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| Regulations on expanding the limit of state capital investment for new establishment and additional charter capital help state-owned enterprises have enough resources to perform well their assigned roles and missions. Photo: Duc Thanh |
Resources from state ownership
Decision No. 2395/QD-BTC dated July 21, 2025 on additional investment in charter capital in 2025 for the parent company - Vietnam Expressway Corporation (VEC) with an additional investment capital of VND 37,503,536 billion is probably the final document related to additional charter capital for state-owned enterprises under the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (Law No. 69/2014/QH13).
From August 1, 2025, the basis for issuing similar decisions will be the Law on Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15) and guiding decrees. Importantly, this journey will be much smoother and more open, both in terms of the scope of business operations, criteria for determination, and sources of capital used to supplement charter capital.
This is what state-owned enterprises, especially state-owned corporations and groups, have been waiting for for decades. Low charter capital, not being supplemented according to demand, is making it difficult for many enterprises to mobilize resources to carry out assigned tasks, especially when the requirement to contribute to the growth of this sector in the future will be very heavy.
This can be clearly seen when looking at what VEC has to do after increasing its charter capital.
According to Decision No. 2395/QD-BTC, the charter capital in 2025 after additional investment from the parent company - VEC is more than 38,618,662 billion VND, an increase of 37,503,536 billion VND compared to the charter capital approved by the end of 2023. Of this, more than 814 billion VND from the Enterprise Development Investment Fund and more than 36,689 billion VND from the state budget have been disbursed to invest in the construction of 5 expressway projects invested by VEC, including Noi Bai - Lao Cai, Cau Gie - Ninh Binh, Da Nang - Quang Ngai, Ho Chi Minh City - Long Thanh - Dau Giay and Ben Luc - Long Thanh.
This is the basis for VEC to have enough financial capacity to implement the production, business and investment development plan until 2025, the development strategy until 2030, and the vision until 2035 approved by competent authorities, which VEC would not be able to complete if the parent company - VEC only had 1,115 billion VND in charter capital.
State-owned enterprises will become stronger
The regulation on expanding the limit of capital investment for establishing new state-owned enterprises and supplementing charter capital for operating state-owned enterprises of Law No. 68/2025/QH15 is recognized by Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management Research, as an important solution to help state-owned enterprises have enough resources to fulfill their roles, missions and development goals assigned by the state owner.
Because, after more than 10 years of not investing in establishing new state-owned enterprises, with very limited investment in additional charter capital as well as investment in increasing capital in joint stock companies and limited liability companies with 2 or more members, state-owned enterprises are lacking the capacity to implement large-scale projects that have enough impact to promote industry development...
a) Enterprises providing essential public products and services to society;
b) Enterprises directly serving national defense and security;
c) Enterprises operating in areas important to national defense and security;
d) Enterprises operating in the field of natural monopoly;
d) Enterprises developing science , technology, innovation, and digital transformation;
e) Enterprises applying high technology, making large investments, creating rapid development momentum for other industries, fields and the economy;
g) Enterprises constructing key and important national infrastructure projects;
h) Enterprises operating in key and essential sectors of the economy as prescribed by the Government.
It is worth mentioning that many investment and development capital sources are very difficult for these enterprises, when they almost only rely on the development fund set aside from pre-tax profits. Mobilizing investment capital by borrowing is also not more favorable. In a recent meeting with the Ministry of Finance, Vietnam Electricity Group continued to raise the difficulty of "borrowing all the credit room".
According to Law No. 68/2025/QH15, additional investment in charter capital is applied to state-owned enterprises holding 100% of charter capital, operating effectively and needing additional charter capital for production and business activities operating in 8 fields, instead of 4 fields according to Law No. 69/2014/QH13. Along with that, the scope of investment, criteria for assessing the performance of enterprises to determine the need for additional charter capital; the order, procedures, and dossiers for additional investment in charter capital for enterprises have also been guided in the Decree stipulating a number of contents on management and investment of state capital in enterprises.
Specifically, the conditions for determining that an enterprise is operating effectively will be based on the results of the assessment and classification of enterprises in which the State holds 100% of the charter capital according to the Government's regulations on financial supervision, assessment of the operational efficiency of enterprises with state capital investment, ensuring that the results of the enterprise classification of the 2 consecutive years preceding the year of proposed investment in additional charter capital are from type B or higher, according to the announcement of the enterprise classification results. Compared to Law No. 69/2014/QH13, the assessment period is reduced by 1 year.
In cases not falling under the above fields, but currently operating effectively and in need of additional investment in charter capital, without using state budget sources, the Government has also clarified that: if there is a need for additional investment in charter capital, the charter capital will be adjusted promptly, without having to determine the scale of charter capital adjustment for a period of 3 years from the year of re-determining the charter capital as prescribed by current law, in accordance with the actual activities of the enterprise and the need for investment capital.
For enterprises with state capital, the Decree stipulates that the State continues to make additional investments to maintain the State's shareholding and capital contribution ratio in joint stock companies and limited liability companies with two or more members when the State's shares and capital contribution in enterprises provide essential public products and services to society; are necessary to maintain to perform national defense and security tasks; develop science, technology, innovation, digital transformation and other cases to ensure the State's ownership ratio.
Along with that, the Decree has regulated the use of internal resources of enterprises in the direction of strong decentralization to the Board of Members or the Chairman of the company, the representative of the State capital in the enterprise. Decisions on investment policies and capital investment decisions are also simplified...
In particular, Dr. Nguyen Dinh Cung expects that there will be more new state-owned enterprises in the fields of innovation, digital transformation...
“Law No. 69/2014/QH13 requires new investment in establishing high-tech enterprises, large investments, creating momentum for rapid development for other industries, fields and the economy. However, the demand of the economy is technology transfer, research and development and mastery of modern technology. With the new regulations, state-owned enterprises can return to the leading position in leading and spreading technology. This is the mission of state-owned enterprises,” Mr. Cung believes.
The space and opportunities for full development for state-owned enterprises are becoming much clearer, especially the conditions for state-owned enterprises to fully utilize and effectively use all existing resources and mobilize sufficient resources necessary for development.
Decree stipulating a number of contents on management and investment of state capital in enterprises, regulating the re-determination of charter capital for enterprises in which the State holds 100% of charter capital.
Accordingly, within 1 year from the effective date of this Decree, enterprises in which the State holds 100% of charter capital are responsible for re-determining the charter capital of the enterprise to report to the owner's representative agency for consideration and approval.
Regarding this content, the Ministry of Finance said that, through review, in reality, many enterprises with 100% charter capital held by the State have not yet had their charter capital fully contributed by the State owner as approved by the competent authority in previous periods. This makes it difficult for enterprises to determine the "charter capital approved at the most recent time" in the formula for determining charter capital according to current regulations.
Similarly, enterprises in which the State holds 100% of the charter capital and whose equity capital is larger than the charter capital approved by the competent authority also face difficulties in developing a plan to supplement the charter capital.
Pursuant to the provisions of Clause 8, Article 59, Law No. 68/2025/QH15, the Decree guides the re-establishment of a new charter capital level based on the existing resources of the enterprise. The sources include the owner's contributed capital, other capital of the owner, the difference in revaluation of assets, capital sources for basic construction investment, and the Development Investment Fund to accurately determine the resources of the State owner at enterprises in which the State currently holds 100% of the charter capital.
After re-establishing the new charter capital level according to the above regulations, in the following years, the enterprise shall calculate and determine the need for additional investment in charter capital according to the provisions of this Decree.
Source: https://baodautu.vn/khoi-thong-nguon-luc-cho-doanh-nghiep-nha-nuoc-d343862.html
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