Classification of fixed assets of state agencies according to physical properties in Vietnam

Classification of fixed assets of state agencies according to physical properties in Vietnam (Internet image)

1. Classification of fixed assets of state agencies according to physical properties in Vietnam

-  A tangible fixed asset is an asset that has a physical form, independent structure, or is a system composed of multiple separate parts connected together to perform one or certain functions. To be specific:

+ Type 1: Buildings and constructions: offices, warehouses, auditoriums, clubs, cultural buildings, sport stadiums, museums, kindergartens, workshops, classes, lecture halls, dormitories, hospitals, convalescent homes, guest houses, houses, public houses, other buildings and constructions.

+ Type 2: Architectural structures: warehouses, storage tanks, parking lots, drying grounds, sports grounds, swimming pools, bore wells, dug wells, fences and other architectural structures.

+ Type 3: Cars, including: official state cars, cars that serve general works, specialized cars, cars that serve state reception and other cars.

+ Type 4: Other vehicles (except for cars): road transport vehicles, rail transport vehicles, water transport vehicles, air transport vehicles and other transport vehicles.

+ Type 5: Machinery and equipment: Popular official machinery and equipment, equipment that serves general activities; specialized machinery and equipment and other machinery and equipment.

+ Type 6: Perennial plants, draught animals and/or animals that serve production.

+ Type 7: Other tangible fixed assets

- An intangible fixed asset is an asset that does not have a physical form and its formation is invested by an agency, organization, unit or enterprise or through an operation process. To be specific:

+ Type 1: Land use rights.

+ Type 2: Copyright and copyright+related right.

+ Type 3: Industrial proprietorship.

+ Type 4: Rights to plant varieties.

+ Type 5: Software.

+ Type 6: Brands of public service providers.

- Special fixed asset is an asset of which cost of formation or real value is not determined, however, it is subject to strict management (such as: antique, exhibit in museum, monument, ranked historical relic, ancient document or rare document), fixed asset which is the brand of a public service provider. 

According to actual condition and management requirements for assets specified in this point, Ministers, heads of ministerial-level agencies, governmental agencies, other central agencies (hereinafter referred to as “ministers and heads of central agencies”), the People's Committees of provinces and central-affiliated cities (hereinafter referred to as “the People's Committees of provinces”) shall promulgate the list of special fixed assets under the management by ministries and central or local agencies (using form No. 02 in Appendix 02 hereto) in order to exercise unified management.

(Clause 1, Article 4 of Circular 23/2023/TT+BTC)

2. Classification of fixed assets of state agencies according to origins of assets in Vietnam

- Fixed assets formed from procurement.

- Fixed assets formed from investment in construction.

- Fixed assets provided or transferred.

- Fixed assets that are giveaways or promotional products (including cases where providers exchange old assets for new assets after a period of use according to policies of manufacturers/providers).

- Fixed assets not listed in the account book.

- Fixed assets that public service providers can receive after expiration of the duration of joint venture or association according to regulations in Clause 6 Article 47 of Decree 151/2017/ND-CP.

- Fixed assets formed from other sources.

(Clause 2, Article 4 of Circular 23/2023/TT+BTC)

Circular 23/2023/TT+BTC takes effect as of June 10, 2023.

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