Tạp chí của Kiểm toán nhà nước
Tariffs in U.S. Trade Policy under the Trump Administration: Theory, Practice, and Implications for Vietnam
One of the most notable developments in international relations since early 2025 has been the continuous use of tariffs by the Donald Trump Administration in its dealings with various countries, including adversaries, partners, allies, and notably, Vietnam. Therefore, understanding the context, nature, and objectives of tariffs as a tool in future U.S. trade policy is crucial. This understanding aims to derive key policy implications, which is the primary goal of this article.
“Greening” public finance and the role of the Supreme Audit Institution: International Experiences and Recommendations for Vietnam
This paper explores the relationship between green public financial management and climate-responsive public sector auditing. It highlights the increasing fiscal exposure of governments due to climate-induced disasters and argues for a systemic shift in how public resources are allocated and audited. Green PFM integrates climate considerations into budgeting, procurement and expenditure tracking, while green auditing ensures transparency, accountability, and policy effectiveness. The paper reviews international tools such as PEFA-Climate, ISAM (IDI’s SDG Audit Model) and ClimateScanner, showing how they help Supreme Audit Institutions monitor climate action and assess government readiness. For Vietnam, the paper recommends adopting international frameworks, developing specialized audit capacities, and enhancing inter-agency collaboration to green national budgeting and oversight systems. The State Audit Office of Vietnam is urged to lead in climate auditing and governance reform.
Auditing the Management and Utilization of Land by Supreme Audit Institutions - A Brief Discussion
Effective land management and utilization is a crucial strategy for promoting sustainable development globally. Audits of land management and utilization conducted by Supreme Audit Institutions (SAIs) in various countries require thorough establishment of their objectives, audit criteria, approaches, and procedures. Simultaneously, strengthening coordination between SAIs and government agencies within each country is essential to ensure the audit's quality and effectiveness. This article will discuss "Auditing the Management and Utilization of Land by Supreme Audit Institutions - A Brief Discussion".
COSO Internal Control Framework in Sustainability Reporting: Challenges and Prospects for Application in Vietnamese Commercial Banks
This article analyzes the role of the COSO Internal Control Framework and internal control guidelines for sustainability reporting, aiming to enhance the reliability and transparency of Environmental, Social, and Governance (ESG) reports within the banking sector. Drawing on international theoretical foundations and practical application at several Vietnamese commercial banks, the paper identifies challenges related to legal frameworks, human resources, and technology. Simultaneously, it highlights the opportunities to boost reputation, attract green investment, and adapt to global standards. Based on this, the article proposes key policy recommendations to promote the widespread and effective adoption of the COSO Framework in sustainability reporting within Vietnam's banking system.
The State Audit Office of Vietnam’s Role in Green Finance Auditing to Achieve Sustainable Development Goal 13 and Influencing Factors
Green finance is playing an increasingly pivotal role in fulfilling national and international commitments regarding climate change, particularly in achieving Sustainable Development Goal 13 (SDG 13). In this context, green finance auditing needs to become a strategic component of the State Audit Office of Vietnam's (SAV) operations to promote effective public governance and implement national climate commitments. Concurrently, the SAV must clearly define its roles: providing reliable information, contributing to government transparency in achieving SDG13, fostering a sound green finance environment, and improving policies for SDG13 implementation. However, for the SAV to effectively fulfill this role, it's crucial to research factors influencing its implementation capacity. These include the legal framework, auditor competency, technical tools, supporting data, and inter-agency coordination mechanisms. Identifying and analyzing these factors will lay the groundwork for institutional improvement, capacity building, and innovative audit methodologies that align with sustainable development requirements and contribute to the government's realization of SDG13.
Balancing Prudence and Relevance: Key Levers Shaping Vietnam's Accounting System During IFRS Integration
This article analyzes the dynamic relationship between prudence and relevance - two core characteristics that define the quality of accounting information - in the context of Vietnam's preparation for the mandatory adoption of International Financial Reporting Standards (IFRS) after 2025. Based on the IFRS Conceptual Framework and cost-benefit theory, we develop a net benefit curve model. In this model, the optimal equilibrium point represents a level of prudence sufficient to minimize error risks without compromising timeliness and usefulness. A review of international experience indicates that developed markets often prioritize relevance, while legal frameworks based on detailed civil law (code law) emphasize prudence. In Vietnam, our analysis of the current situation and expert surveys reveal that the accounting system still leans heavily towards prudence, which reduces its predictive capability and attractiveness for capital investment. Building on these findings, the article proposes three key policy recommendations for the post2025 period: (1) Implementing a two-tier standard framework: IFRS for public enterprises and Vietnam Financial Reporting Standards (VFRS) for small and medium-sized enterprises; (2) Establishing a flexible domestic endorsement mechanism: This would allow for adjustments to the fair value measurement roadmap; (3) Utilizing a tax-audit stabilization mechanism: This involves separating tax purposes from financial reporting, while simultaneously enhancing transparency in the disclosure of estimates and strengthening audit accountability. These proposals aim to achieve a "new equilibrium" where prudence and relevance are mutually supportive. This will contribute to improving information quality, reducing capital costs, and fostering the sustainable development of Vietnam's financial market.
Solutions for Effective Management and Waste Prevention of Surplus Public Assets After Streamlining the Political System's Structure
This research provides an overview of the situation regarding surplus public assets following the streamlining of the political apparatus. This streamlining includes a significant reduction in ministerial, departmental, and sectoral levels, the abolition of district-level administration, and the implementation of a two-tier local government model aimed at enhancing management effectiveness, efficiency, and efficacy. The study proposes solutions for effective management and utilization of public assets to prevent waste. This encompasses a substantial volume of valuable assets owned by the entire populace, including land, construction works, vehicles, office equipment, and other asset types. The proposed solutions include a comprehensive inventory of assets, valuation of all used assets to determine their current worth, restricting new purchases to both save costs and avoid waste, fully re-utilizing these assets for units with a need, and disposing of assets through auctions, liquidation, value-based sales, transfers, or changes in user entities to maximize their utility and value.
Các yếu tố vĩ mô quyết định cán cân thanh toán của Việt Nam: Phân tích thực nghiệm từ năm 2008 đến 2023
This study investigates the drivers of Vietnam's Balance of Payments (BOP). From 2008 to 2023, as Vietnam became more globally connected, we've seen how key economic players -interest rates, trade balance, foreign direct investment (FDI), and the consumer price index (CPI) - have influenced its financial standing. We aim to clearly show how these factors impact the BOP's ups and downs, especially with increasing trade and external shocks. We analyzed quarterly data from the International Monetary Fund and Vietnam's General Statistics Office to develop our model. Utilising STATA software, we derived several notable results: although our model is statistically significant (F-statistic = 8.51; p-value < 0.05), indicating a valid relationship, it accounts for approximately 37.4% of the variation in the Balance of Payments (R² = 0.3739). This suggests that additional factors influence the outcome. Among the economic indicators examined, only the balance of trade (BOT) demonstrated a significant impact on the Balance of Payments, exhibiting a positive and robust association (coefficient = 0.66391; p-value = 0.001). This implies that a one-unit increase in the trade balance corresponds to an approximate increase of 0.66 units in the Balance of Payments. Conversely, interest rates, foreign direct investment (FDI), and the Consumer Price Index (CPI) did not show statistically significant effects during the period under review. These findings highlight the pivotal role of trade efficiency in enhancing Vietnam's Balance of Payments. To promote macroeconomic stability and sustainable growth, policy measures should prioritise increasing exports, managing imports effectively, and maintaining a stable trade environment.
Impact of Capital Structure on the Financial Performance of Pharmaceutical Companies Listed on the Vietnamese Stock Exchange
This study analyzes the impact of capital structure on the financial performance of pharmaceutical companies listed on the Vietnamese stock market. Based on data from 37 companies during the 2016-2023 period, a regression model was used to assess the influence of variables such as the short-term debt ratio (SHD), long-term debt ratio (LOD), debt-to-equity ratio (D/E), fixed asset intensity (FAI), and firm size (SIZE) on financial performance, measured by ROA and ROE. The results show that the long-term debt ratio (LOD) and debt-to-equity ratio (D/E) have a negative and statistically significant impact on ROA and ROE, suggesting that using high financial leverage can decrease financial performance. Meanwhile, fixed asset intensity (FAI) has a positive impact on ROE, indicating that investing in fixed assets can improve the return on equity. However, the short-term debt ratio (SHD) and firm size (SIZE) have no significant impact on financial performance. Based on these results, the study recommends that pharmaceutical companies should restructure their debt, reduce financial leverage, strengthen capital mobilization from internal and equity sources, invest appropriately in fixed assets, and improve their financial management. These recommendations are intended to help companies enhance operational efficiency and contribute to the sustainable development of Vietnam's pharmaceutical industry.
An Overview of Artificial Intelligence Applications in Accounting and Auditing
This article provides a comprehensive overview of the application of Artificial Intelligence (AI) in the fields of accounting and auditing within the context of the Fourth Industrial Revolution. Using a semisystematic review methodology, the authors analyzed research literature from 1992 to 2020 and identified 10 core groups of AI technologies that are shaping and will continue to shape accounting and auditing activities, including: expert systems, machine learning, neural networks, natural language processing, robotic process automation. The research findings indicate that while AI brings significant benefits in terms of productivity, accuracy, and risk management, it also poses new challenges related to professional ethics, technological unemployment, and the need to restructure professional training. The article also discusses adaptive solutions from the perspectives of policy, education, and businesses to ensure the sustainable development of the accounting and auditing professions in the digital age.
The Strategic Role of Management Accounting Amid the Rise of Artificial Intelligence
This article uses a qualitative research method, synthesizing the latest theories and literature, to clarify how artificial intelligence (AI) helps management accountants shift their focus from traditional accounting operations to the role of a strategic partner for leadership. The analysis reveals that AI has been automating many repetitive accounting tasks and enhancing the ability to analyze big data and forecast the future. As a result, management accountants can concentrate more on strategic thinking and provide high-quality information and consultation for the decision-making process. The study also discusses emerging challenges, including the need for new skills (such as data and analytics), ethical issues, and the risks of over-reliance on AI. The conclusion and recommendations emphasize that to leverage their strategic advisory role in the AI era, management accountants must proactively adapt, enhance their technological and analytical capabilities, and harmoniously combine artificial intelligence and human intelligence to create strategic value for the business.
Developing the Peer-to-Peer lending model in Vietnam: Current situation and policy completion requirements
This article analyzes the robust development of the peer-to-peer (P2P) lending model in Vietnam amid the boom of financial technology (Fintech). While this model offers people more convenient access to capital, it also poses numerous risks due to the lack of a clear legal framework, information transparency and effective oversight mechanisms. The content focuses on clarifying the nature, operational characteristics, current development status, and major challenges such as credit risk, data security, fraud, money laundering and the potential for financial system instability. The article therefore proposes the urgent need to complete the legal corridor, build an independent credit scoring system and enhance transparency and consumer protection.
Completing the audit content for the management and use of state budget funds for public IT projects
Currently, the information technology (IT) is becoming a crucial factor in the development of state agencies. With the advancement of technology and the internet, the demand for technology services aimed at developing an e-government, providing electronic public services and enhancing the efficiency of state management is an inevitable trend and a common model in many countries. Recognizing this, the State has advocated for the application of information technology to promote administrative reform, modernize government agencies, and build a more effective and efficient government. As the state budget is being heavily invested in IT projects, the need for auditing to ensure the effective management and use of these funds is becoming increasingly urgent. This article analyzes the current state of auditing for IT projects, identifies existing limitations and proposes solutions to improve audit content. The goal is to enhance the efficiency of state budget management and increase transparency and public disclosure in IT investment activities.
Discussing the application of artificial intelligence in tax policy research
This article discusses the important role of artificial intelligence (AI) in tax policy research and planning. Unlike traditional methods, AI enables the processing of big data, the modeling of non-linear relationships and the forecasting of impacts from policy adjustments such as corporate income tax, valueadded tax VAT, and the global minimum tax (GMT). This helps to optimize tax policy through multiobjective algorithms, contributing to a balance between economic efficiency and social equity. However, the application of AI in tax policy and academia still faces numerous challenges, including a lack of open data, limited interdisciplinary connections, an insufficient legal framework, and high technology costs. The article proposes integrating AI into training programs and establishing interdisciplinary research centers to enhance analytical capabilities and innovate tax policy in Vietnam.
The impact of financial statement comparability on audit time lag of non-financial listed companies in the Vietnamese stock market
This study provides empirical evidence on the impact of financial statement comparability on the audit time lag of listed companies in the Vietnamese stock market. The research uses data from 549 companies listed on both the HOSE and HNX exchanges from 2011 to 2021. The author employs a quantitative research method, utilizing Prais-Winsten regression and quantile regression, which are suitable for panel data. The findings indicate an inverse relationship between financial statement comparability and the audit time lag of non-financial listed companies in the Vietnamese stock market.
The role of the State Audit Office in enhancing public entities’ accountability in the management and use of the state budget
Accountability is a common term in modern public administration and is one of the four pillars of state budget management (transparency, predictability, accountability and public participation). In the process of development, through its audit activities, the State Audit Office of Vietnam (SAV) has actively contributed to enhancing the accountability of public entities assigned or decentralized to manage and use the state budget. Given the increasingly high demands of public administration and as an auditing body established by the National Assembly, SAV needs to continuously affirm its role in strengthening the accountability of public entities in the management and use of the state budget. Some fundamental solutions are proposed, including: i) supplementing certain content related to "accountability" in the Law on State Budget, the Law on State Audit and other auditing regulations; ii) expanding the scope of audits; and iii) increasing the public disclosure of audit results.
Vietnam’s gold exchange: Achieving transparency and safety must initiate from physical spot trading and centralized clearing
This paper examines the rationale for establishing a gold exchange in Vietnam as a transition from an ad hoc regulatory approach to a market-organizing framework based on standardized infrastructure, data transparency, and trading discipline. Drawing on an assessment of current shortcomings in the gold market - particularly persistent price differentials, fragmented reference pricing, counterparty risks, and the lack of standardized post-trade processes- the paper argues that, in the initial phase, a fully backed physical spot exchange (i.e., spot trading of physical gold fully supported by existing underlying assets) combined with a centralized clearing mechanism represents the most appropriate model. Accordingly, the paper proposes a cautious and phased roadmap for developing a gold exchange, in which market discipline, systemic safety, and supervisory capacity are treated as fundamental prerequisites.
Artificial intelligence integration in education: Reality and impacts on the 4C skills of Vietnamese students
Artificial Intelligence (AI) is progressively becoming a pivotal technology in reshaping pedagogical methods and learning processes within higher education institutions. This article aims to analyze the current state of AI utilization and evaluate its impact on the 4C skills set (Critical Thinking, Creativity, Communication and Collaboration) among Vietnamese students through a synthesis of empirical evidence. Research findings indicate that while AI facilitates the optimization of performance outputs, excessive reliance poses potential risks to the deterioration of students' 4C competencies. Consequently, the paper proposes a synchronized system of solutions, ranging from perfecting legal frameworks and establishing technical standards to upgrading technological infrastructure and innovating digital pedagogy. These findings provide an essential scientific foundation for formulating effective AI integration strategies that meet educational standards in the digital era.
The role of accounting information in anti-greenwashing: practices in Singapore and implications for Vietnam
Nghiên cứu này phân tích vai trò của kế toán bền vững trong việc ngăn chặn hành vi “tẩy xanh” (greenwashing) trong bối cảnh nền kinh tế tuần hoàn, đồng thời làm rõ cách thức hệ thống kế toán bền vững minh bạch giúp biến các cam kết ESG thành hành động có trách nhiệm và đo lường được. Nghiên cứu sử dụng phương pháp nghiên cứu tại bàn và phân tích tài liệu hệ thống kết hợp tham chiếu mô hình định lượng từ dữ liệu của 40 doanh nghiệp niêm yết tại Singapore năm 2024. Nền tảng lý luận của nghiên cứu được xây dựng dựa trên sự kết hợp giữa Lý thuyết Bất đối xứng Thông tin và Lý thuyết Phụ thuộc Tài nguyên (RDT). Kết quả nghiên cứu chỉ ra rằng kế toán bền vững là giải pháp nền tảng giúp giảm thiểu sự chênh lệch thông tin và hỗ trợ các bên liên quan phân biệt tính thực chất với tính biểu tượng trong các báo cáo phát triển bền vững. Việc áp dụng các chuẩn mực quốc tế như GRI, ISSB và TCFD được xác định là công cụ then chốt để nâng cao chất lượng báo cáo và uy tín doanh nghiệp. Nghiên cứu khẳng định kế toán bền vững giúp giảm ràng buộc tài chính và chi phí nợ. Dựa trên các phát hiện này, nhóm đề xuất các khuyến nghị cho Việt Nam nhằm phát hiện, ngăn chặn hành vi “tẩy xanh” để hướng tới mục tiêu phát triển bền vững.
Biological assets and accounting treatments under Circular 99/2025/TT-BTC
Biological assets are highly specialized items posing significant risks in corporate accounting and auditing due to biological transformation and market volatility. Historically, the lack of a dedicated accounting framework led to inconsistent recognition, undermining financial statement transparency and increasing the risk of material misstatements. Circular 99/2025/TT-BTC marks a pivotal shift by establishing the first dedicated accounting regime for biological assets in Vietnam. This article systematically analyzes the Circular's provisions on recognition, measurement, accounting and presentation, utilizing qualitative research and policy analysis compared with international practices. Furthermore, it evaluates audit risks arising during the application of these new regulations. The results show that while the Circular standardizes practices, certain gaps remain that could affect audit quality, necessitating further technical guidance.
Financing high-speed railway projects in Vietnam: A comparative analysis of public investment, PPP and private investment models
This study assesses the financial feasibility of alternative funding structures for Vietnam's North-South high-speed railway project. Drawing on infrastructure and project finance theories, the paper constructs a comparative framework for three models: public investment, Public-Private Partnership (PPP) with government guarantees and private sector participation. The analysis focuses on leverage structures, sensitivity to cost and revenue fluctuations and fiscal obligations arising from public guarantees. Findings suggest that full private sector financing is hardly feasible without significant state support. Guaranteed PPP models improve capital mobilization but increase contingent fiscal liabilities. Conversely, the public investment model demonstrates higher long-term financial stability due to reduced refinancing risks and increased resilience against demand uncertainty.
Upper echelon theory and the adoption level of management accounting: implications for small and medium enterprises in Vietnam
This study elucidates the role of Upper Echelon Theory in explaining the extent of management accounting adoption within enterprises. Based on a literature review and theoretical analysis, the results indicate that the application of management accounting tools depends not only on corporate resources or information infrastructure but also significantly influenced by the cognitive lenses of top managers. From this perspective, the article proposes solutions to promote management accounting adoption in Vietnamese Small and Medium Enterprises (SMEs), where the leader's personal imprint dictates nearly every organizational move. Proposed solutions include enhancing managerial awareness, maintaining flexibility in accounting personnel organization and refining the institutional support framework from state regulatory agencies.
AI governance and ethical challenges in the auditing profession: A theoretical framework and practical solutions in the context of digital transformation
In the Industry 4.0 era, Artificial Intelligence (AI) is profoundly restructuring auditing processes, shifting from traditional sampling methods to continuous monitoring based on Big Data. However, reliance on algorithms gives rise to serious ethical challenges, such as automation bias, “black box” transparency issues and data security risks. This paper examines the relationship between AI Governance and professional ethics, analyzing international legal frameworks (EU AI Act, NIST, ISO 42001) and Vietnam's Law on Artificial Intelligence No. 134/2025/QH15. The research findings propose a multi-layered governance framework to safeguard integrity and public trust in the auditing profession in a digital environment.
Local budget auditing under the two-tier local government model: challenges and solutions
The implementation of a two-tier local government model is currently being deployed in Vietnam. This model aims to streamline the administrative apparatus, enhance decentralization and the delegation of power and improve the efficiency of local governance. However, structural changes in local government organization will inevitably lead to significant shifts in local budget management and impose new requirements on the local budget auditing of the State Audit Office. This article analyzes the theoretical foundations of local budget auditing within the context of a two-tier local government structure. Furthermore, it evaluates the challenges facing budget auditing activities during this organizational transition, thereby proposing solutions to refine auditing methodologies, audit implementation and the legal framework to enhance the effectiveness of local budget audits in the new context.
State budget management under the two-tier local government model and challenges for the State Audit Office in auditing local budget settlement reports
The state budget serves as a vital instrument for socio-economic management and ensures financial resources for the public apparatus. Within the national budget system, local budgets play a direct role in securing resources for regional development. Amidst administrative reforms and the shift toward a two-tier local government model, local budget management mechanisms require adjustment to enhance the efficiency and effectiveness of public financial management. The 2025 State Budget Law introduced provisions to strengthen budget decentralization, increase local financial autonomy and enforce financial discipline. Simultaneously, Clause 2, Article 73 of this Law mandates the State Audit Office of Vietnam (SAV) to audit local budget settlement reports before they are submitted to Provincial People's Councils for approval. This article analyzes local budget management issues under the 2025 Law within the two-tier government framework and clarifies the challenges facing the SAV in auditing budget settlements during administrative restructuring.
The Role of state-level energy policies in green transition and economic growth in the United States: Lessons for Vietnam
Climate change and the imperatives of sustainable development have catalyzed a global energy transition from fossil fuels toward low-emission and renewable energy sources. This process serves not only environmental objectives but also unlocks economic opportunities through job creation, technological innovation and investment attraction. In the United States, alongside federal policies, state and local governments play a crucial role in shaping green energy strategies. Many states have pioneered energy transition policies aimed at carbon emission reduction and increasing renewable energy consumption, while simultaneously driving economic growth and "green" employment. Within the scope of this research, the article analyzes the global context of energy transition and the significance of subnational policies. It provides an overview of state-level energy policies in the U.S., draws comparisons with practices in Vietnam and subsequently proposes solutions to develop a comprehensive policy framework for Vietnam.
Independent audits of related party transactions
Related party transactions (RPTs) within an organization, if not strictly controlled, can provide direct opportunities for managers, directors and related parties to siphoning resources and expropriate assets from minority shareholders and other investors or lenders. Such complex, multi-layered transactions are often directly linked to financial scandals, fraud and a decline in earnings quality. Independent auditing plays a crucial role in ensuring the reliability of information and protecting the interests of information users. This article clarifies the challenges faced by independent auditors when auditing related party transactions. Based on this analysis, it recommends key considerations and necessary audit procedures to enhance the efficiency and quality of the audit process.
Legal framework for environmental auditing of selected Supreme Audit Institutions and lessons for the State Audit Office of Vietnam
As nations confront escalating environmental challenges - such as climate change, pollution, and natural resource degradation - environmental auditing has emerged as a vital tool for evaluating the effectiveness of state management in environmental protection and the achievement of Sustainable Development Goals (SDGs). Recognizing this significance, the International Organization of Supreme Audit Institutions (INTOSAI) and regional bodies (such as EUROSAI, ASOSAI, AFROSAI, etc.) have established a comprehensive system of standards, guidelines and strategic orientations. These initiatives aim to build a foundational and unified framework for environmental auditing activities on both global and regional scales. This article introduces the guidelines and legal frameworks of selected Supreme Audit Institutions (SAIs) and relevant international organizations regarding environmental auditing. Based on this analysis, the study draws practical lessons and experiences for the State Audit Office of Vietnam (SAV).
Factors affecting credit performance at Vietnamese joint-stock commercial banks
This study analyzes the internal factors influencing credit growth across 15 Vietnamese joint-stock commercial banks during the 2015-2024 period. By employing panel data analysis with Pooled OLS, Fixed Effects Model (FEM) and Random Effects Model (REM), the empirical results demonstrate that credit growth is significantly driven by bank size, deposit mobilization capacity, capital efficiency and equity structure. Conversely, liquidity factors do not appear to play a decisive role. The research highlights a distinct trade-off between credit expansion goals and capital adequacy requirements, particularly as banks face increasing pressure to comply with prudential standards. Consequently, this study provides valuable empirical evidence for both bank management and credit policy administration. Despite its contributions, the research acknowledges certain limitations regarding sample size, time frame and the exclusion of macroeconomic variables. Nevertheless, the findings help clarify the credit operational mechanisms in Vietnam and suggest future research directions involving longer time horizons, international scopes and the integration of macroeconomic factors.
Tax avoidance across different enterprise ownership types
Tax avoidance is a form of legal tax planning aimed at minimizing a corporate entity's tax liabilities. Different types of enterprises - including state-owned enterprises (SOEs), private/joint-stock companies, and Foreign Direct Investment (FDI) enterprises - possess distinct ownership characteristics, objectives, and governance structures, leading to divergent tax avoidance behaviors. This review aims to survey relevant academic research, comparing tax avoidance disparities among these three groups within the Vietnamese context. Findings indicate that SOEs generally exhibit a lower tendency for tax avoidance compared to private firms, as their primary objectives extend beyond mere profit maximization. Conversely, private and joint-stock companies (particularly those with dispersed ownership or increasing institutional shareholding) often actively seek ways to reduce their tax burden. Notably, FDI enterprises stand out for their transfer pricing strategies and cross-border tax avoidance; they are typically the most aggressive of the three groups, especially regarding subsidiaries of corporations located in tax havens.