{"id":5051,"date":"2026-03-12T11:48:00","date_gmt":"2026-03-12T04:48:00","guid":{"rendered":"https:\/\/thue.man.net.vn\/?p=5051"},"modified":"2026-03-12T11:48:00","modified_gmt":"2026-03-12T04:48:00","slug":"nghi-dinh-366-2025","status":"publish","type":"post","link":"https:\/\/thue.man.net.vn\/en\/nghi-dinh-366-2025\/","title":{"rendered":"Decree 366\/2025\/ND-CP: Management and Investment of State Capital\u00a0"},"content":{"rendered":"

Decree 366\/2025\/ND-CP<\/span><\/a> Recently issued by the Government to replace old regulations, this document marks a significant turning point in the management and investment of state capital in enterprises. It not only standardizes investment processes but also tightens financial discipline, forcing state-owned enterprises to be transparent about cash flow and the efficient use of public resources. For accounting and auditing professionals, a thorough understanding of this legal framework is a prerequisite for accurate financial reporting and tax settlement.<\/span><\/p>\n

According to the provisions of Decree 366\/2025\/ND-CP, the Government focuses on strong decentralization and delegation of power, accompanied by a strict post-inspection monitoring mechanism. The application of international standards in evaluating capital efficiency (ROE, ROA) and specific financial indicators is clearly stipulated in Articles 15 and 22 of this Decree. This helps prevent the loss of public assets and creates a healthy and equitable business environment for all types of enterprises. Let's explore these changes in detail below.<\/span><\/p>\n

Context and scope of application of Decree 366\/2025\/ND-CP<\/b><\/h2>\n

The promulgation of Decree 366\/2025\/ND-CP addresses the urgent need to perfect the socialist-oriented market economy institutions. In the context of an economy facing numerous fluctuations, the management of state capital requires flexibility while still ensuring safety.<\/span><\/p>\n

Decree 366\/2025\/ND-CP applies to sovereign representative agencies, enterprises in which the State holds 100% of the charter capital, and also enterprises with less than 100% of the State capital. This is a broad scope of regulation, directly affecting thousands of economic entities nationwide.<\/span><\/p>\n

Continuation and changes compared to Decree 91\/2015\/ND-CP<\/b><\/h3>\n

Before Decree 366\/2025\/ND-CP came into effect, businesses primarily relied on Decree 91\/2015\/ND-CP and its amending circulars. However, many shortcomings in asset valuation and divestment have become apparent through periodic audits.<\/span><\/p>\n

Decree 366\/2025\/ND-CP has addressed loopholes by providing more detailed regulations on the method of determining enterprise value during equitization. At the same time, this document clarifies the responsibility of the head of the organization when ineffective capital preservation occurs.<\/span><\/p>\n

The central objective of Decree 366\/2025\/ND-CP<\/b><\/h3>\n

The primary goal of Decree 366\/2025\/ND-CP is to enhance the competitiveness of state-owned enterprises through financial autonomy. This requires accounting departments to shift their mindset from "record-keeping" to "risk management.".<\/span><\/p>\n

Below is a table summarizing the groups directly affected by the new regulations:<\/span><\/p>\n\n\n\n\n\n\n
Table listing the groups directly affected by the new regulations.<\/b><\/caption>\n
Target group<\/b><\/td>\nMain responsibilities according to Decree 366\/2025\/ND-CP<\/b><\/td>\nAccounting and auditing notes<\/b><\/td>\n<\/tr>\n
State-owned enterprises hold 100% capital.<\/span><\/td>\nPreserve and grow capital, and pay taxes on time.<\/span><\/td>\nTax settlement and distribution of after-tax profits<\/span><\/td>\n<\/tr>\n
State-owned enterprises hold over 501% of the capital.<\/span><\/td>\nSupervise the capital representative and approve the business plan.<\/span><\/td>\nAudit of consolidated financial statements<\/span><\/td>\n<\/tr>\n
Owner's representative agency<\/span><\/td>\nInspection, auditing, and business rating<\/span><\/td>\nAnnual report on capital utilization<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Regulations detailing state capital investment in enterprises.<\/b><\/h2>\n

Capital investment is the core content of Decree 366\/2025\/ND-CP. Investment is no longer scattered but focused on key areas such as national infrastructure, clean energy, and core technologies.<\/span><\/p>\n

Chief accountants at large corporations need to pay particular attention to the procedures for preparing investment proposals as stipulated in Chapter II of Decree 366\/2025\/ND-CP. Any errors in the application can lead to delays in disbursement or the rejection of the investment project.<\/span><\/p>\n

Forms of state capital investment<\/b><\/h3>\n

According to Decree 366\/2025\/ND-CP, there are three main forms of capital investment recognized and encouraged by law. These forms must be appraised by the State Appraisal Council or an equivalent competent authority.<\/span><\/p>\n