Who is required to declare assets and income in Vietnam?

Who is required to declare assets and income in Vietnam? (Internet image)

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

1. Regulations on obligation to declare assets and income in Vietnam

The obligation to declare assets and income according to Article 33 of the Anti-corruption Law 2018 is as follows:

Individuals required to declare assets and income shall declare their assets and income, changes to assets and income of themselves, their spouses and minor children in accordance with the Anti-corruption Law 2018.

Individuals required to declare assets and income shall truthfully declare their assets and income, origins of additional assets and income following the procedures in the Anti-corruption Law 2018, and take responsibility for such declaration.

2.  Who is required to declare assets and income? 

According to Article 34 of the Anti-corruption Law 2018 (amended in the Law on Enterprise 2020) as follows:

(1) Officials.

(2) Commissioned officers of police and military forces, career military personnel.

(3) Holders of positions of deputy managers and above in public service agencies, wholly state-owned enterprises, appointed representatives of state capital in enterprises.

(4) Nominees for the National Assembly delegates and the People’s Councils delegates.

3. Assets and income subject to declaration in Vietnam

Assets and income subject to declaration under Clause 1, Article 35 of the Anti-corruption Law 2018 include:

- Land use rights, houses, construction works and other property attached thereto;

- Previous metals, gemstones, cash, financial instruments and other real property each of which is assessed at VND 50.000.000 or above;

- Overseas property and accounts;

- Total income between 02 declarations.

4. Method and time for declaration of assets and income in Vietnam

Method and time for declaration of assets and income according to Article 36 of the Anti-corruption Law 2018 are as follows:

- First declaration shall be made by:

+ Holders of the positions mentioned in Clause 1, 2, 3 Article 34 of the Anti-corruption Law 2018 while this Law is affective. Declaration must be done by December 31, 2019;

+ Persons holding the positions mentioned in Clause 1, 2, 3 Article 34 of the Anti-corruption Law 2018 for the first time. Declaration shall be done within 10 days from the date of designation or employment.

- Additional declaration shall be done when there is a change of at least VND 300.000.000 to his/her assets and income in the year. Declaration shall be done by December 31 of the year in which the change occurs, unless such change has been declared in accordance with Clause 3 of Article 36 of the Anti-corruption Law 2018.

- Annual declaration shall be made by:

+ Holders of positions of directors of provincial departments and above. Declaration must be done annually by December 31;

+ Persons other than those mentioned in Point a of Clause 3 of Article 36 of the Anti-corruption Law 2018 in charge of official management, management of public funds, public property or public investment, or have influence over the operation of other entities as prescribed by the Government. Declaration must be done annually by December 31;

- Declaration serving official management Firs declaration shall be made by:

+ The individuals required to declare assets and income specified in Clause 1, 2, 3 Article 34 of the Anti-corruption Law 2018 before they are elected, designated, re-designated or re-assigned. Declaration shall be done at least 10 days before the intended date of election, designation, re-designation or reassignment;

+ The individuals required to declare assets and income mentioned in Clause 4 Article 34 of the Anti-corruption Law 2018. Time of declaration shall comply with regulations of law on voting.

Le Truong Quoc Dat

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE