Ministry of Finance Issues New Circular on State Capital Management in Enterprises
On June 15, 2026, Vietnam's Ministry of Finance officially issued Circular No. 102/2026/TT-BTC, which details regulations on monitoring, inspection, evaluation, classification, reporting, and disclosure of information in the management of state capital investment in enterprises. This new circular is expected to bring fundamental changes to the methods of managing and monitoring state capital, while simultaneously strengthening the accountability of representative state ownership agencies and vigorously promoting the application of digital technology in this field.
The New Circular: Key Highlights
Circular No. 102/2026/TT-BTC will take effect from August 1, 2026, replacing Circular 200/2014/TT-BTC, which has been in place since 2014. After 12 years of implementation, Circular 200 has revealed several shortcomings, particularly in the context of digital transformation and the requirement to improve the efficiency of state capital management in enterprises.
The new circular was developed based on a review of the implementation of Circular 200 and by incorporating feedback from various ministries, sectors, localities, and enterprises. The circular focuses on five main content areas:
- Regulations on monitoring the operations of state-owned enterprises
- Regulations on inspecting the management and use of state capital and assets in enterprises
- Regulations on evaluating and classifying state-owned enterprises
- Regulations on reporting on the management of state capital in enterprises
- Regulations on disclosing information on state capital management in enterprises
Detailed Content of Circular 102/2026/TT-BTC
Circular 102/2026/TT-BTC consists of 5 Chapters, 29 Articles, and 3 Appendices, with many important new points:
1. On Monitoring the Operations of State-Owned Enterprises
The circular provides clearer regulations on the responsibilities of representative state ownership agencies in monitoring enterprise operations. Specifically:
- Establishing specialized monitoring teams at economic groups and state-owned corporations
- Specifically regulating the monitoring of key areas such as financial investment, mergers and acquisitions, capital transfer, lending...
- Mandating that enterprises must develop a risk management system and periodically report to representative state ownership agencies
2. On Inspecting the Management and Use of State Capital and Assets
The circular expands the scope of inspection and provides more detailed regulations on inspection procedures:
| Inspection Type | Timing | Scope of Inspection |
|---|---|---|
| Periodic | Annually | |
| Unannounced | ||
| Special | By decision of the Prime Minister |
3. On Evaluating and Classifying State-Owned Enterprises
The circular stipulates a system of 5 criteria for evaluating state-owned enterprises:
- Criteria on operational efficiency of production and business activities
- Criteria on compliance with laws
- Criteria on sustainable development
- Criteria on social responsibility
- Criteria on corporate governance
Based on these criteria, enterprises will be classified into 4 groups: Good, Fair, Average, and Poor. The evaluation results will serve as the basis for decisions on capital structure, personnel appointment, and support policies for enterprises.
4. On Reporting on the Management of State Capital in Enterprises
The circular clearly stipulates the content, format, and deadline for reporting by state-owned enterprises. Notably, the circular requires the application of an electronic reporting system, connected to the national database on state capital management.
5. On Disclosing Information on State Capital Management in Enterprises
The circular provides detailed regulations on the disclosure of information by state-owned enterprises, including:
- Capital structure and state ownership percentage
- Results of production and business activities
- Salary and bonus policies of leaders
- Large investment projects
- Information on environmental and social aspects
The circular requires enterprises to disclose information on their own electronic portals and on the portals of representative state ownership agencies.
Impact of Circular 102/2026/TT-BTC
On State Management Agencies
Circular 102/2026/TT-BTC will help improve the efficiency of state capital management in enterprises by:
- Strengthening the accountability of representative state ownership agencies
- Standardizing monitoring and inspection procedures
- Simplifying administrative procedures
- Promoting the application of digital technology in management
On State-Owned Enterprises
For enterprises, Circular 102/2026/TT-BTC will bring significant changes:
- Increased transparency in operations
- Enhanced accountability
- Promotion of corporate governance reform
- Pressure to improve operational efficiency
On the Economy
Overall, Circular 102/2026/TT-BTC is expected to contribute to:
- Improving the efficiency of state capital use
- Promoting healthy competition
- Increasing transparency in the economy
- Contributing to the economic restructuring process
Expert Opinions
According to economic experts' assessments, Circular 102/2026/TT-BTC is an important step in improving the legal framework for managing state capital in enterprises. Mr. Nguyen Van Binh, a finance-banking expert, commented:
"Circular 102/2026/TT-BTC has addressed the shortcomings of Circular 200/2014/TT-BTC, particularly in strengthening monitoring and applying digital technology. However, to be truly effective, the circular needs to be accompanied by strong enough sanction mechanisms and high political will from management levels."
Ms. Tran Thi Mai, a corporate governance expert, believes:
"The application of the 5-criteria evaluation system will help classify enterprises objectively, thereby enabling appropriate policies for each type. However, attention needs to be paid to the characteristics of each industry and enterprise to avoid rigid application."
Conclusion
The issuance of Circular 102/2026/TT-BTC marks a significant step in managing state capital in enterprises. With specific, detailed, and feasible regulations, the circular promises to bring positive changes, contributing to improving the efficiency of state capital use and promoting more efficient and transparent enterprise operations.
However, for the circular to be truly effective, there needs to be decisive action from management agencies, coordinated cooperation between ministries and sectors, and strict compliance from enterprises. At the same time, continued review and evaluation are necessary to promptly adjust and supplement as appropriate to reality.
Circular No. 102/2026/TT-BTC will take effect from August 1, 2026, providing a two-month period for enterprises and management agencies to prepare for implementation.