Regulations on Assets Utilized in the Field of Science and Technology

Assets used in the field of science and technology shall be handled and implemented in the following forms:

Assigning assets to the presiding organization to perform scientific and technological tasks

Within 07 days from the date of the asset assignment decision of the competent authority, the agency assigned to manage the scientific and technological tasks is responsible for presiding, organizing the handover. The handover must be recorded in minutes;

After the handover minutes are prepared, the presiding organization performing the task is responsible for:

- Accounting, managing, and using the assets according to legal regulations on the management and use of public assets for the stipulated recipient. The value of the assigned assets is the value recorded in the accounting books;- Managing and using according to legal regulations on the management and use of state capital invested in production and business in enterprises and related laws in case the presiding organization is an enterprise as per legal regulations. The value of the assigned assets is determined in accordance with the market value of the assets at the handover time to increase capital;- In case the presiding organization under Point a, Clause 1, Article 7 of Decree 70/2018/ND-CP, after receiving the handover assets, does not use and wastes the assets, the competent authority shall decide to revoke the assets according to legal regulations. The presiding organization that does not use the assets and wastes the assets will be handled according to legal regulations.

Selling assets

Within 30 days from the date of the asset sale decision of the competent authority, the agency assigned to manage the scientific and technological tasks will preside over the asset sale, and the organization of the asset sale is regulated as follows:

Direct sale to the presiding organization or individual:

- The agency assigned to manage the scientific and technological tasks is responsible for signing the Asset Sale Contract with the presiding organization or individual performing the scientific and technological tasks. The issuance of the asset sale invoice to the buyer complies with legal regulations on public asset sale invoices;- The selling price of the asset is determined as the remaining value of the asset recorded in the accounting books.

Auction Sale:

- The agency assigned to manage the scientific and technological tasks is responsible for determining and approving the starting price, signing a contract to hire a professional auction organization to conduct the auction according to legal regulations on the management and use of public assets and legal regulations on asset auction;- If it is not possible to hire a professional auction organization to conduct the auction, the head of the agency assigned to manage the scientific and technological tasks shall decide to establish an Auction Council chaired by the agency leader; other members include representatives of the same-level financial agency, representatives of specialized technical authorities (if necessary), and other related members. The agency assigned to manage scientific and technological tasks is responsible for signing an Asset Sale Contract with the organization or individual who wins the auction. The issuance of asset sale invoices to the buyer complies with legal regulations on public asset sale invoices.

Management and use of proceeds from asset sales: According to Decree 70, all proceeds from the asset sales are deposited into a temporary account opened at the State Treasury. Expenses related to the asset sale are used from the proceeds of the asset sale. In case the proceeds from the asset sale are insufficient, the expenses are covered by the funds of the agency assigned to manage the scientific and technological tasks.

Asset transfer

- Within 30 days from the date of the asset transfer decision of the competent authority, the agency assigned to manage the scientific and technological tasks shall preside, cooperate with the presiding organization or individual performing the scientific and technological tasks and related agencies (if any) to organize the asset handover to the receiving unit.- Costs arising during the handover and receipt process (if any) shall be paid by the receiving agency.

Asset liquidation

- Within 30 days from the date of the asset liquidation decision of the competent authority, the agency assigned to manage the scientific and technological tasks shall organize the asset liquidation. The methods, sequence, and procedures for asset liquidation comply with legal regulations.- Expenses related to asset liquidation are used from the proceeds of asset liquidation (if any). In case the proceeds from the asset liquidation are insufficient, the expenses are covered by the funds of the agency assigned to manage the scientific and technological tasks.

Asset destruction

- Within 30 days from the date of the asset destruction decision of the competent authority, the agency assigned to manage the scientific and technological tasks shall handle the assets according to the destruction form of the competent authority. The destruction is carried out according to legal regulations.- Expenses related to asset destruction are used from the funds of the agency assigned to manage the scientific and technological tasks.

Decree 70/2018/ND-CP is effective from May 15, 2018.

-Thao Uyen-

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