Vietnamese
The Ministry of Finance issued Circular No. 102/2026/TT-BTC on July 17, 2026, guiding the supervision, inspection, evaluation, classification, reporting and disclosure of information in the management and investment of State capital in enterprises.
Under Article 11 of Circular No. 102/2026/TT-BTC, the evaluation and classification of enterprises wholly owned by the State are based on the criteria prescribed in Article 28 of Decree No. 365/2025/ND-CP.
Specifically, Clause 1, Article 28 of Decree No. 365/2025/ND-CP provides that, depending on each enterprise's business sector, specialized field and operational characteristics, the owner's representative agency shall assign the following five basic criteria for evaluating and classifying enterprises wholly owned by the State:
(1) Total revenue, including net revenue from sales and service provision, financial income and other income.(2) After-tax profit, being the after-tax profit shown under Code No. 60 of the Statement of Profit or Loss.
(3) Return on equity (ROE), determined as the ratio of after-tax profit to the enterprise's average annual equity.
(4) Value of completed work or disbursed capital, applicable to public investment projects for which the enterprise acts as the managing authority under the Law on Public Investment, and to investment projects subject to review and approval by the owner's representative agency.
(5) Performance of assigned tasks, including the provision of public products and services assigned or ordered by the State, and the implementation of political, national defense and security tasks assigned by competent authorities.
In addition, under Clause 5, Article 11 of Circular No. 102/2026/TT-BTC and Clause 3, Article 30 of Decree No. 365/2025/ND-CP, when evaluating and classifying enterprises, the owner's representative agency shall take into account and exclude the impacts of special tasks, non-profit tasks, natural disasters, fires, epidemics and other force majeure events.
