, unit wage rate, advance payment of wages, actual wage fund, wage distribution, and bonuses

1. VAMC shall manage labor, determine the planned salary fund, unit price of salaries, advance payment of salaries, actual salary fund, distribute salaries and bonuses for employees in accordance with Section 2; Articles 5, 6, 7, Clause 1, Clause 2 Article 8, Article 9 of Section 3 and Section 4 of Circular No. 18/2013/TT-BLDTBXH dated September 9, 2013 of the Ministry of Labor, War Invalids and Social Affairs guiding the management of labor, salaries, and bonuses for employees in a limited liability company with one member owned by the State (hereinafter referred to as Circular No. 18/2013/TT-BLDTBXH).

2. When determining the planned salary fund, the actual salary fund, and advance payment of salaries pursuant to Clause 1 of this Article, VAMC shall determine the average labor productivity index and profit as follows:

a) The average labor productivity index (implemented in the year or implemented in the immediately preceding year) is calculated based on the total revenue minus total costs without salaries divided by the average number of workers employed in the year; wherein:

- The total revenue minus total costs without salaries is determined based on the total revenue index as prescribed in Clause 1 of Article 23 of Decree No. 53/2013/NĐ-CP, Clause 13 of Article 1 of Decree No. 34/2015/NĐ-CP of the Government; the total cost index without salaries as prescribed in Clause 2 of Article 23 of Decree No. 53/2013/NĐ-CP of the Government (excluding salary and allowance costs of officials and staff as stipulated at point g) and the guidance of the Ministry of Finance regarding the financial regime for VAMC;

- The average number of workers employed in the year is determined according to Clause 1 of Appendix I promulgated together with Circular No. 18/2013/TT-BLDTBXH of the Ministry of Labor, War Invalids and Social Affairs.

b) The profit index (implemented in the year or implemented in the immediately preceding year) shall be replaced by the index "amount recovered from non-performing debts purchased with special bonds," the amount recovered from non-performing debts purchased with special bonds is determined in accordance with the guidance of the State Bank of Vietnam.

Article 4. Exclusion of Objective Factors when Determining the Actual Wage Fund of Employees

1. When determining the actual wage fund of employees, VAMC may exclude objective factors affecting labor productivity and the amount recovered from non-performing loans purchased with special bonds, including:

a) The State's decision to intervene directly affecting the amount recovered from non-performing loans purchased with special bonds or directly affecting the purchase or sale of non-performing loans and collateral assets; adjusting the ratio based on the amount recovered from non-performing loans purchased by VAMC with special bonds and the ratio based on the remaining balance at the end of the period of non-performing loans purchased by VAMC with special bonds.

b) VAMC's new investments for business activities (excluding investments, repairs, and upgrades of collateral assets of non-performing loans purchased by VAMC to be transformed into office premises or for lease); increasing depreciation to recover capital quickly as required by competent authorities; enjoying corporate income tax benefits.

2. The exclusion of objective factors as prescribed in Clause 1 of this Article shall be carried out according to the following principles:

a) Labor productivity and the amount recovered from non-performing loans purchased with special bonds affected by objective factors must be quantified and calculated using specific data;

b) Objective factors reducing (or increasing) labor productivity and the amount recovered from non-performing loans purchased with special bonds shall be added (or deducted) from the labor productivity and the amount recovered from non-performing loans purchased with special bonds corresponding to the reduction (or increase) in the annual labor productivity and the amount recovered from non-performing loans purchased with special bonds.

Mục 3. MANAGEMENT OF SALARIES, FEES, AND BONUSES FOR BOARD MEMBERS, GENERAL MANAGERS, DEPUTY GENERAL MANAGERS, CHIEF ACCOUNTANTS, AND SUPERVISORY BOARD MEMBERS

Article 5. Salary Classification for the Chairman of the Board of Members and Specialized Board Members, General Director, Deputy General Directors, and Chief Accountant

The Chairman of the Board of Members and specialized Board Members, General Director, Deputy General Directors, and Chief Accountant of VAMC shall have their salaries classified according to the provisions of Section 2 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs.

Article 6. Salary, Wages, and Bonuses for Supervisory Board Members

1. The Head of the Supervisory Board and specialized Supervisory Board members of VAMC shall have their salaries classified according to the position of Supervisor at the rank of VAMC as listed in the Table of Salary Coefficients for Specialized Management Officials issued together with Decree No. 51/2013/NĐ-CP dated May 14, 2013, of the Government stipulating the wage system, remuneration, and bonuses for members of the Board of Members or Chairmen of companies, Supervisors, General Directors or Directors, Deputy General Directors or Deputy Directors, and Chief Accountants in limited liability companies wholly owned by the State (hereinafter referred to as Decree No. 51/2013/NĐ-CP).

The transfer of salary classification and promotion of the Head of the Supervisory Board and Supervisory Board members of VAMC shall be carried out according to the guidelines set forth in Section 2 of Circular No. 19/2013/TT-BLDTBXH dated September 9, 2013, issued by the Ministry of Labor, Invalids, and Social Affairs guiding the implementation of the wage system, remuneration, and bonuses for members of the Board of Members or Chairmen of companies, Supervisors, General Directors or Directors, Deputy General Directors or Deputy Directors, and Chief Accountants in limited liability companies wholly owned by the State (hereinafter referred to as Circular No. 19/2013/TT-BLDTBXH).

2. The wages and bonuses of the Head of the Supervisory Board and Supervisory Board members determined according to this Circular shall be allocated to the Owner for VAMC (State Bank of Vietnam) to form a common fund and paid to each individual based on the level of completion of assigned tasks as stipulated in Clause 7, Article 7 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs.

Article 7. Determination of Wage Fund, Remuneration, Bonuses, and Payment of Wages, Remuneration, and Bonuses

1. The planned wage fund, advance payment of wages, actual wage fund, bonus fund; payment of wages, remuneration, and bonuses for the Chairman of the Board of Members and Board Members, General Director, Deputy General Directors, Chief Accountant, Head of the Supervisory Board, and Supervisory Board members of VAMC shall be implemented according to the provisions of Articles 7, 8, Clauses 1, 2, 3, 5 of Article 9, Articles 10, 11, and 12 of Section 3 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs.

2. When determining the planned wage fund and actual wage fund as stipulated in Clause 1 of this Article, VAMC shall implement the following regulations:

a) The average labor productivity index and profit serving as the basis for determining the wage fund, remuneration, and average wage level shall be calculated according to the provisions of Clause 2, Article 3 of this Circular;

b) The wage level of the Head of the Supervisory Board and specialized Supervisory Board members for determining the wage fund shall be based on the basic wage level for the position of Supervisor as stipulated in Appendix II issued together with Decree No. 51/2013/NĐ-CP of the Government according to the rank of VAMC;

c) The exclusion of objective factors affecting labor productivity and the amount recovered from non-performing loans purchased with special bonds shall be carried out according to the provisions of Article 4 of this Circular.

Section 4. IMPLEMENTATION PROVISIONS

Article 8. Implementation organization

1. The General Director of VAMC is responsible for:

a) Implementing the tasks stipulated in Article 12 of Circular No. 18/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs;

b) Determining the meal allowance for application to employees, the Chairman, and specialized Board Members, General Director, Deputy General Directors, Chief Accountant, Head of the Supervisory Board, and Supervisory Board members according to the provisions of Clause 6, Article 17 of Circular No. 18/2013/TT-BLDTBXH and Clause 5, Article 18 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs.

2. The Board of Members of VAMC shall be responsible for:

a) Implementing the tasks stipulated in Article 13 of Circular No. 18/2013/TT-BLDTBXH and Article 13 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs. When submitting wage and bonus reports to the owner, they shall simultaneously submit them to the Ministry of Labor, Invalids, and Social Affairs for general monitoring, inspection, and supervision.

b) Determine the amount of salary and bonus for the Chairperson and members of the Supervisory Board in accordance with the provisions of this Circular and allocate to the owner for payment based on the level of completion of tasks by each individual.

3. The Chairperson and members of the Supervisory Board shall be responsible for conducting inspections, supervision, evaluation, and recommending contents related to labor management, salary, and bonus as stipulated for the position of Inspector under Article 14 of Circular No. 18/2013/TT-BLDTBXH and Article 14 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs, and in accordance with the Charter on organization and operation of VAMC as prescribed by the State Bank of Vietnam.

4. The owner of VAMC shall be responsible for:

a) Implementing the tasks prescribed in Article 15 of Circular No. 18/2013/TT-BLDTBXH and Article 15 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs.

b) Organizing the management, assessment, payment of salary, remuneration, and bonus, and implementing other systems for the Chairperson and members of the Supervisory Board of VAMC as prescribed for the position of Inspector under Article 15 of Circular No. 19/2013/TT-BLDTBXH issued by the Ministry of Labor, Invalids, and Social Affairs.

Article 9. Effective Date

This Circular takes effect from October 16, 2015. The systems prescribed in this Circular shall be applied from January 1, 2015.

In the course of implementation, if there are any difficulties, agencies, units, and enterprises are requested to report to the Ministry of Labor, Invalids, and Social Affairs for timely supplementary guidance./.