On July 9, 2025, in Phu Tho, the Ministry of Finance held a workshop to collect opinions from ministries, branches, corporations, state-owned corporations, credit institutions and relevant agencies on 03 draft Decrees detailing the Law on Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15).
Attending the Workshop on the side of the Ministry of Finance were Deputy Minister of Finance Cao Anh Tuan, Director of the State Enterprise Development Department Phung Quoc Chi, and representatives of a number of specialized units under the Ministry of Finance. Also attending the Workshop were nearly 150 delegates representing the Central Party Office, a number of Ministries (Justice, National Defense, Construction, Agriculture and Environment), the State Bank, People's Committees of provinces and cities (Hanoi, Ho Chi Minh City, Ninh Binh); a number of State-owned corporations, enterprises, credit institutions with state capital, experts and scientists.
Speaking at the workshop, Deputy Minister of Finance Cao Anh Tuan said that on June 14, 2025, at the 9th session, the 15th National Assembly of the Socialist Republic of Vietnam passed the Law on Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15), which took effect from August 1, 2025. The policies of the Law are built on the spirit of a new, clear approach and more power for state-owned enterprises; clearly assigning and strongly decentralizing the management of state capital invested in enterprises; increasing the initiative in investment decisions of enterprises; separating and defining the state management function from the function of capital owners and enterprises; reducing the direct intervention of the owner's representative agency; strengthening the assignment and decentralization associated with inspection and supervision to enhance autonomy and self-responsibility;
In particular, the Law clearly defines the State as an investor to exercise rights, responsibilities and obligations regarding capital contributions in enterprises equally with other investors. The management of State capital in enterprises is carried out through the direct owner's representative or the representative of State capital.
As originally planned, the Law replacing the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (Law No. 69/2014/QH13) will take effect from January 1, 2026. However, in the spirit of promptly removing difficulties and obstacles, maximizing the existing resources of state-owned enterprises to serve the goal of 8% development in 2025, creating momentum for double-digit growth in the following years, in Resolution No. 78/NQ-CP dated April 11, 2025, the Government agreed and directed the Ministry of Finance to submit to the National Assembly to accelerate the implementation of the Law from August 1, 2025.
To implement Law No. 68/2025/QH15, the Ministry of Finance has reported to the Government leaders a list of documents detailing the implementation of the Law, including 05 Decrees of the Government, of which 03 Decrees were drafted by the Ministry of Finance and 02 Decrees were drafted by the Ministry of Home Affairs. In order to promptly issue the Government Decrees to take effect at the same time as the Law, the Government leaders have allowed the application of shortened procedures in the development and promulgation of Decrees detailing the Law.
Implementing the drafting process according to the provisions of the Law on Promulgation of Legal Documents 2025, according to the assigned functions and tasks, the Ministry of Finance has presided over 03 draft Decrees detailing Law No. 68/2025/QH15, including: (i) Draft Decree stipulating a number of contents on management and investment of state capital in enterprises; (ii) Draft Decree stipulating supervision, inspection, assessment, classification, reporting and disclosure of information in management and investment of state capital in enterprises; (iii) Draft Decree on restructuring state capital invested in enterprises.
The draft Decrees are built on the basis of inheriting relevant regulations in current Decrees, reviewing, adjusting and supplementing contents in accordance with the spirit of Law No. 68/2025/QH15 and the practical difficulties and obstacles in the operations of state-owned enterprises in recent times.
Regarding the draft Decree regulating a number of contents on management and investment of state capital in enterprises: The draft Decree has specifically regulated the following contents: (i) on investment of state capital in enterprises, including: scope and authority of investment of state capital in enterprises, in which the use of internal resources of enterprises is strongly decentralized to the Board of Members or Chairman of the company, the representative of state capital in the enterprise; simplifying procedures in deciding on investment policies and capital investment decisions; (ii) on the management of state capital in enterprises in which the State holds 100% of the charter capital and enterprises in which the State holds from over 50% to under 100% of the charter capital, including contents such as: development strategy, annual business plan, re-determination of charter capital, capital mobilization, capital lending, investment, sale of fixed assets of enterprises, preservation and development of enterprise capital, transfer of enterprise investment capital, transfer of investment projects; distribution of after-tax profits, restructuring of enterprise capital.
Regarding the draft Decree regulating the supervision, inspection, assessment, classification, reporting and disclosure of information in the management and investment of state capital in enterprises: The draft Decree has many new provisions, contributing to overcoming limitations in the supervision, inspection, assessment and classification of enterprises, such as:
- Supervision and inspection are carried out at 3 levels: Government, owner representative agency and internal supervision of the enterprise; specific instructions on organization, implementation, and responsibilities in supervision and inspection for each supervisory entity.
- Assigning targets, evaluating and classifying enterprises in which the State holds 100% of charter capital; evaluating the performance of enterprises in which the State holds more than 50% to less than 100% of charter capital in the direction of quantifiable assessment targets; ensuring feasibility in assigning plans and evaluating; enhancing the responsibility of the Board of Members, the Chairman of the company, and the representative of the State capital in closely following the production and business situation, forecasting development trends and market fluctuations.
- The assessment of direct owner representatives, state capital representatives, and controllers is regulated according to 4 levels: excellent completion, good completion, completion, and failure to complete.
Regarding the draft Decree on restructuring state capital invested in enterprises: The draft Decree fully institutionalizes the viewpoints and policies of the Party and State on innovation, restructuring and development of state-owned enterprises and enterprises with state capital; overcomes shortcomings, limitations and bottlenecks in the recent past and details the internal affairs of the Government in Chapter IV of Law No. 68/2025/QH15, specifically:
- Inheriting the relevant regulations on enterprise equitization, at the same time amending and supplementing a number of contents on land use plans after equitization, requiring equitized enterprises to register transactions on the stock exchange to comply with regulations on management and use of public assets, regulations of the Securities Law, etc.
- Basically inherit the current regulations on converting enterprises with 100% state capital into LLCs with two or more members, on transferring state capital invested in joint stock companies, LLCs with two or more members, on transferring the right to represent the ownership of state capital in enterprises, on merging, consolidating, dividing, separating, and dissolving enterprises. At the same time, provide specific instructions on dissolving agricultural and forestry companies with 100% state capital according to the regulations on financial handling like other enterprises, then determine the remaining funds to request State budget support; supplement regulations on determining the value created by the annual land use right in the starting price...
- Supplementing regulations on the transfer of investment projects, capital, and assets between enterprises; transferring the right to purchase shares, the right to preemptively purchase shares, and the right to purchase capital contributions as a basis for implementation.
The workshop received many comments from delegates on the content of the draft Decrees guiding Law No. 68/2025/QH15. The comments will be recorded by the Organizing Committee, studied and fully absorbed to complete the draft Decrees to be sent to the Ministry of Justice for appraisal before submitting to the Government for promulgation in accordance with the provisions of the Law on Promulgation of Legal Documents.
The innovative contents of the Law and the detailed Decrees will contribute to unlocking existing resources in state-owned enterprises, creating a complete legal framework for the operations of state-owned enterprises, deserving to be an important material force of the state economy, continuing to lead and create development momentum for the economy and enterprises of all economic sectors.
Source: https://baolamdong.vn/bo-tai-chinh-lay-y-kien-cac-du-thao-nghi-dinh-quy-dinh-chi-tieu-luat-quan-ly-va-dau-tu-von-nha-nuoc-tai-doanh-nghiep-381700.html
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