Amendment to law observance criteria in assessment and classification of State-owned enterprises in Vietnam

Bao Ngoc

08:27, 23/09/2021

On September 17, 2021, the Ministry of Finance of Vietnam promulgated Circular 77/2021/TT-BTC amending and supplement some articles of Circular 200/2015/TT-BTC on supervision of state capital investment in enterprises; financial supervision, performance evaluation and disclosure of financial information of state-owned enterprises (SOEs) and enterprises with state capital.

According to this Circular, amending the criteria on compliance with current legal regulations of Vietnam in evaluating the performance of enterprises as follows:

An enterprise is classified as A when it meets the following conditions:

- In the year of assessment and classification, the enterprise has not been administratively sanctioned by the competent authority in the tax field for the group of acts of false declaration leading to a lack of tax payable or an increase in the exempted or reduced tax amount, refund, non-collection and group of acts of tax evasion.

- Not being reminded in writing by the representative agency/financial agency once about submitting reports for financial supervision, business classification reports, and financial statements are not in accordance with regulations, not on time.

Along with that, the Circular also amends regulations on cases of enterprises classified as B and C.

For details, see Circular 77/2021/TT-BTC of Vietnam, effective from November 3, 2021 and applicable from fiscal year 2021.

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