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

Forms to dispose of property whose public ownership is established in Vietnam (Image from the Internet)

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

According to Article 109 of the Law on Management and Use of Public Property 2017, the forms of handling property whose public ownership is established are as follows:

- Assign to specialized management agencies for management and handling according to applicable laws for weapons, explosives, supportive tools, technical operational means, specialized equipment, and other assets related to national defense and security; national treasures, antiques, and other items of historical and cultural value; rare forest products and other assets requiring special management according to legal regulations.

- Assign or transfer to agencies, organizations, or units for management and use regarding assets used as working offices or facilities for operational activities; transport vehicles, machinery, and equipment.

- Assign or transfer for management of infrastructure assets.

- Submit to the state budget regarding Vietnamese and foreign currencies.

- Destroy assets that no longer have use value or are required to be destroyed by law.

- Sell assets that do not fall under the scope defined in items 1, 4, and 5, Article 109 of the Law on Management and Use of Public Property 2017; assets defined in items 2 and 3, Article 109, but do not apply the forms of assignment or transfer. The sale of property whose public ownership is established is executed according to auction laws, except for the following assets which can be sold directly:

+ Goods and items that are perishable;

+ Assets with small value as stipulated by the Government of Vietnam.

2. Implementation of disposal of property whose public ownership is established in Vietnam

The implementation of disposal of property whose public ownership in Vietnam is established is stipulated in Article 111 of the Law on Management and Use of Public Property 2017 as follows:

- For assets with a decision to be assigned to specialized management agencies for handling, the asset management leading unit organizes the handover of assets to specialized management agencies according to the decision of the authorized agency or person.

After receiving the assets, the specialized management agency implements the management and handling of the received assets according to relevant legal regulations.

- For assets with a decision to be assigned to agencies, organizations, or units for use, the asset management leading unit organizes the handover of assets to the receiving agencies, organizations, or units according to the decision of the authorized agency or person.

The receiving agency, organization, or unit then performs asset increment accounting and manages and uses the assets according to the Law on Management and Use of Public Property 2017 and relevant laws.

- For infrastructure assets with an assignment decision, the asset management leading unit organizes the handover of infrastructure assets to the managing entity.

The assigned entity performs asset increment accounting and manages, uses, and exploits the assets according to the Law on Management and Use of Public Property 2017 and relevant laws.

- For assets in Vietnamese and foreign currencies, the State Treasury submits to the state budget according to the legal regulations on state budget.

- For assets with a destruction decision, the asset management leading unit cooperates with competent agencies to execute destruction according to legal provisions. The form of destruction follows the regulations in item 2, Article 46 of the Law on Management and Use of Public Property 2017.

- For assets with a sale decision, the agency tasked with managing public assets as specified in items 1, 2, and 3, Article 19 of the Law on Management and Use of Public Property 2017 or the asset management leading unit organizes asset sales according to the Law on Management and Use of Public Property 2017 and relevant laws.

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