Principles for general inventory of public properties in Vietnam as of January 1, 2025

Principles for general inventory of public properties in Vietnam as of January 1, 2025 (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

On March 1, 2024, the Prime Minister issued Decision 213/QD-TTg approving the Scheme for general inventory of public assets at agencies, organizations, units, and infrastructure assets invested and managed by the State.

Principles for general inventory of public properties in Vietnam as of January 1, 2025

Specifically, the general inventory of public assets at agencies, organizations, units, and infrastructure assets invested and managed by the State nationwide from January 1, 2025, must comply with the following principles:

(1) Properties within the scope of inventory that are directly/temporarily managed by subjects at Point 2, Section III of the Scheme must be inventoried, except for the following properties:

- Property that, at the time of inventory, is in the process of investment, construction, or procurement and has not been completed and put into use; property that is formed after inventory time.

- Property being used to participate in investment Schemes under the public-private partnership method; property that is being used for joint ventures or associations in the form of establishing a new legal entity (except in cases where the new legal entity is a public service unit).

- Property assigned to the enterprise to manage and calculate the state capital component at the enterprise. If the property is a system in which a part has been assigned to the enterprise to manage and calculate the state capital component at the enterprise but this part cannot be separated, an inventory will be performed for the entire system.

(2) The inventory is based on the actual count of property at the time of inventory; compare and contrast with tracking and accounting data in accounting books.

(3) For assets that are being monitored and accounted for in accounting books but are no longer present at the agency, organization, unit, or enterprise, agencies, organizations, units, and businesses that are monitoring and accounting for assets are responsible for handling them according to their authority or reporting to the agency or person competent to handle assets if they detect deficiencies according to relevant laws; do not aggregate the values of these properties into the inventory property value.

(4) For properties that agencies, organizations, units, and enterprises are managing and actually using at the time of inventory, the determination of inventory property value is carried out according to the following principles:

- For assets that have been tracked on the accounting books, determine the property value according to the original price and the remaining value of the property on the accounting books at the time of inventory.

- For properties that have not been tracked in accounting books, the agency, organization, unit, or enterprise that is managing or temporarily managing the property is responsible for basing its value on the records related to the property. In case there are regulations on price lists or conventional prices, use that price list, conventional prices, and information about the number of years put into use, depreciation rate of property according to regulations to determine the original price of the property and the remaining value of the property. The Ministry of Finance guides the determination of the original price and remaining value to serve the general inventory.

- For assets that have not been tracked in accounting books and have no basis to determine the asset value according to Point b of this Clause, determine the original price and remaining value of the asset as 1 VND. The original price and remaining value are determined to be 1 VND and are only used for general inventory purposes. After completing the inventory, agencies, organizations, units, and enterprises that are managing or temporarily managing the property are responsible for re-evaluating the value of the property to carry out accounting according to the provisions of current law.

(5) The synthesis of inventory results is carried out according to the principle from bottom to top; starting from the object directly managing/temporarily managing the property at the time of inventory. Whichever level of property is managed, that level is responsible for directing the organization to conduct inventory and compile reports.

More details can be found in Decision 213/QD-TTg, taking effect on March 1, 2024.

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