How to handle buried, hidden, or sunken found assets?

18:48, 11/07/2024

Decree 29/2018/ND-CP has been issued by the Government of Vietnam, stipulating the order and procedures for establishing ownership of property by the entire people and handling property with established ownership by the entire people.

According to the new regulations, the Department of Finance is responsible for developing a plan for handling buried, concealed, submerged assets that have been found and reporting to the competent authority for approval. The buried, concealed, submerged assets that have been found will be handled as follows:

- Return to the owner if the legitimate owner is identified;- In case there is no or cannot determine who the legitimate owner is, return to the organization or individual who found the buried, concealed, submerged asset if the asset value is less than or equal to ten times the statutory pay rate.

The organization or individual receiving the asset must pay the costs of finding the owner, transportation, preservation, and valuation of the asset.- In case the buried, concealed, submerged asset found cannot determine the owner or the owner relinquishes ownership of the asset or the owner does not pay the related costs or the organization or individual does not come to receive the asset or does not pay the related costs, the found asset will be established as public ownership.

Decree 29/2018/ND-CP replaces Decree 29/2014/ND-CP and takes effect from March 05, 2018.

- Thanh Lam -

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