Regulations on maritime infrastructure in Vietnam

On March 12, 2018, the Government of Vietnam issued Decree No. 43/2018/NĐ-CP on management, use and operation of maritime infrastructure.

Regulations on maritime infrastructure are notable contents of Decree No. 43/2018/NĐ-CP of Vietnam’s Government. To be specific:

Dossier of management of maritime infrastructure

According to Decree No. 43/2018/NĐ-CP of Vietnam’s Government, dossier of management of maritime infrastructure includes:

- Documentation relevant to forming of and changes to maritime infrastructure as prescribed in this Decree and relevant law provisions;

- Declarations and reports on management and operation of maritime infrastructure;

- Maritime infrastructure database.

Infrastructure supervisors shall:

- Prepare dossiers of infrastructural facilities within their scope of management;

- Manage and maintain adequate dossiers of infrastructural facilities under their management and send required reports to the Ministry of Transport and competent authorities as prescribed in this Decree.

Accounting of maritime infrastructure

Any maritime infrastructure which is structurally-independent or a system combining individual parts intended for performing one or certain functions is considered as subject matter to be recorded. If a system is handed over to multiple supervisors, the subject matter to be recorded is a part of infrastructure delivered to each supervisor.

An infrastructure supervisor shall set up accounting books of maritime infrastructure to be handed over in accordance with law on accounting.

Input value and residual value of maritime infrastructure shall be determined according to the following rules:

- In case of maritime infrastructure being operated before effective date of this Decree:

If the maritime infrastructure’s input value and residual value are known, such value shall be recorded in accounting books;

If the maritime infrastructure’s costs and residual value remain unknown, the conventional price based to determine its input value shall be recorded in accounting books; the conventional price shall determined by the Ministry of Transport;

- In case of maritime infrastructure which is brought into operation from effective date of this Decree, its value determined in procurement or investment shall be recorded in accounting books as prescribed;

- If the maritime infrastructure is newly built and brought into operation but the final accounts have not been approved by competent authority, the provisional input value shall be recorded in accounting books. The provisional input value, in this case, shall be chosen according to the order of precedence below: Proposed value in the final accounts; value stated in the taking-over A-B; estimated value of the approved project. When the final accounts are approved, the accounting authority shall adjust the above value in accordance with law on accounting;

- If the maritime infrastructure, during the operation period, is upgraded or expanded according to a project approved by competent authority, an increase in value shall be recorded.

The Ministry of Finance shall take charge and cooperate with the Ministry of Transport in stipulating accounting regulations and calculation of depreciation of maritime infrastructure.

Decree No. 43/2018/NĐ-CP of Vietnam’s Government comes into force from March 12, 2018.

-Thao Uyen-

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