Deputy Minister of Finance Cao Anh Tuan speaks at the Workshop - Photo: VGP/HT
On July 9, 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 three draft decrees providing detailed instructions on the implementation of the Law on Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15).
Empowering businesses, reducing administrative intervention
Speaking at the workshop, Deputy Minister of Finance Cao Anh Tuan said that Law No. 68 was passed by the National Assembly on June 14, 2025, and was initially expected to take effect from January 1, 2026. However, in order to promptly resolve difficulties and serve the target of 8% GDP growth in 2025, the Government decided to push the effective date of the law to August 1, 2025.
Law No. 68 is considered an important milestone in the management of State capital in enterprises, with an innovative, clear approach and greater empowerment of enterprises. The Law clearly defines the functions of State management and the functions of capital ownership; enhances decentralization, giving investment decision-making power to enterprises; and at the same time clearly defines the role of the State as an investor with equal rights and obligations as other entities in the market.
A notable new point is that the management of State capital at enterprises will be carried out through the direct owner's representative or the State capital representative, thereby minimizing unnecessary administrative intervention from the management agency.
Deputy Minister Cao Anh Tuan affirmed that the Law's policies are built in the spirit of a new approach, clear division of labor and strong decentralization in the management of State capital in enterprises, helping to increase initiative in investment decisions.
In addition, the Law also separates the functions of the management agency from the role of the agency representing the owner and the enterprise, reduces direct administrative intervention, and strengthens inspection and supervision associated with delegation of authority and responsibility.
To implement the Law in a synchronous manner, the Ministry of Finance is assigned to preside over the development of 3 out of 5 guiding decrees, including: Decree on management and investment of state capital in enterprises; Decree on supervision, inspection, assessment, classification, reporting and information disclosure; and Decree on restructuring state capital invested in enterprises.
Workshop to collect opinions from ministries, branches, corporations, state-owned corporations, credit institutions and relevant agencies on 3 draft Decrees detailing the Law on Management and Investment of State Capital in Enterprises (DN) (Law No. 68/2025/QH15) - Photo: VGP/HT
Unblocking capital, promoting decentralization and transparency
According to the representative of the State Enterprise Development Department, the draft Decree on State Capital Management and Investment clearly stipulates the contents related to investment, management and profit distribution. The right to use internal resources is strongly decentralized to the board of members, the company chairman and the representative of the State capital. The draft also simplifies investment decision procedures, creating conditions for enterprises to be more proactive in investment activities and capital management.
For state-owned enterprises holding more than 50% to less than 100% of charter capital, the draft clearly stipulates the re-determination of charter capital, capital mobilization, lending, capital transfer and profit distribution, in a more transparent and clear direction.
Meanwhile, the draft Decree on information supervision and disclosure is built on a three-level inspection model: the Government, the owner's representative agency and internal control of enterprises. The Ministry of Finance will directly supervise three core contents: capital investment, capital management and restructuring of state capital.
Some new regulations have been added to overcome limitations in supervision such as: evaluating business performance by quantitative indicators; classifying and evaluating representatives of State capital according to four levels; adding responsibilities of leaders in market forecasting.
In addition, signs of financial insecurity according to Decree 87/2015/ND-CP have two new criteria added: negative cash flow from business operations for two consecutive years and audit opinions seriously affecting the business's ability to continue operating.
Regarding the restructuring of State capital, the corresponding draft decree consists of 8 chapters, 100 articles and 3 appendices. A major bottleneck in equitization is the land use plan, which has also been significantly adjusted. Accordingly, the land use plan is no longer a condition attached to equitization. Enterprises will develop their own plans for using houses and land after conversion, in compliance with the Land Law without needing approval from the competent authority or consulting local authorities.
In addition, the draft also proposes many new regulations to handle backlogs in project, asset and capital transfers; implement forms of enterprise reorganization; as well as a mechanism for determining the value of land use rights leased during equitization.
At the workshop, representatives of corporations, state-owned general companies and credit institutions expressed their agreement with the innovation orientation and provided specific comments on each content in the drafts. The Ministry of Finance will absorb and finalize them before submitting them to the Ministry of Justice for appraisal and submission to the Government for promulgation in a simplified manner.
Deputy Minister Cao Anh Tuan added that, along with the implementation of the Law and guiding decrees, the Ministry of Finance is developing a State economic development project, in which state-owned enterprises play a core role. With a clear, practical and complete legal framework, it is expected that state-owned enterprises will develop sustainably, undertake political tasks and play a leading role in the economy.
Mr. Minh
Source: https://baochinhphu.vn/huong-dan-luat-so-68-xay-dung-co-che-moi-cho-doanh-nghiep-nha-nuoc-102250709173755754.htm
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