Assets at the Communist Party Agency: What Is Their Source?

• In Article 3 of Decree 165/2017/ND-CP, it is clearly stated that the sources of asset formation at the agencies of the Communist Party and public service providers of the Communist Party include:*

- Assets handed over by the State in kind and assets invested in construction, procurement from the state budget.- Assets that have a decision from a competent state authority to transfer ownership to the Communist Party of Vietnam.- Assets invested in construction, procurement from the reserve fund of the Communist Party's budget and other funding sources of the Communist Party.- Assets donated, gifted, funded, sponsored, and other forms of ownership transfer from domestic and foreign organizations and individuals to the Communist Party (hereinafter referred to as assets transferred in ownership to the Communist Party).- Assets formed from the development fund for service activities, loans, mobilized capital, joint ventures, and associations with organizations and individuals as prescribed by law.

When using assets, the agencies of the Communist Party and public service providers of the Communist Party are obligated to:

- Protect and use assets for the right purposes, standards, quotas, and policies; ensure efficiency and savings;- Establish and manage asset records, asset accounting, inventory, and re-evaluation of assets according to the provisions of the Law on Management and Use of Public Property, this Decree, and accounting laws;- Report and publicize assets as prescribed;- Fulfill financial obligations in asset usage as prescribed by law;- Return assets to competent authorities upon retrieval decisions from competent agencies or individuals;- Be subject to supervision and inspection by the Inspection Committee of the party committee and competent state agencies in asset management and usage as prescribed by law and the Communist Party's Charter;- Other obligations as prescribed by law.

For details, see Decree 165/2017/ND-CP effective from January 1, 2018.

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