Method of Disposal of Fixed Asset of Parent Company - Vietnam Oil and Gas Group

According to Clause 4, Article 13 of the Financial Management Regulations of the Parent Company - Vietnam Oil and Gas Group issued together with Decree 36/2021/ND-CP, provisions on the liquidation and transfer of fixed assets are as follows:

Regarding the method of liquidation and transfer of fixed assets:

The liquidation and transfer of fixed assets is carried out through auction by an organization with the function of auctioning assets or by the Parent Company itself, conducting it openly in accordance with the procedures stipulated by law regarding asset auctions. In cases where the liquidation or transfer of fixed assets has a remaining value recorded in the accounting books of less than 100 million VND, the General Director has the authority to decide the method of sale either via auction or agreement, but not lower than market price. If the fixed assets do not have any market transactions, the Parent Company is allowed to hire an organization with the function of price appraisal to determine the price as a basis for selling the assets using the aforementioned methods. In case of transferring fixed assets attached to land, it must be implemented in accordance with the provisions of land law.

Respectfully!