Handling of assets for which ownership has been established by the entire people is carried out for the assets of each case. When the value of the assets in a case is under VND 100 million per case, the unit responsible for managing the assets may aggregate the assets of multiple cases for handling at one time, with a maximum period not exceeding 1 year.
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This is the content stipulated in Circular 57/2018/TT-BTC guiding the implementation of certain provisions of Decree 29/2018/ND-CP on the order and procedures for establishing state ownership over property and handling properties under state ownership, issued by the Ministry of Finance.
Illustration (source: internet)
In regards to properties handled by transferring to specialized management agencies, the organization of implementation is stipulated in Clause 1, Article 20 of Decree 29/2018/ND-CP. For properties handled by assigning or transferring to managing and using agencies, organizations, and units, the organization of implementation follows the regulations in Clause 2, Article 20 of Decree 29/2018/ND-CP.
Properties that fall under the category of being handled by assigning or transferring to managing and using agencies, organizations, and units, but no agency, organization, or unit requests to receive the property, will be handled by selling in accordance with the law on management and use of public property.
For properties handled through public auction such as confiscated items or means of administrative violations, the unit in charge of property management will sign an auction contract with an asset auction organization or establish an Asset Auction Council according to regulations in Clause 1, Article 12 of Decree 81/2013/ND-CP.
Cases requiring the establishment of a council to determine the starting price include confiscated items or means of administrative violations that have not been valued when transferred for auction; the projected auction time exceeds 60 days from the date of determining the value of the administrative violation items according to the provisions of Article 60 of the Law on Handling Administrative Violations; the value of the confiscated items determined according to Article 60 of the Law on Handling Administrative Violations has a difference (higher or lower) of 10% or more compared to the price of similar assets according to the price notice of the Department of Finance at the time of transfer for auction.
Goods subject to conditional business fields such as flammable materials, medications, veterinary drugs, and plant protection substances can only be sold to organizations or individuals that meet the business conditions under the law.
For properties that are residual goods within customs territory, the sale of property by designation or price listing is applied to goods like fresh food, easily spoiled items, and difficult-to-preserve items; flammable and explosive goods and substances (petrol, gas, oil, liquefied gases, and other flammable and explosive substances); processed food items with less than 30 days of remaining usable life.
The organization of handling properties set as state ownership is conducted for properties of individual cases. In cases where the value of the property of a single case is below VND 100 million/case, the property management unit may aggregate properties of multiple cases to handle at once, but the maximum handling period shall not exceed 1 year from the date of confiscation decision or establishment of state ownership decision by the competent authority or individual.
All proceeds from handling properties under state ownership should be deposited into the custody account at the State Treasury, managed by the agency assigned to perform the task of managing public property.
This Circular is effective from August 20, 2018.
Source: Mai Dan - Financial Times
