Forms to dispose of public property of state authorities in Vietnam

Forms to dispose of public property of state authorities in Vietnam (Internet image)

Regarding this matter, LawNet would like to answer as follows:

1. Forms to dispose of public property of state authorities in Vietnam

Forms to dispose of public property of state authorities in Vietnam according to Article 40 of the Law on management and use of public property 2017 are as follows:

- Withdrawal.

- Transfer.

- Sale.

- Using public property to make payments to investors when executing construction projects in the form of build-transfer contracts.

- Liquidation.

- Destruction.

- Dealing with public property if it is lost or damaged.

- Other forms as prescribed by law.

2. Regulations on maintenance and repair of public property of state authorities in Vietnam

Regulations on maintenance and repair of public property of state authorities in Vietnam according to Article 39 of the Law on management and use of public property 2017 are as follows:

- State authorities assigned to manage and use public property or authorities responsible for operations management of public property shall maintain and repair the property in accordance with policies, criteria, economic-technical norms issued by competent authorities specified in Clause 3 of Article 39 of the Law on management and use of public property 2017.

- The State shall ensure funding for maintenance and repair of public property of state authorities under policies, criteria and economic-technical norms.

- Power to issue policies, criteria and economic-technical norms for maintenance and repair:

+ Ministries responsible for management of lines and fields shall specify policies, criteria and economic-technical norms for maintenance and repair of public property within scope of their management;

+ For public property that is not subject to policies, criteria and economic-technical norms as defined in Point a this Clause, based on manufacturers' instructions and actual use of property, ministers and heads if central authorities and chairmen of People's Committees or provinces shall specify or grant power to specify policies, criteria and economic-technical norms for maintenance and repair applicable to public property within scope of their management.

3. Regulations on statistics, keeping financial accounts, inventory, re-evaluation and making reports on public property of state authorities in Vietnam

Regulations on statistics, keeping financial accounts, inventory, re-evaluation and making reports on public property of state authorities in Vietnam according to Article 38 of the Law on management and use of public property 2017 are as follows:

- Public property shall be statistically and financially accounted for both exhibits and value in accordance with regulations of law on statistics, law on accounting and relevant law.

- Public property is a fixed asset and shall be depreciated according to regulations of law.

- State authorities assigned to manage and use public property shall compile an inventory of property at the end of the annual accounting period and an inventory under a decision on inventory and re-evaluation of public property made by the Prime Minister; determine the excess or lack of property and causes for handling according to regulations of law; make reports on management and use of public property.

- Re-evaluation of public property value shall be carried out in the following cases:

+ Compiling an inventory or re-evaluating public property according to the Prime Minister’s decision;

+ Upgrading or extending the property according to a project approved by a competent authority;

+ Distributing, compiling an inventory or transferring property which has not been aggregated on accounts;

+ Selling or liquidating property;

+ Property that is extremely damaged due to natural disasters, fire or other causes;

+ Other cases as prescribed by law.

- Re-evaluation of public property value shall comply with regulations of the Law on management and use of public property 2017, law on accounting and relevant law.

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