Consolidated Document number 4876/VBHN-BLDTBXH guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Corporation (VAMC)

CIRCULAR

GUIDELINES FOR LABOR MANAGEMENT, WAGES, FEES, AND BONUSES IN THE COMPANY FOR ASSET MANAGEMENT OF VIETNAMESE CREDIT ORGANIZATIONS

Circular No. 37/2016/TT-BLDTBX dated October 25, 2016 of the Ministry of Labor - Invalids and Social Affairs guiding labor management, wages, fees, and bonuses in the Company for Asset Management of Vietnamese Credit Organizations, which took effect from December 10, 2016, has been amended and supplemented by:

Circular No. 04/2018/TT-BLDTBX dated June 22, 2018 of the Ministry of Labor - Invalids and Social Affairs amending some articles of Circular No. 37/2016/TT-BLDTBX dated October 25, 2016 guiding labor management, wages, fees, and bonuses in the Company for Asset Management of Vietnamese Credit Organizations, which took effect from August 15, 2018.

Pursuant to Decree No. 106/2012/NĐ-CP dated December 20, 2012, of the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Labor, Invalids, and Social Affairs;

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 Asset Management of Vietnamese Credit Organizations; Decree No. 34/2015/NĐ-CP dated March 31, 2015 and Decree No. 18/2016/NĐ-CP dated March 18, 2016 of the Government amending and supplementing some articles of Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of the Company for Asset Management of Vietnamese Credit Organizations;

Pursuant to Decree No. 51/2016/NĐ-CP dated June 13, 2016 of the Government stipulating labor management, wage, and bonus regulations for employees working in a limited liability company with 100% state-owned charter capital; Decree No. 52/2016/NĐ-CP dated June 13, 2016 of the Government stipulating wages, fees, and bonuses for managers of a limited liability company with 100% state-owned charter capital;

Based on the proposal of the Director of the Department of Labor Relations and Wages;

The Minister of Labor - Invalids and Social Affairs promulgates this Circular guiding labor management, wages, fees, and bonuses in the Company for Asset Management of Vietnamese Credit Organizations,¹

Section 1. GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular guides labor management, wages, fees, 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 Supervisory Board, and members of the Supervisory Board in the Company for Asset Management of Vietnamese Credit Organizations (hereinafter referred to as VAMC).

Article 2. Applicability

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

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

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

Section 2. LABOR MANAGEMENT, 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 implements labor management, determines the planned wage fund, unit wage rate, advance payment of wages, actual wage fund, distribution of wages, and bonuses for employees according to the provisions of Section 2; Article 9, 10, 13 Section 3 and Section 4 of Circular No. 26/2016/TT-BLDTBX dated September 1, 2016 of the Ministry of Labor - Invalids and Social Affairs guiding the implementation of labor management, wages, and bonuses for employees working in a limited liability company with 100% state-owned charter capital (hereinafter referred to as Circular No. 26/2016/TT-BLDTBX).

2. When determining the average wage level plan and the average wage level actualization for calculating the planned wage fund and the actual wage fund as prescribed in Article 9 and Article 14 of Circular No. 26/2016/TT-BLDTBX, VAMC determines the average labor productivity index and profit as follows:

a) The average labor productivity index (planned, actualized in the year or actualized of the immediately preceding year) is calculated based on the total revenue minus total costs without wages, where the total revenue and total costs are determined according to the provisions of Decree No. 53/2013/NĐ-CP dated May 18, 2013, Decree No. 34/2015/NĐ-CP dated March 31, 2015 of the Government and the guidance of the Ministry of Finance on the financial regime for VAMC.

b)² The profit index (planned or realized in the year or realized in the immediately preceding year) is replaced by the revenue-expenditure difference index (total revenue minus total expenses).

Article 4. Excluding objective factors when determining the planned payroll fund and the actual payroll fund for employees.³

1. When determining the planned wage fund and actual wage fund for employees, VAMC shall exclude objective factors affecting labor productivity and revenue-expenditure differences, including:

a) The impact of objective factors stipulated in Article 11 of Circular No. 26/2016/TT-BLDTBXH.

b) The State has a decision to intervene directly affecting the revenue-expenditure surplus deficit index or directly affecting the purchase or sale of non-performing debts and collateral assets; adjusting the ratio based on the amount recovered from non-performing debts purchased by VAMC with special bonds; adjusting the ratio based on the remaining balance at the end of the period of the debt that VAMC has purchased with special bonds.

c) VAMC implements new investments for business activities (excluding investments, repairs, upgrades of collateral assets of debts that VAMC has purchased to transform into office premises or for lease).

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 revenue-expenditure differences affected by objective factors must be quantified and calculated using specific data.

b) Objective factors reducing (or increasing) labor productivity or revenue-expenditure surplus deficit shall be added (or deducted) the corresponding reduced (or increased) portion of labor productivity or revenue-expenditure surplus deficit into the labor productivity or revenue-expenditure surplus deficit target for the year.

c) When determining the actual wage fund, VAMC must reassess the implementation of objective factors against the plan to exclude their impact on labor productivity and revenue-expenditure differences.

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

Article 5. Classification of Salaries for the Chairman of the Board of Members, Dedicated Board Members, General Manager, Deputy General Manager, Chief Accountant, Head of the Supervisory Board, and Supervisory Board Members

The Chairman of the Board of Members, specialized members of the Board of Members, General Director, Deputy General Director, Chief Accountant, Head of the Supervisory Board, and members of the Supervisory Board of VAMC shall be remunerated according to the provisions of Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, issued by the Ministry of Labor, Invalids and Social Affairs guiding the implementation of salary, remuneration, and bonus systems for managers of joint-stock companies wholly owned by the State (hereinafter referred to as Circular No. 27/2016/TT-BLDTBXH).

Article 6. Determination of Salary, Fee, and Bonus Funds and Payment of Salaries, Fees, and Bonuses

1. Determining the planned payroll fund and remuneration fund; determining the actual payroll fund and remuneration fund, bonus fund; paying salaries, remuneration, and bonuses for members of the Board of Members, General Director, Deputy General Director, Chief Accountant, Head of the Supervisory Board, and members of the Supervisory Board shall be carried out according to the provisions of Articles 3, 9, 10, 11, 12, 14, 15, 16, 17, 18, and Article 19 of Circular No. 27/2016/TT-BLDTBXH.

2. When determining the planned payroll fund and remuneration fund as prescribed in Clause 1 of this Article, VAMC shall implement the following provisions:

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

b)⁴ Excluding objective factors affecting labor productivity and revenue-expenditure surplus deficit shall be carried out according to the provisions of Article 4 of this Circular.

Section 4. IMPLEMENTATION PROVISIONS

Article 7. Implementation Organization

1. The General Manager of VAMC shall be responsible for performing the tasks specified in Article 17 of Circular No. 26/2016/TT-BLDTBXH.

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

a) Implementing the provisions BASED stipulated in Article 18 of Circular No. 26/2016/TT-BLDTBXH and Article 20 of Circular No. 27/2016/TT-BLDTBXH. When submitting salary and bonus reports to the representative body of the owner, simultaneously submit them to the Ministry of Labor, Invalids and Social Affairs for general monitoring, inspection, and supervision.

b) Determining the salary and bonus amounts for the Head of the Supervisory Board and members of the Supervisory Board according to the provisions of this Circular and deducting them for submission to the representative body of the owner for payment linked to the completion of tasks by each individual.

3. The Head of the Supervisory Board and members of the Supervisory Board shall be responsible for inspecting, supervising, auditing, and proposing contents related to labor management, salaries, remuneration, and bonuses as prescribed for the position of Inspector under Article 19 of Circular No. 26/2016/TT-BLDTBXH and Article 21 of Circular No. 27/2016/TT-BLDTBXH and according to the provisions of the Charter on organization and operation of VAMC.

4. The agency representing the owner of VAMC (State Bank of Vietnam) shall be responsible for:

a) Implementing the tasks prescribed in Article 20 of Circular No. 26/2016/TT-BLDTBXH and Article 22 of Circular No. 27/2016/TT-BLDTBXH. When submitting opinions to VAMC on the annual payroll and bonus funds, simultaneously submit them to the Ministry of Labor, Invalids and Social Affairs for general monitoring and supervision.

b) Receiving, reviewing, and providing comments on external factors (if any) as stipulated in this Circular, serving as the basis for VAMC to determine employee salaries and managerial salaries and fees.

c) Organizing the management, evaluation, payment of salaries, remuneration, and bonuses, and implementing systems for the Head of the Supervisory Board and members of the Supervisory Board of VAMC as for the positions of Head of the Supervisory Board and Inspector as prescribed in Article 19 of Circular No. 27/2016/TT-BLDTBXH.

Article 8. Effective Dateệ||⁵

This Circular takes effect from August 15, 2018. The provisions of this Circular shall be applied from January 1, 2018.

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1 THEngCircular No. 04/2018/TT-BLDTBXH amending certain articles of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company of Credit Institutionsđổ||inherein issued on the basis of the following:to||

Government Decree No. 7/2017/ND-CP dated February 7, 2017 stipulating the functions, tasks, powers, and organizational structure of the Ministry of Labor - Invalids and Social Affairs;and amended and supplemented by certain articles related to conditions for investment and business and administrative procedures in the field of information and communications on November 7, 20184/2017/NĐ-CP dated 1||1Government Decree No. 53/2013/ND-CP dated May 18, 2013 on the establishment, organization, and operation of the Vietnam Asset Management Company of Credit Institutions;

Pursuant to DecreeNo. || of Government Decree No. 5/2015/ND-CP dated March 31, 2015 and Government Decree No. 18/2016/ND-CP dated March 18, 2016 amending and supplementing certain articles of Government Decree No. 53/2013/ND-CP dated May 18, 2013 on the establishment, organization, and operation of the Vietnam Asset Management Company of Credit Institutions;to ||No. 34/201Government Decree No. 13/2016/ND-CP dated June 13, 2016 stipulating the management of labor, wages, and bonuses for employees in limited liability companies with 100% state capital;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPi, ||1Government Decree No. 52/2016/ND-CP dated June 13, 2016 stipulating wages, remuneration, and bonuses for managers in limited liability companies with 100% state capital; 1||1At the proposal of the Director of the Department of Labor Relations and Wages of the Ministry of Labor - Invalids and Social Affairs,"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."||

Pursuant to Decree No. 51the Minister of Labor - Invalids and Social Affairs issues this Circular amending certain articles of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company of Credit Institutions. 1||1This point has been amended according to Clause 1, Article 1 of Circular No. 04/2018/TT-BLDTBXH amending certain articles of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company of Credit Institutions, effective from August 15, 2018.1This provision has been amended according to Clause 2, Article 1 of Circular No. 04/2018/TT-BLDTBXH amending certain articles of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company of Credit Institutions, effective from August 15, 2018.ắ|| 1This point has been amended according to Clause 3, Article 1 of Circular No. 04/2018/TT-BLDTBXH amending certain articles of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company of Credit Institutions, effective from August 15, 2018.

Article 2 of Circular No. 04/2018/TT-BLDTBXH amending certain articles of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company of Credit Institutions, effective from August 15, 2018, is stipulated as follows: ||B. LEVELS OF APPROVAL/RECORDING OF REPORTS ON OIL AND GAS RESOURCES AND RESERVES

Article 2. Implementation ProvisionsNo. This Circular takes effect from August 15, 2018. The provisions of this Circular shall be applied from January 1, 2018.June 2024;ng, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Corporation for Asset Management of Credit Institutions of VietnamFUNCTIONS, 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 BOARDSconcerning labour management, wages, remuneration and bonuses in the Corporation for Management of State-owned Credit Institutions' Assetsonmanagement of state-owned credit institutions' assets, effective fromngAugust 15, 2018.".

2 This Point was amended pursuant to Clause 1, Article 1 of Circular No. 04/2018/TT-BLDTBXH amending certain provisions of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Corporation for Asset Management of Credit Institutions of Vietnam, which took effect on August 15, 2018.

3 This Article was amended pursuant to Clause 2, Article 1 of Circular No. 04/2018/TT-BLDTBXH amending certain provisions of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Corporation for Asset Management of Credit Institutions of Vietnam, which took effect on August 15, 2018.n lconcerning labour management, wages, remuneration and rewards in the Corporation for Management of State-owned Credit Institutions' Assets, effective fromPlan for handling assets after the expiration of the joint venture and association period August 15, 2018.

4 This Point was amended pursuant to Clause 3, Article 1 of Circular No. 04/2018/TT-BLDTBXH amending certain provisions of Circular No.No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Corporation for Asset Management of Credit Institutions of Vietnam, which took effect on August 15, 2018.n lwithin the Corporation for Management of Credit Institutions' Assets of Vietnam, effective from August 15, 2018.inmanagement of state-owned credit institutions' assets, effective from August 15, 2018, is set out as follows:

5 Article 2 of Circularconcerning the classification and determination of state management authority in the field of crop production No. 04/2018/TT-BLDTBXH amending certain provisions of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Corporation for Asset Management of Credit Institutions of Vietnam, which took effect on August 15, 2018, provides as follows:i The effectiveness of implementation shall be from August 15, 2018. The provisions of this Circular shall apply from January 1, 2018."

"Article 2. Implementation Provisions

This Circular takes effect from August 15, 2018. The provisions of this Circular shall be applied from January 1, 2018." hiệu lực thi hành kể từ ngày 15 tháng 8 năm 2018. Các quy định tại Thông tư này được áp dụng kể từ ngày 01 tháng 01 năm 2018."