Focus on completing the legal framework to keep up with the implementation progress
On July 9, 2025, in Phu Tho, the Ministry of Finance held a Workshop to collect opinions from ministries, branches, localities, corporations, general companies, credit institutions and experts on three draft Decrees detailing the implementation of the Law on Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15). This is an important preparation step before the Law takes effect from August 1, 2025.
Speaking at the workshop, Deputy Minister of Finance Cao Anh Tuan emphasized that the new Law is built in the direction of comprehensive innovation: clearly assigning and decentralizing strongly in state capital management; increasing proactiveness for enterprises; separating the state management function and owners; at the same time, clearly defining the role of the state as an investor, exercising equal rights and obligations as other shareholders in enterprises.
Previously, according to the initial roadmap, Law 68/2025/QH15 will take effect from January 1, 2026. However, to meet the requirements of removing difficulties and creating growth momentum in 2025 and the following years, in Resolution 78/NQ-CP dated April 11, 2025, the Government agreed to submit to the National Assembly to promptly implement the Law from August 1, 2025.
To ensure progress, the Government allows the application of shortened procedures and order in the development of 5 Decrees guiding the Law, in which the Ministry of Finance chairs 3 Decrees including: Decree regulating the management and investment of state capital in enterprises; Decree on supervision, evaluation, and information disclosure; and Decree on restructuring state capital invested in enterprises.
Separate management rights, enhance the responsibility of capital representatives
The notable content in the draft Decrees is the strong decentralization to enterprises. Accordingly, businesses can decide on many issues related to the use of internal capital, investment, mobilization, lending, capital and asset transfers, profit distribution, and re-determination of charter capital without needing to go through too many levels of approval.
In particular, the draft Decree on supervision, inspection and classification of enterprises for the first time clearly stipulates the mechanism of supervision at three levels: from the Government, owner's representative agency to internal supervision of enterprises. The assessment of the effectiveness of enterprises and state capital representatives is concretized by qualitative criteria, divided into 4 assessment levels and linked to individual responsibility.
In particular, the Decree on restructuring state capital invested continues to inherit current regulations but adds many new points: clearly stipulating equitization, converting enterprise models, handling finances, transferring share purchase rights, determining the value of land use rights in starting price...
At the workshop, nearly 150 delegates from the Central Party Office, ministries, localities and enterprises contributed many valid opinions. The comments will be accepted by the Ministry of Finance, completing the dossier to send to the Ministry of Justice for appraisal before submitting to the Government for promulgation.
The early completion and promulgation of guiding Decrees is expected to create a unified and transparent legal corridor, contributing to promoting the leading role of state-owned enterprises in the economy and increasing the competitiveness of this region in the context of integration.
