Consolidated Document number 6659/VBHN-BLDTBXH guiding the salary, remuneration, and bonus system for managers and supervisors in state-owned single-member limited liability companies holding 100% of the charter capital.

CIRCULAR

Guidelines on the implementation of salary, remuneration, and bonuses for managers and supervisors of state-owned single-member limited liability companies holding 100% of the charter capital.[1] a state-owned joint stock company with 100% state capital

Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, issued by the Minister of Labor, Invalids, and Social Affairs, guiding the implementation of salary, remuneration, and bonuses for managers of state-owned single-member limited liability companies holding 100% of the charter capital, effective from October 15, 2016, amended and supplemented by:

Circular No. 06/2024/NĐ-CP dated July 30, 2024, issued by the Minister of Labor, Invalids, and Social Affairs, amending and supplementing certain provisions of Circular No. 26/2016/TT-BLDTBXH dated September 1, 2016, issued by the Minister of Labor, Invalids, and Social Affairs, guiding the management of labor, salaries, and bonuses for employees working in state-owned single-member limited liability companies holding 100% of the charter capital, and Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016, issued by the Minister of Labor, Invalids, and Social Affairs, guiding the implementation of salary, remuneration, and bonuses for managers of state-owned single-member limited liability companies holding 100% of the charter capital, effective from September 15, 2024.

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. 52/2016/NĐ-CP dated June 13, 2016, of the Government, stipulating salaries, remuneration, and bonuses for managers of state-owned single-member limited liability companies holding 100% of the charter capital;

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

The Minister of Labor, Invalids, and Social Affairs issues this Circular guiding the implementation of salary, remuneration, and bonuses for managers of state-owned single-member limited liability companies holding 100% of the charter capital.[2].

Article 1. Scope of Regulation

1. This Circular guides the implementation of regulations on salaries, remuneration, and bonuses for managers (excluding General Directors or Directors, Deputy General Directors or Deputy Directors, Chief Accountants working under employment contracts), and Supervisors in state-owned single-member limited liability companies holding 100% of the charter capital as prescribed in Decree No. 52/2016/NĐ-CP dated June 13, 2016, of the Government stipulating salaries, remuneration, and bonuses for managers of state-owned single-member limited liability companies holding 100% of the charter capital (hereinafter referred to as Decree No. 52/2016/NĐ-CP of the Government). (under the labor contract), Supervisor[3] State-owned single-member limited liability companies holding 100% of the charter capital are those companies specified in Article 1 of Decree No. 52/2016/NĐ-CP (hereinafter collectively referred to as the company).

2. The application objects of this Circular shall be implemented according to the provisions of Article 2 of Decree No. 52/2016/NĐ-CP of the Government.

Article 2. Applicability

This Circular applies to entities as prescribed in Article 2 of Decree No. 52/2016/NĐ-CP of the Government.

Article 3. Principles for determining and paying salaries, remuneration, and bonuses

1. Salaries for full-time managers and supervisors shall be determined and paid based on production and business efficiency, management and operational results or supervision, with a maximum cap and ensuring reasonable parity with employee salaries within the company. In cases where the Chairman of the Company concurrently holds the position of General Director or Director, they may only receive the salary of the highest-ranking position.[4] shall be determined and paid based on production and business efficiency, management results, operation or supervision outcomes, subject to a maximum cap and ensuring reasonable correlation with the wages of employees within the company. In cases where the Chairman of the Company concurrently holds the positions of General Director or Director, they shall only receive the salary of the highest-ranking position.

2. Remuneration for non-full-time managers and supervisors at the company shall be calculated based on work performed and time spent, but shall not exceed 20% of the salary of full-time managers and supervisors. In cases where the company does not have full-time members of the Board of Members or full-time supervisors, the remuneration of non-full-time members of the Board of Members or non-full-time supervisors shall be calculated relative to the salary of Deputy General Directors or Deputy Directors; the remuneration of non-full-time Chairmen of the Company shall be calculated relative to the salary of General Directors or Directors.[5] who are not full-time at the company shall be calculated based on tasks and working hours, but shall not exceed 20% of the wage of managers and Supervisors.[6] 3. For managers and supervisors appointed to represent the company's shareholding interests in multiple other companies or enterprises, the remuneration paid by such other companies or enterprises shall be submitted to the company for payment based on the degree of task completion, but shall not exceed 50% of the actual salary received at the company. Any remaining amount (if any) shall be recorded as other income of the company.

3. For managers and Supervisors[7] may be appointed to represent equity in multiple companies or enterprises with equity from the company, then the remuneration paid by other companies or enterprises with equity from the company shall be submitted to the company for payment according to the level of task completion, but shall not exceed 50% of the actual salary received at the company. The remaining portion (if any) shall be recorded as other income of the company.[8] shall be determined annually, separate from the wage fund of employees, established and approved by the representative body of the owner. Monthly, managers and Supervisors

4. The fund for salaries and remuneration of managers and supervisors shall be determined annually and separately from the employee salary fund, established by the company and submitted for approval by the representative body of the owner. Monthly, managers and supervisors shall be advanced 80% of the estimated salary and remuneration for that month; the remaining 20% shall be settled and paid out at the end of the year.[9] may be temporarily advanced 80% of the estimated monthly salary and remuneration; the remaining 20% shall be settled and paid at the end of the year.[10] shall be recorded in cost or business expenses and reflected as a separate item in the annual financial report of the company.

5. The fund for salaries and remuneration of managers and supervisors shall be accounted for in production costs or business expenses and reflected as a separate item in the annual financial report of the company.[11] shall be determined annually corresponding to production and business efficiency, management results, operation or supervision outcomes, partially paid at the end of the year, and the remainder paid after the term ends.

6. Bonuses for managers and supervisors shall be determined annually based on production and business efficiency, management and operational results or supervision, and shall be partially paid at the end of the year, with the remainder paid after the completion of the term.[12] , the company shall determine the remaining wage fund. If the company has already advanced salaries to managers and Supervisors

7. Contributions to social insurance, health insurance, and other amounts as prescribed by law for the Head of the Supervisory Board and full-time supervisors shall be made by the company. After deducting the aforementioned contributions, the company shall transfer the salaries, bonuses, and remuneration of the Head of the Supervisory Board and supervisors to the representative body of the owner to form a common fund, evaluated and paid out to the Head of the Supervisory Board and supervisors based on the degree of task completion.[13].

Section 2. ESTABLISHING THE PAY SCALE, GRADING SALARIES FOR MANAGEMENT AND FULL-TIME AUDITORS TO DETERMINE THE BASIC SALARY LEVEL OF MANAGEMENT AND FULL-TIME AUDITORS

Article 4. Establishing the pay scale

1. Based on the management structure of the company, the Board of Members or the Chairman of the company shall establish and issue the pay scale (including applicable standards), ensuring that the provisions of Clause 2 of this Article serve as the basis for implementing social insurance, health insurance, unemployment insurance, and other benefits for management and full-time auditors in accordance with labor laws.

2. The salary levels in the pay scale for management and full-time auditors shall be decided by the Board of Members or the Chairman of the company, ensuring that the salary fund determined based on the total annual salaries of all management and full-time auditors according to the pay scale does not exceed the planned salary fund for management and full-time auditors as stipulated in this Circular.

3. When establishing or amending the pay scale for management and full-time auditors, the Board of Members or the Chairman of the company must seek opinions from the representative organization of workers at the workplace, engage in dialogue at the workplace in accordance with the Labor Code and guiding documents, report to the agency representing the owner for approval, and publicly announce the pay scale within the company before implementation.

Article 5. Grading salaries, increasing salary grades

The Board of Members or the Chairman of the company shall grade salaries and increase salary grades (if applicable) for management and full-time auditors according to the pay scale established as prescribed in Article 4 of this Circular,.

Article 6. Grading the company to determine the basic salary level

1. The Group Enterprise category shall apply to the parent company of state-owned enterprise groups decided by the Prime Minister to convert or establish.

2. The Special State-Owned Corporation category shall apply to:

a) Companies converted from State-Owned Corporations or state-owned companies already classified as Special State-Owned Corporations under the Prime Minister's Decision.

b) Companies converted from State-Owned Corporations or state-owned companies permitted by the Prime Minister to apply the Special State-Owned Corporation salary grading.

c)[18] The parent company in the parent company - subsidiary model meeting the following conditions: playing a significant role in the economy; having state capital (including capital from the state budget, capital received from the state budget, capital from the development fund at the company, credit guaranteed by the government, state development investment credit, and other capital invested by the state in the company) of VND 25,000 billion or more, profit (or revenue minus total expenses for non-profit-oriented companies) of VND 2,000 billion or more, having five or more subsidiaries (including dependent accounting units and independent accounting units held 100% equity and controlling shares by the company) or operating production and business nationwide, fully fulfilling state budget payment obligations as stipulated. The indicators for capital, profit, or revenue minus total expenses for non-profit-oriented companies are averaged over three years. Companies meeting these conditions shall submit a document to the agency representing the owner to unify with the Ministry of Labor, Invalids, and Social Affairs and the Ministry of Finance before reporting to the Prime Minister for consideration and decision.

3. The State-Owned Corporation and equivalent category shall apply to:

a) Parent companies converted from state-owned corporations or newly established as state-owned corporations.

b) Parent companies converted from state-owned companies permitted by the Prime Minister or competent state management agencies to apply the State-Owned Corporation salary grading.

c)[19] The parent company in the parent company - subsidiary model meeting the following conditions: playing a significant role in the economy; having state capital (including capital from the state budget, capital received from the state budget, capital from the development fund at the company, credit guaranteed by the government, state development investment credit, and other capital invested by the state in the company) of VND 18,000 billion or more, profit (or revenue minus total expenses for non-profit-oriented companies) of VND 1,000 billion or more, having five or more subsidiaries (including dependent accounting units and independent accounting units held 100% equity and controlling shares by the company) or operating production and business nationwide, fully fulfilling state budget payment obligations as stipulated. The indicators for capital, profit, or revenue minus total expenses for non-profit-oriented companies are averaged over three years. Companies meeting these conditions shall submit a document to the agency representing the owner for decision after unifying with the Ministry of Labor, Invalids, and Social Affairs and the Ministry of Finance.

4. Company Categories I, II, III

a) Company Categories I, II, III shall apply to remaining companies (excluding those specified in Clauses 1, 2, and Clause 3 of this Article), ensuring the conditions and criteria for grading set forth by the Ministry of Labor, Invalids, and Social Affairs.

b) Temporary conditions and criteria for grading companies shall be implemented in accordance with the joint circular No. 23/2005/TTLT-BLDTBXH-BTC dated August 31, 2005, issued by the Ministry of Labor, Invalids, and Social Affairs and the Ministry of Finance, guiding the grading and salary setting for specialized members of the Board of Directors, General Managers, Directors, Deputy General Managers, Deputy Directors, and Chief Accountants of state-owned companies until new regulations are issued.

Companies shall base their grading on the corresponding standards for industry and business sectors. If a company meets the corresponding criteria for a certain category, it shall report to the agency representing the owner for decision to grade accordingly. For companies graded Category I, after the grading decision, the agency representing the owner shall submit the grading file to the Ministry of Labor, Invalids, and Social Affairs for monitoring and inspection.

Article 7. Re-ranking of companies

1. The parent company of the Economic Group, the parent company converted from State-owned Joint Stock Companies or newly established as a State-owned Joint Stock Company that is currently ranked according to the State-owned Joint Stock Company category does not need to be re-ranked.

2. A company that has been ranked, graded, and applied the grading according to the special State-owned Joint Stock Company category; ranked, graded, and applied the grading according to the State-owned Joint Stock Company category, after three years (thirty-six months) from the date of ranking, grading, and applying the grading according to the special State-owned Joint Stock Company category, must review the criteria for ranking standards to reassess the company's rank. If it still meets the conditions of the current rank, it shall report to the representative body of the owner to decide on continuing the ranking, grading, and applying the grading according to the special State-owned Joint Stock Company category, State-owned Joint Stock Company after reaching consensus with the Ministry of Labor, Invalids and Social Affairs. If it does not meet the conditions of the current rank, the representative body of the owner will rank, grade, and apply a lower grading according to the regulations.

3. A company that has been ranked I, II, III after three years (thirty-six months) from the date of the ranking decision must be re-ranked according to Clause 4, Article 6 of this Circular. For companies that have not been ranked or have been ranked but have not reported to the representative body of the owner to decide on ranking according to the regulations within the time limit, the managers, Supervisors[20] can only be paid at the level of a company ranked III.

The ranking dossier, re-ranking dossier of the company according to Article 6 and Article 7 of this Circular shall temporarily be implemented according to the provisions and guidance in Circular Joint No. 23/2005/TTLT-BLDTBXH-BTC dated August 31, 2005 of the Ministry of Labor, Invalids and Social Affairs - Ministry of Finance until new documents are issued.

Article 8. Basic Salary Level When the Company Rank or Position Changes

When the company rank changes or the manager, dedicated Supervisor changes position or title, the basic salary level of the manager, Supervisor is calculated based on the new company rank or position, without retaining the basic salary level of the old rank or position.

Section 3. DETERMINATION OF SALARY AND REMUNERATION FUNDS

Article 9. Planned Salary Fund for Managers, Dedicated Supervisors

The planned salary fund is determined based on the number of dedicated managers, Supervisors[23] and the average planned salary level of dedicated managers, Supervisors[24] according to Article 10 and Article 11 of this Circular.

Article 10. Average Planned Salary Level

The average planned salary level (monthly) of dedicated managers, Supervisors is determined based on labor productivity and business performance of the company as follows:

1. For companies with average labor productivity not decreasing and having profits, where the planned profit is higher than the actual profit of the previous year, the average planned salary level is determined based on the basic salary level and the additional coefficient compared to the basic salary level linked to the planned profit level according to the activity sector group in the Additional Coefficient Table in Clause 4, Article 2 of Decree No. 21/2024/NĐ-CP dated February 23, 2024 of the Government amending and supplementing some articles of Decree No. 51/2016/NĐ-CP dated June 13, 2016 of the Government on labor management, salary, and bonuses for employees working in limited liability companies wholly owned by the State, and Decree No. 52/2016/NĐ-CP dated June 13, 2016 of the Government on salaries, remuneration, and bonuses for managers of limited liability companies wholly owned by the State.

2. For companies with profits, where the planned profit is not higher than the actual profit of the previous year, the maximum additional coefficient is applied according to the following formula:

Where:

- Central agencies of political-social organizations;_tt: Maximum additional coefficient compared to the basic salary level.

- Central agencies of political-social organizations;_ln: Additional coefficient compared to the basic salary level linked to the profit level according to the corresponding activity sector group when the average labor productivity is not decreasing and the planned profit is higher than the actual profit of the previous year, determined based on the Additional Coefficient Table in Clause 4, Article 2 of Decree No. 21/2024/NĐ-CP dated February 23, 2024 of the Government amending and supplementing some articles of Decree No. 51/2016/NĐ-CP dated June 13, 2016 of the Government on labor management, salary, and bonuses for employees working in limited liability companies wholly owned by the State, and Decree No. 52/2016/NĐ-CP dated June 13, 2016 of the Government on salaries, remuneration, and bonuses for managers of limited liability companies wholly owned by the State.

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

3. For companies without profits, the average planned salary level is determined based on the production and business plan compared to the implementation of the previous year, lower than the basic salary level, but not less than 50% of the basic salary level.

4. For loss-making companies, the average planned salary level is determined at 50% of the basic salary level.

5. For companies reducing losses compared to the previous year's implementation, newly established, or newly operational, the average planned salary level is determined based on the degree of reduced losses or the production and business plan, ensuring overall proportionality and reporting to the representative body of the owner for consideration and decision.

Article 11. Average planned salary level for special cases

1.[26] For companies with profits, where the planned profit equals or exceeds the actual profit of the immediately preceding year, but the average planned salary level (determined according to the provisions of Clause 1, Clause 2, Clause 3 Article 10 and Clause 2 Article 11 of this Circular) is lower than the actual implementation of the immediately preceding year, the average planned salary level shall be calculated based on the average actual salary level of the immediately preceding year.

2. For companies ensuring profits[27] according to Clause 1, Clause 2[28] Article 10 of this Circular, but the average labor productivity is lower than the actual implementation of the immediately preceding year, after determining the average planned salary level according to Clause 1, Clause 2[29] Article 10 of this Circular, must reduce the salary according to the principle: for every 1% decrease in the average planned labor productivity compared to the actual implementation of the immediately preceding year, there will be a reduction of 0.5% in the average planned salary level.

3. Companies producing and trading products and services with state-set production and trading limits leading to the average planned labor productivity and profit not increasing compared to the actual implementation of the immediately preceding year, the average planned salary level shall be calculated at most not exceeding the forecast consumer price index increase for the year according to the Resolution of the National Assembly on the Annual Socio-Economic Development Plan.

4.[30] Companies implementing public goods and services ordered by the State shall substitute the planned profit target with the volume of goods and services, and the planned tasks to determine the average planned salary level, where the volume of goods and services and tasks equal or exceed the actual implementation of the immediately preceding year, the average planned salary level shall be calculated at most by multiplying the basic wage by the forecast consumer price index for the year according to the Resolution of the National Assembly on the Annual Socio-Economic Development Plan. The specific salary level is determined by the competent authority representing the owner to ensure it is consistent with the salary level of company managers and Supervisors in the area. In cases where the company has profits and the planned profit is higher than the actual implementation of the immediately preceding year, the average planned salary level shall be determined according to Clause 1 Article 10 of this Circular, where the additional factor is calculated according to the company belonging to Group 3.

For companies implementing special public goods and services ordered and planned by the State, the salary of managers and Supervisors is determined according to the average salary of managers and Supervisors included in the price of public goods and services ordered and planned by the competent state authority.

5.[31] Companies operating without profit objectives, when determining salaries according to the provisions of Article 10 and Article 11 of this Circular, the profit target shall be substituted with total revenue minus total expenses.

Article 12. Planned remuneration fund for managers, Supervisors[32] who are not full-time

The planned remuneration fund is determined based on the number of managers, Supervisors[33] who are not full-time, working time, the planned salary level of full-time managers, Supervisors[34] and the remuneration ratio determined by the company according to Article 3 of this Circular.

Article 13. Objective factors for determining salaries and remuneration

1.[35] The objective factors affecting labor productivity and company profits to be excluded when determining employee salaries are specified in point a and point b, Clause 3, Article 5 of Decree No. 51/2016/ND-CP, which has been amended and supplemented by Clause 2, Article 1 of Decree No. 21/2024/ND-CP dated February 23, 2024, of the Government amending and supplementing certain articles of Decree No. 51/2016/ND-CP dated June 13, 2016, of the Government on labor management, salaries, and bonuses for employees working in state-owned joint stock companies with 100% state capital, and Decree No. 52/2016/ND-CP dated June 13, 2016, of the Government on salaries, remuneration, and bonuses for managers of state-owned joint stock companies with 100% state capital, and point c, Clause 3, Article 5 of Decree No. 51/2016/ND-CP.

2. When determining the average salary level, the salary fund, and the planned remuneration fund, if there are objective factors influencing increases or decreases in labor productivity and profits, the company calculates and quantifies these factors to reduce the portion of objective factors that increase labor productivity and profits, or to add the portion of objective factors that decrease labor productivity and profits.

Article 14. Advance payment of salaries and remuneration

1. Based on the planned salary and remuneration funds, the company advances salaries and remuneration to managers and Supervisors.[36] pursuant to the provision at Article 3 of this Circular.

2. For the salaries and remuneration of the Head of the Supervisory Board and Supervisors, the company deducts and transfers to the representative body of the owner[37] for advance payment to the Head of the Supervisory Board and Supervisors.

Section 4. DETERMINATION OF THE SALARY FUND TO BE IMPLEMENTED, REMUNERATION FUND, AND PAYMENT OF SALARIES, REMUNERATION, AND BONUSES

Article 15. Salary fund for implementation of managers and Supervisors [38] specializing

1. The salary fund for implementation is determined based on the actual number of specialized managers and Supervisors (averaged) and the average implemented salary level linked to the degree of achievement of state capital preservation and development targets, tax payments, labor productivity, profits, or product/service volume, tasks (substituting profit targets) as stipulated at[39] a) If the company preserves and develops state capital and pays taxes according to regulations, and the realized profit equals the planned profit, then the average implemented salary level is determined by the planned average salary level. Article 10 and Article 11 of this Circular as follows:

b) If the company preserves and develops state capital and pays taxes according to regulations, the average actual labor productivity does not fall below the plan, and the realized profit exceeds the plan, then for every 1% increase in realized profit over the planned profit, the average implemented salary level is increased by up to 1%, but not more than 20% compared to the planned average salary level.

In cases where the average actual labor productivity falls below the plan, the company reduces the salary according to the principle: for every 1% reduction in actual average labor productivity compared to the plan, the average implemented salary level is reduced by 0.5%. For companies mentioned above, if the realized profit decreases compared to the planned profit, then for every 1% decrease in realized profit compared to the planned profit, the average implemented salary level must be reduced by 1% compared to the planned average salary level. In cases where the realized profit decreases and is lower than the lowest profit in each field when determining the planned average salary level as stipulated at

then the average implemented salary level can only be calculated according to the additional adjustment factor within the corresponding framework specified at

d) If the company has no profit or loss or reduced loss compared to the plan, the average implemented salary level is determined according to the provisions at Clause 1, Clause 2[40] Article 10 of this Circular Clause 3, Clause 4, Clause 5 Clause 1, Clause 2[41] Article 10 of this Circular.

2. The company must reassess the implementation of objective factors affecting actual labor productivity and profit compared to the plan to exclude them when determining the salary fund for implementation under Clause 1 of this Article. 3. Based on the salary fund for implementation and the temporarily advanced salaries for managers and Supervisors[42] Article 10 of this Circular.

, the company determines the remaining salary fund. In cases where the company has advanced more than the salary fund for implementation to managers and Supervisors

, it must immediately repay the excess amount advanced during the year.[43]exceeding the implemented wage fund, then the excess amount must be repaid immediately within the year.[44] 100% capital contribution, guidelines of the Ministry of Finance, and reward regulations for managers and Supervisors

Article 16. Fund for remuneration of non-executive directors and supervisors

1. The fund for remuneration shall be determined based on the actual number of non-executive directors and supervisors at various points throughout the year, working time, the level of remuneration of executive directors and supervisors, and the ratio of remuneration set by the company in accordance with the provisions stipulated in[46] 2. Based on the fund for remuneration and the advance remuneration paid to directors and supervisors, the company determines the remaining remuneration fund. In cases where the company has advanced more remuneration than the actual remuneration fund, it must immediately repay the excess advance remuneration within the same year.[47] Article 17. Annual bonus fund for directors and supervisors Article 3 of this Circular.

1. The annual bonus fund for directors and supervisors (including both executive and non-executive) shall be implemented in accordance with the Government's regulations on state capital investment in enterprises and management and utilization of capital and assets in enterprises, and guidelines issued by the Ministry of Finance.[48]2. The annual bonus fund specified in Clause 1 of this Article shall allocate 90% annually for end-of-year bonuses tied to production and business performance and criteria for evaluating the completion of tasks by directors and supervisors according to the Government's regulations on financial oversight, assessment of operational efficiency, and disclosure of financial information for state-owned enterprises holding 100% of charter capital, guidelines from the Ministry of Finance, and reward regulations for directors and supervisors.[49] 3. The remaining portion of the annual bonus fund (10% of the annual bonus fund) shall be established as a term bonus fund, used to award bonuses when directors and supervisors complete their terms based on the degree of task completion over the entire term, following the principle that if all years during the term are completed satisfactorily or exceptionally, they will receive the full bonus from the term bonus fund; if one year during the term is not completed satisfactorily, they will only receive 50% of the bonus from the term bonus fund; if two or more years during the term are not completed satisfactorily, they will not receive any bonus from the term bonus fund. Any remaining term bonus fund shall be recorded as other income of the company.

Term for determining the term bonus fund for directors and supervisors

shall be calculated based on the term of the Chairman of the Board of Members (or the Chairman of the company). If the start date of the term of the Chairman of the Board of Members (or the Chairman of the company) is before January 1, 2016, the term shall be calculated for the remaining period of the term.[51] Article 18. Payment of Salary, Remuneration, and Bonuses

1. The payment of salary, remuneration, and bonuses for directors and supervisors shall be carried out in accordance with the company's salary, remuneration, and bonus regulations.[52] 2. The salary, remuneration, and bonus regulations shall be established by the company, linked to the contribution to production and business performance and management and operation results or supervision by directors and supervisors, ensuring compliance with legal provisions, democracy, transparency, and involving the Company Trade Union Executive Committee, and obtaining approval from the enterprise's owner representative body before implementation. 3. The remaining bonus portion (10% of the annual bonus fund) shall be established as a term bonus fund, used for[53].

rewarding when managers and Supervisorsdevelopment complete their term based on the degree of task completion throughout the term, following the principle: if all years during the term are completed satisfactorily or exceptionally, they shall receive the entire term bonus fund; if one year during the term is not completed satisfactorily, they shall only receive 50% of the term bonus fund; if two or more years during the term are not completed satisfactorily, they shall not receive any portion of the term bonus fund. The remaining term bonus fund shall be recorded as other income of the company.[54] The term for determining the term bonus fund for managers and Supervisors

shall be calculated according to the term of the Chairman of the Board of Members (or Chairman of the Company). If the start date of the term of the Chairman of the Board of Members (or Chairman of the Company) is before January 1, 2016, the term shall be calculated for the remaining period of the term.[55] Article 18. Payment of Salary, Remuneration, and Bonus

1. The payment of salary, remuneration, and bonus for managers and Supervisors

shall be carried out according to the company's salary, remuneration, and bonus regulations.[56] shall be established by the company linked to the level of contribution to production and business efficiency and management results, ensuring compliance with laws, democracy, transparency, and participation of the Company Trade Union Executive Committee, and approval by the representative body of the owner before implementation.

parent company of the Group Corporation as stipulated in[57]4. Cooperate with the representative body of the owner to inspect, audit, and supervise the implementation of salary, remuneration, and bonus systems in companies. In case of discovering incorrect determination of the salary and remuneration funds, opinions shall be provided

Article 19. Payment of Salary, Remuneration, and Bonus for the Chairperson of the Supervisory Board and Supervisors

Clause 1. The Chairperson of the Supervisory Board and Supervisors shall be entitled to receive salary, remuneration, and bonus from the common salary fund, remuneration fund, and bonus fund (formed from the amount of salary, remuneration, and bonus deducted by companies) according to the evaluation regulations of the representative body of the owner.[58]

Clause 2. The common salary fund and remuneration fund must be fully disbursed annually to the Chairperson of the Supervisory Board and Supervisors; the common bonus fund shall be partially disbursed at the end of the year, with the remainder disbursed after the completion of the term of office as stipulated in Article 17 of this Circular.

Section 5. ORGANIZATIONAL RESPONSIBILITY FOR IMPLEMENTATION

Article 20. Responsibilities of the Board of Members or the Company Chairman

1.[59] Report to the representative body of the owner for approval of the salary table of managers and dedicated supervisors; issue the salary table, transfer salary grading, and increase salary grade for managers and dedicated supervisors according to this Circular.

Clause 2. In the first quarter of each year, establish the planned salary fund and remuneration fund; determine the actual salary fund, remuneration fund, and bonus fund of the previous year, and report to the representative body of the owner for approval (simultaneously send to the Chairperson of the Supervisory Board and Supervisors) along with data as Form 1 promulgated together with this Circular.

For state-owned holding corporations, holding corporations of special category, Vietnam Air Traffic Management Corporation, Northern Vietnam Maritime Safety Assurance Corporation, Southern Vietnam Maritime Safety Assurance Corporation, simultaneously send to the Ministry of Labor, Invalids, and Social Affairs for monitoring and supervision.

Clause 3. Determine the salary, remuneration, and bonus for the Chairperson of the Supervisory Board and Supervisors and deduct them to the representative body of the owner[60] for payment based on the level of task completion of each individual.

Clause 4. Establish the salary, remuneration, and bonus regulations for managers and supervisors[61] and report to the representative body of the owner before implementation; pay salary, remuneration, and bonus for managers and supervisors[62] according to the company's salary, remuneration, and bonus regulations.

Clause 5. Establish regulations, evaluate the level of task completion, and decide on the remuneration received by managers and supervisors[63] who are appointed to represent capital contributions in other companies or enterprises.

Clause 6. Provide relevant documents and reports related to the implementation of the salary, remuneration, and bonus system when requested by the Chairperson of the Supervisory Board and Supervisors; review the content of the Chairperson of the Supervisory Board and Supervisors' recommendations (if any) to direct amendments and adjustments in accordance with regulations.

Clause 7. In the second quarter of each year, compile the salary, remuneration, bonus, and average monthly income of each manager and supervisor in the immediately preceding year[64] to report to the representative body of the owner along with data as to form number 2 issued together with this Circular; publicly disclose on the company's website (Website) in accordance with the law.

Article 21. Responsibilities of the Chairperson of the Supervisory Board and Supervisors

Clause 1. Check, supervise, and periodically report to the representative body of the owner on the implementation of the responsibilities of the Board of Members or the Company Chairman, General Director (Director) in accordance with the Government's regulations and this Circular.

Clause 2. Propose the Board of Members or the Company Chairman to direct amendments and adjustments if discovering non-compliant content during reviews and inspections. If the Board of Members or the Company Chairman does not implement, report to the representative body of the owner for prompt handling.

Clause 3. Review and verify the determination of the salary fund and remuneration fund to report to the representative body of the owner within 15 days from receiving the report of the Board of Members or the Company Chairman. The Chairperson of the Supervisory Board and Supervisors are responsible for the accuracy and honesty of the verification report.

Article 22. Responsibilities of the agency representing the owner

1. Organize the implementation and provide guidance on the wage, remuneration, and bonus system for managers and Supervisors as stipulated in this Circular for companies assigned to represent the owner.[65] Receive and comment on the salary table for managers and dedicated Supervisors of companies under its management.

2.[66] Based on the maximum adjustment coefficient framework corresponding to profit in each field prescribed at

3.[67] , decide on the specific division of the adjustment coefficient corresponding to planned profit to suit the actual situation, ensuring the correlation between wages and the scale and efficiency of operations among companies. Clause 1 Article 10 of this Circular4. In the first quarter of each year, receive and review, approve the previous year's wage, remuneration, and bonus fund and the planned wage, remuneration fund for managers and Supervisors.

For the wage and remuneration fund of managers and Supervisors of the parent company - State Economic Group, the agency representing the owner shall approve after obtaining the agreement of the Ministry of Labor, War Invalids and Social Affairs.[68].

Send the Ministry of Labor, War Invalids and Social Affairs, after approving the wage, remuneration, and bonus fund of managers and Supervisors of the parent company of state-owned economic groups and corporations specified in[69] Clause 2, Article 20 of this Circular

(simultaneously attaching[70] issued together with this Circular the company has reported) for consolidation and monitoring. 6. Establish regulations on evaluating the completion level of tasks of the Board of Supervisors Chairperson and Supervisors; receive and manage the wage, remuneration, and bonus of the Board of Supervisors Chairperson and Supervisors contributed by the company. 7. Evaluate the completion level of tasks and pay the wage, remuneration, and bonus to the Board of Supervisors Chairperson and Supervisors. If the Board of Supervisors Chairperson and Supervisors fail to complete their tasks, depending on the degree or violation, decide on disciplinary measures such as not increasing the wage, Form 1 reducing the wage, bonus, remuneration,

reprimand, warning, dismissal, or forced resignation according to the law.

8. Comment on the wage, remuneration, and bonus payment regulations of the company; publicly disclose the wage, remuneration, and bonus fund and the monthly average income of each manager and Supervisor[71] as stipulated on the website (Website) of the agency representing the owner (with data in[72] Form No. 3

and copy[73] issued together with this Circular the company has reported), simultaneously sending the Ministry of Labor, War Invalids and Social Affairs for monitoring and consolidation. 9. Be responsible before the Government and Prime Minister for implementing the wage, remuneration, and bonus system for companies assigned to represent the owner., Form number 4 Article 23. Responsibilities of the Ministry of Labor, War Invalids and Social Affairs to form number 2 1. Carry out tasks related to the rights and obligations of the owner towards single-member limited liability companies held 100% by the State as assigned by the Government.

2. Take the lead and coordinate with relevant Ministries and sectors to submit to the Government for consideration and adjustment of the basic wage of managers and Supervisors

to suit the reality of each period.

3. Participate in comments for the agency representing the owner to decide on the wage and remuneration fund for managers and Supervisors of the parent company - State Economic Group; Coordinate with the agency representing the owner to supervise the wage, remuneration,

bonus of managers and Supervisors of the parent company of corporations specified in[74] 4. Coordinate with the agency representing the owner to inspect, audit, and supervise the implementation of the wage, remuneration, and bonus system in companies. In case of discovering incorrect determination of the wage and remuneration fund, provide comments to

the agency representing the owner to direct the company to adjust or settle according to regulations.[75] 5. Inspect, audit, and supervise the implementation of the provisions of this Circular and consolidate the situation of the wage, remuneration, and bonus of managers and Supervisors and periodically report to the Prime Minister.[76] to the representative body of the owner to instruct the company to adjust or settle according to regulations. 6. Establish regulations on evaluating the completion level of tasks of the Board of Supervisors Chairperson and Supervisors; receive and manage the wage, remuneration, and bonus of the Board of Supervisors Chairperson and Supervisors contributed by the company..

5. Inspect, audit, and supervise the implementation of the provisions of this Circular and compile the situation of salaries, remunerations, and bonuses for managers and Supervisorsdevelopment and periodically report to the Prime Minister.

Paid to the Head of the Supervisory Board, KSV[77] Paid to KSV

Article 24.[78] (Repealed)

Section 6. IMPLEMENTATION PROVISIONS[79]

Article 25. Effective Date

1. This Circular shall take effect from October 15, 2016. The provisions set forth in this Circular shall be applied as of January 1, 2016.

2. Circular No. 19/2013/TT-BLDTBXH dated September 9, 2013 of the Ministry of Labor, Invalids and Social Affairs guiding the implementation of salary, remuneration, and bonuses for members of the Board of Directors or Chairmen, Supervisors, General Directors or Directors, Deputy General Directors or Deputy Directors, Chief Accountants in state-owned limited liability companies shall cease to be effective from the date this Circular takes effect.

3. For companies that have approved the salary fund plan for the year 2016 before this Circular takes effect, they must review the determination of the salary fund plan for the year 2016 as the basis for determining the actual salary fund for the year 2016 in accordance with this Circular.

4. Companies implement meal allowances for managers and supervisors not exceeding 730,000 VND/person/month. The implementation of midday meal allowances shall follow the guidance provided in Circular No. 22/2008/TT-BLDTBXH dated October 15, 2008 of the Ministry of Labor, Invalids and Social Affairs on implementing midday meal allowances in state-owned enterprises.[80] 5. The Military Post and Telecommunications Group's parent company continues to pilot the management of salaries for managers and supervisors

in accordance with the regulations of the Government.[81] 1. The Minister, Heads of Ministries equivalent to Ministries, Heads of Government Agencies, Chairpersons of Provincial People's Committees directly under the Central Government are responsible for directing, urging, inspecting, and supervising companies under their management to comply with the provisions of this Circular.

6.[82] (Repealed)

Article 26. Responsibility for Implementation

2. Members of the Board of Directors or Chairmen of parent companies of subsidiaries at

, based on the salary and bonus management content stipulated in this Circular, organize the management of salaries and bonuses for managers and supervisors Article 1 of this Circularof wholly-owned state-owned limited liability companies.[83] 3. Political organizations and political-social organizations decide on the application of the provisions of this Circular for managers and supervisors

of wholly-owned state-owned limited liability companies held by political organizations and political-social organizations.[84] During the implementation process, if there are difficulties, agencies, organizations, and companies are requested to send their opinions to the Ministry of Labor, Invalids and Social Affairs (through the Department of Labor Relations and Wages) for consideration and revision./.

Number: 6659/VBHN-BLDTBXH

(Annexed to Circular No. 27/2016/TT-BLDTBXH dated September 1, 2016 of the Ministry of Labor, Invalids and Social Affairs) [85]

Report number for the year...

Note: (3) Average income of non-full-time managers and supervisors, including remuneration and bonus.无效 ..., day..., month..., year...

signature, stamp[92] AVERAGE SALARY, REMUNERATION, AND BONUS (1) OF THE PREVIOUS YEAR AND PLAN FOR THE YEAR ……… OF MANAGERS AND SUPERVISORS

Full-time/non-full-time (2)[93] Salary, bonus, remuneration, income (VND/month)

REPORT

Income (5)

Previous year plan[94]

Report number for the year...

REPORT ON THE SITUATION OF SALARY, REMUNERATION, AND BONUS IMPLEMENTATION OF MANAGERS AND SUPERVISORS

Company name

Managers

Quantity (people) (1)

Salary fund (VND)

remuneration for capital representation ([95] Compensation for costs as prescribed

Report number for the year...

Note: Chief Auditors, full-time Auditors[98] Part-time Auditors

               Quantity (people) (3)[99] Implemented n

Paid to Chief Auditors, Auditors last year

Report number for the year...

Note: (3) Calculated based on the average number of part-time Supervisors in the year.

(4) The year immediately preceding the reporting year in columns 4 and 5.

(3) Calculate the average based on the number of non-executive supervisors in the year.

(4) The preceding year to the reporting year for columns number 4 and number 5.