What are regulations on standard for identifying road traffic infrastructure assets in Vietnam?

What are regulations on standard for identifying road traffic infrastructure assets in Vietnam?

In Article 3 of Circular 35/2022/TT-BTC, there are regulations on standards for identifying road traffic infrastructure assets as follows:

1. Road traffic infrastructure assets specified in points a, b, c, d, dd, e, g, h, i, k, l, m, o and p, Clause 1, Article 4, Decree No. 33 /2019/ND-CP dated April 23, 2019 of the Government regulating the management, use and exploitation of road traffic infrastructure assets (hereinafter referred to as Decree No. 33/2019/ND- CP) has an independent structure or is a system consisting of many individual asset parts linked together to perform one or more certain functions, satisfying both of the following criteria at the same time:

a) Having a useful life of 1 year or more;

b) Having an original price of 10,000,000 VND (ten million VND) or more.

2. In case a system of road traffic infrastructure assets is assigned to multiple management agencies, the assets assigned to each agency must simultaneously satisfy 02 standards specified in Points a and b, Clause 1 of this Article is a fixed asset.

What are regulations on standard for identifying road traffic infrastructure assets in Vietnam? (Image from the Internet)

What are regulations on road traffic infrastructure asset management in Vietnam? 

In Article 4 of Circular 35/2022/TT-BTC, there are regulations on management of road traffic infrastructure assets as follows:

1. Road traffic infrastructure assets specified in Article 3 of this Circular must have asset records compiled to strictly manage in kind and value according to the provisions of law on asset management and use. relevant public and legal laws.

2. Accounting for road traffic infrastructure assets must reflect and record full information about the original price, remaining value and accumulated depreciation of the assets.

3. The agency assigned to manage road traffic infrastructure assets is responsible for:

a) Prepare asset cards and account for all road traffic infrastructure assets assigned to manage in accordance with the current accounting regulations;

b) Carry out annual inventory of assets; Report to the immediate superior financial agency to unify accounting and adjustment of data between inventory results and accounting books (if any);

c) Report on the management and use of road traffic infrastructure assets in accordance with the law on management and use of public assets and relevant laws.

4. For road traffic infrastructure assets that are no longer needed but have not been fully depreciated according to regulations, the agency assigned to manage the assets will continue to manage, monitor and preserve according to regulations and calculate depreciation according to the provisions of this Circular until processed according to regulations.

5. For road traffic infrastructure assets that have been fully depreciated but continue to be usable, the agency assigned to manage the assets will continue to manage, monitor and preserve according to current regulations and not subject to depreciation.

In case a road traffic infrastructure asset has been fully depreciated but then falls into a case where the original price must be changed according to the provisions of Clause 2, Article 5 of this Circular, the depreciation must be calculated for the remaining period of use ( if any) after changing the original price.

6. In case of leasing the right to exploit road traffic infrastructure assets, the agency assigned to manage the assets will continue to manage, monitor and calculate asset depreciation according to the provisions of this Circular during the term of lease of exploitation rights.

7. In case of a limited-term transfer of the right to exploit road infrastructure assets, during the transfer period, the agency assigned to manage the assets (the transferor) is responsible for monitoring and supervising the implementation. Perform the transferee's obligations according to regulations; Do not calculate depreciation according to the provisions of this Circular.

At the end of the transfer term, the agency assigned to manage the assets shall receive the assets back according to the contract for the transfer of the right to exploit road infrastructure assets and the provisions of law, and shall determine return the original price and remaining value of the asset to manage, use, and calculate depreciation according to the provisions of Decree No. 33/2019/ND-CP and this Circular.

Best regards!