Who is required to declare assets annually in Vietnam? What is the deadline for the annual asset declaration in Vietnam?

Who is required to declare assets annually in Vietnam?

Based on Article 10 of Decree 130/2020/ND-CP on those obliged to declare annually:

Article 10. Individuals Obliged to Make Annual Declarations

Individuals obliged to declare as regulated at point b of clause 3 of Article 36 of the Anti-Corruption Law include:

1. The following ranks of officials and titles:

a) Executors;

b) Investigators;

c) Accountants;

d) Forest rangers;

dd) Procurators;

e) Banking supervisors;

g) Market controllers;

h) Auditors;

i) Inspectors of the Communist Party;

k) Customs inspectors;

l) Tax inspectors;

m) Inspectors;

n) Judges.

2. Those holding leadership or managerial positions from Deputy Head of Departments or equivalent upwards working in certain specified fields as identified in Appendix III issued with this Decree.

3. Representatives of state capital at enterprises.

Thus, individuals obliged to annually declare assets include:

[1] The following ranks of officials and titles:

- Executors

- Investigators

- Accountants

- Forest Rangers

- Procurators

- Banking Supervisors

- Market Controllers

- Auditors

- Inspectors of the Communist Party

- Customs Inspectors

- Tax Inspectors

- Inspectors

- Judges

[2] Those holding leadership or managerial positions from Deputy Head of Departments and equivalent upwards in certain fields identified as required to declare assets and income annually.

Who is required to declare assets annually in Vietnam? What is the deadline for the annual asset declaration in Vietnam?​ (Image from the Internet)

Which assets and incomes in Vietnam must be declared?

Based on Article 35 of the Anti-Corruption Law 2018 stipulating assets and income required to be declared:

Article 35. Assets and Income to be Declared

1. Assets and income required to be declared include:

a) Land use rights, housing, construction works, and other assets attached to land, housing, construction works;

b) Precious metals, gems, money, valuable papers, and other movables each with a value of 50,000,000 VND or more;

c) Assets and accounts overseas;

d) Total income between two declarations.

2. The Government of Vietnam prescribes the declaration form and the implementation of the declaration of assets and income stipulated in this Article.

Thus, the assets and income required to be declared include:

- Land use rights, housing, construction works, and other assets attached to land, housing, construction works

- Precious metals, gems, money, valuable papers, and other movables each with a value of 50,000,000 VND or more

- Assets and accounts overseas

- Total income between two declarations

What is the deadline for the annual asset declaration in Vietnam?

Based on Article 36 of the Anti-Corruption Law 2018 stipulating the mode and timing for asset and income declaration:

Article 36. Mode and Timing of Asset and Income Declarations

1. Initial declarations shall be carried out for the following cases:

a) Individuals holding a work position regulated in clauses 1, 2, and 3 of Article 34 of this Law at the time this Law comes into effect. Declarations must be completed before December 31, 2019;

b) Individuals initially holding a work position regulated in clauses 1, 2, and 3 of Article 34 of this Law. Declarations must be completed within 10 days from the date of appointment, recruitment, or assignment to the work position.

2. Supplementary declarations are carried out when individuals obligated to declare have changes in assets or income within the year amounting to 300,000,000 VND or more. The declaration must be completed before December 31 of the year with asset or income changes, except where declarations have been made as provided in clause 3 of this Article.

3. Annual declarations shall be carried out for the following cases:

a) Individuals holding positions from Department Director and equivalent upwards. Declarations must be completed before December 31;

b) Individuals not included in point a of this clause working in personnel organization, public financial management, public asset management, public investment, or directly interfacing and resolving issues of other agencies, organizations, units, or individuals as prescribed by the Government of Vietnam. Declarations must be completed before December 31.

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According to the above provisions, the deadline for the annual asset declaration must be completed before December 31.