Administration of transport or water infrastructure assets in Vietnam

According to Circular No. 75/2018/TT-BTC of the Ministry of Finance of Vietnam, administration of transport or water infrastructure assets is prescribed as follows:

- All transport or water infrastructure assets must have asset documentation, be subject to the strict management in terms of their physical conditions and value as prescribed in laws on management and use of public assets and other relevant legislation.

- All transport or water infrastructure assets recognized in accounting records must have adequate information about their historical costs, remaining value and accrued depreciation.

- If any transport or water infrastructure assets which are not needed and are in the process of liquidation have not been completely depreciated, bodies authorized to manage assets shall continue to carry out the management, oversight and storage thereof in accordance with existing regulations, and calculate their depreciation in accordance with this Circular.

- If use of any transport or water infrastructure assets which have been completely depreciated continues, bodies authorized to manage assets shall continue to carry out the management, oversight and storage thereof in accordance with existing regulations.

Moreover, according to Circular No. 75/2018/TT-BTC, bodies authorized to manage transport or water infrastructure assets shall assume the following responsibilities:

- Creating asset description tags and entering all assets under their control into accounting records in accordance with applicable regulations on the accounting system;

- Making an annual inventory of assets; reporting to supervisory financial bodies in order to keep a consistent account of data adjustments between those obtained from inventorying results and accounting records (if any);

- Reporting on the situations of management and utilization of transport or water infrastructure assets in accordance with laws on management and use of public assets and relevant legislation;

- Calculate the depreciation of assets under their management.

View more details at Circular No. 75/2018/TT-BTC of the Ministry of Finance of Vietnam, effective from October 03, 2018.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE