Principles for managing market infrastructure asset as fixed assets in Vietnam

Principles for managing market infrastructure asset as fixed assets in Vietnam

- The market infrastructure assets defined in Article 3 of Circular 01/2025/TT-BTC must have asset records established to strictly manage the physical and value aspects in accordance with the law on the management and use of public assets and relevant laws.

- Each market infrastructure asset defined in Article 3 of Circular 01/2025/TT-BTC is a separate accounting entry. The accounting of market infrastructure assets must fully reflect and record information about the original cost, remaining value, wear and tear, and depreciation of the asset.

- Agencies and units assigned to manage market infrastructure assets are responsible for:

+ Accounting for all market infrastructure assets assigned for management according to current accounting policies;

+ Conducting periodic annual inventory of assets; making adjustments to accounting data if discrepancies arise during inventories;

+ Submitting declaration reports and reports on the management, and usage status of market infrastructure assets in accordance with Article 34 of Decree 60/2024/ND-CP and relevant laws.

- For market infrastructure assets that are no longer needed but have not yet accounted for enough wear and tear or have not fully depreciated according to regulations, the agency or unit assigned to manage the assets continues to manage, monitor, preserve the assets according to regulations, and calculate wear and tear, and depreciate according to Circular 01/2025/TT-BTC until they are disposed of according to regulations.

- For market infrastructure assets that have fully accounted for wear and tear or have fully depreciated but are still usable, the agency or unit assigned to manage the assets continues to manage, use, monitor, preserve the assets according to regulations without needing to calculate wear and tear or depreciate.

In cases where market infrastructure assets have fully accounted for wear and tear or have fully depreciated, but subsequently require a change in original cost as prescribed in Clause 7, Article 6 of Circular 01/2025/TT-BTC, it is required to calculate wear and tear, and depreciation for the remaining usage period, if any, after the change in original cost.

- In cases of leasing the right to exploit market infrastructure assets, the agency or unit assigned to manage the assets continues to manage, monitor, and account for the asset's wear and tear according to Circular 01/2025/TT-BTC during the lease period of the exploitation rights.

- In cases of transferring the exploitation rights of market infrastructure assets for a fixed term, during the transfer period, the agency or unit assigned to manage the assets (transferor):

+ Is responsible for overseeing, inspecting, and supervising the transferee's fulfillment of obligations according to the law and the term transfer contract for asset exploitation rights;

+ Is not required to account for wear and tear or depreciate according to Circular 01/2025/TT-BTC but must continue to monitor the original cost of the assets recorded at the time of transfer in the accounting ledger and disclose them in financial statement notes according to current accounting policies;

+ Upon expiration of the term transfer of market infrastructure asset exploitation rights, the agency or unit assigned to manage the assets shall re-receive the assets according to the term transfer contract for asset exploitation rights and the law, performing recalculations of the original cost and remaining value of the assets to carry out management, utilization, wear and tear accounting, and depreciation according to Decree 60/2024/ND-CP and Circular 01/2025/TT-BTC.

Circular 01/2025/TT-BTC takes effect from March 1, 2025, and applies from the financial year 2025.

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