Regulations on property eligible to be under the established all-people ownership in Vietnam

Regulations on property eligible to be under the established all-people ownership in Vietnam (Internet image)

1. Regulations on property eligible to be under the established all-people ownership in Vietnam

Property eligible to be under the established all-people ownership in Vietnam according to Article 3 of Decree 29/2018/ND-CP include:

- Property confiscated in accordance with laws, including:

+ Material objects or equipment used for commission of administrative violations.

+ Exhibits in legal cases and other property confiscated under criminal laws and legislation on criminal procedures.

- Unpossessed property; property of which owners are not known or identified; property dropped or left; buried, hidden or sunken properties already found; uninherited property belonging to the State under the provisions of the Civil Code; goods abandoned within the customs areas in accordance with the law on customs, including:

+ Unpossessed real property or real property with unknown owners that is eligible to be put under the established all-people ownership (hereinafter referred to as ownerless real property).

+ Dropped or negligently left property of which owners are not identified or which is not claimed by owners, eligible for being put under the established all-people ownership (hereinafter referred to as negligently left or dropped property).

+ Buried, concealed, sunken property which is found or discovered on the mainland, island and in territorial waters under the sovereign rights, sovereignty and jurisdiction of the Socialist Republic of Vietnam but, at the time of being found or discovered, has no owners or unidentified owners under laws (hereinafter referred to as buried, concealed or sunken property).

+ Property that is an estate without a testamentary heir or an heir-at-law or with an heir who is not vested with the right to inherit the estate, refuses to accept the estate, or an estate without a possessor after the statute of limitations for requesting a division of the estate from the time of opening of the inheritance expires according to civil law (hereinafter referred to as unheired estate).

+ Property that is stagnant goods kept and stored at ports, warehouses and yards within the customs territory under laws on customs (hereinafter referred to stagnant goods).

- Property of social funds and charity funds into liquidation that is not received after transfer by other funds having the same operational purposes, or into liquidation due to operations violating prohibited clauses of laws or in breach of social morals, under the State ownership in accordance with the Civil Code (hereinafter referred to as property of dissolved funds).

- Property given as donation, gift, present, grant or aid by domestic and foreign organizations and individuals, but not yet accounted for by the state budget and transferred in other form to the State (hereinafter referred to as the property of which owners voluntarily transfer ownership to the State).

- Property transferred by foreign-invested enterprises without reimbursement required to the State under commitments after termination of its operations.

- Property created in the form of public-private partnership, which is transferred to the State under a project contract.

2. Forms to dispose of property whose public ownership is established in Vietnam

The forms to dispose of property whose public ownership is established in Vietnam under Article 109 of the Law on Management and Use of Public Property 2017 is as follows:

- Distribute to specialized managing authorities to manage and dispose of weapons, explosives, support instruments, technical professional equipment, vehicles and other property relevant to national security;

National treasures, antiques and other historic or cultural valuables; precious and rare forest products and other property that are imposed special management.

- Distribute or transfer to authorities and organizations to manage and use the property serving workplaces or public service facilities; means of transport, machines and equipment.

- Distribute or transfer the property to authorities assigned to manage infrastructural property.

- Remit Vietnamese currency and foreign currencies to the state budget.

- Destroy the property that is not longer used or enforced to be destroyed.

- Sell the property that is not specified in Clause 1, 4 and 5 Article 109 of the Law on Management and Use of Public Property 2017;

The property specified in Clause 2 and Clause 3 Article 109 of the Law on Management and Use of Public Property 2017 but is not distributed or transferred.

Sale of the property whose public ownership is established shall comply with regulations of law on auction, except for the following property that is put on the market directly:

+ Fragile goods or products;

+ Property with low value as prescribed by the Government.

Quoc Dat

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