Policies on management and use of public property of enterprises in Vietnam

Vietnam law has regulations on policies on management and use of public property of enterprises. Let’s find out this issue with Lawyer X through the following situation: “Dear Lawyer! I want to ask what are regulations on public property of enterprises in Vietnam? What are regulations on Management and use of public property that the State assigns enterprises to manage and whose state capital is not included in enterprises? Thanks for answering me!”

Legal grounds

• 2017 Vietnam Law on Management and Use of Public Property

Regulations on Public property of enterprises

– Public property that the State assigns an enterprise to manage and whose state capital is included in the enterprise.

– Public property that the State assigns an enterprise to manage and whose state capital is not included in the enterprise.

Public management and use of public property that the State assigns an enterprise to manage and whose state capital is included in the enterprise

– Management and use of public property that the State assigns an enterprise to manage and whose state capital is included in the enterprise shall comply with regulations of the Law on management and utilization of state capital invested in enterprises’ business operation and relevant law.

– Provision and use of cars serving business of officials of a state-owned enterprise shall conform to criteria and norms prescribed by the Government.

Management and use of public property that the State assigns enterprises to manage and whose state capital is not included in enterprises

– Management, use, operation and dispose of public property that the State assigns an enterprise to manage and whose state capital is not included in the enterprise shall comply with the following provisions:

+ The enterprise shall manage and use the assigned property for the right purposes and utility of the property; use of property to ensure fulfillment of civil obligations, contribute capital or transfer ownership to another entity shall be banned;

+ Costs of property repair and maintenance shall be covered by the enterprise, unless otherwise stated;

+ The enterprise shall aggregate and calculate the property depreciation according to regulations of law and a competent authority’s decision when the property is transferred;

+ The proceeds earned from operation of public property shall be used to cover relevant costs, repay loans or mobilized capital (if any) and fulfill state financial obligations; the remainder shall be transferred to the state budget;

+ The proceeds earned from disposal of public property shall be used to cover relevant costs, repay loans or mobilized capital (if any); the remainder shall be transferred to the state budget.

– Contents related to the form, management, use and disposal of public property that the State assigns an enterprise to manage and whose state capital is not included in the enterprise that is not specified in Clause 1 this Article shall apply to provisions of Section 5 Chapter III, Chapter IV, Section 1 Chapter VI, Chapter VII herein and other regulations of relevant law.

How to form project property

– How to form the property used for the execution of projects:

+ The State shall distribute the property in kind or provide funding for projects to invest in construction, purchase or lease the property serving the execution of each project;

+ The form of property shall conform to the rules specified in Clause 2 Article 28 herein. Distribution of property, investment in construction, purchase, lease of property or provision of fixed funding to use property serving the execution of projects shall conform to regulations of Articles 29, 30, 31, 32 and 33 herein and project documents (if any).

– How to form property as a result of the completion of projects:

+ Project capital shall be used to invest in construction of property or purchase property;

+ The form of property shall conform to regulations of 2017 Vietnam Law on Management and Use of Public Property, relevant law and project documents (if any).

Disposal of property serving the execution of projects

– When there is property that needs to be disposed of, a project management unit shall:

+ Compile an inventory of the property, report to a superior managing authority, report to a contact point of the project and submit to authorities to assigned to manage public property specified in Clauses 1, 2 and 3 Article 19 herein;

+ Keep the property in good conditions pending the disposal of the property.

– Authorities assigned to manage public property specified in Clauses 1, 2 and 3 Article 19 herein shall take measures for disposal of the property in the forms stipulated in Clause 3 this Article and submit them to a competent authority for approval.

– Forms to dispose of the property shall include:

+ Distribution to an authority or organization to manage or use the property;

+ Transfer;

+ Sale;

+ Liquidation;

+ Destruction;

+ Dealing with the property if it is lost or damaged;

+ Other forms as prescribed by law.

– Based on measures approved by the competent authority, any of the authorities assigned to manage public property specified in Clauses 1, 2 and 3 Article 19 herein or the project management unit shall transfer, sell, liquidate, destroy or deal with the property if it is lost or damaged as specified in Articles 29, 42, 43, 45, 46 and 47 herein.

– Management and use of the proceeds earned from disposal of the property serving the execution of the project shall comply with provisions of Clause 3 Article 62 herein if the project management unit is operating in the model of a public service provider; or conform to provisions of Clause 1 and Clause 2 Article 48 herein if the project management unit is operating in another model.

Disposal of property created after the completion of projects

– After the completion of construction investment or purchase, a project management unit shall transfer the property to a beneficiary specified in the project in order to put the property to operation or use.

If the beneficiary of the property is not specified, disposal of the property after the completion of the project shall be carried out in the following forms:

+ Transfer;

+ Sale;

+ Liquidation;

+ Distribution of the property to an enterprise to manage or use it;

+ Other forms as prescribed by law.

– Transfer, sale or liquidation of the property shall comply with regulations of Articles 42, 43 and 45 herein. Distribution of the property to an enterprise to manage and use it shall comply with regulations of 2017 Vietnam Law on Management and Use of Public Property, law on management and utilization of state capital invested in enterprises’ business operation and relevant law.

Management and use of the property formed from the performance of scientific and technological tasks funded by the state capital

– The property formed from the performance of scientific and technological tasks funded by the state capital shall consist of:

+ The property provided for the performance of scientific and technological tasks;

+ The property formed as a result of the performance of scientific and technological tasks;

– Provision of the property for the performance of scientific and technological tasks shall be in line with assigned tasks and estimates approved by a competent authority. The property shall be used for the right purposes and ensure cost-effectiveness; aggregated, reported, maintained, repaired and disposed of promptly.

– Disposal of the property provided for the performance of scientific and technological tasks shall be carried out in the following orders:

+ Distributing or selling the property to an organization in charge to continue results of tasks or using the property to use results of scientific and technological research for commercial purposes;

+ Transferring, selling, liquidating and destroying the property if the organization in charge of performing the tasks does not receive or purchase it. Transfer, sale, liquidation and destruction of the property shall comply with regulations of Articles 42, 43, 45 and 46 herein.

– Disposal of the property formed as a result of the performance of scientific and technological tasks shall be carried out in the following orders:

+ Transferring the property ownership or the right to use the property to the organization in charge to continue results of tasks or using the property to use results of scientific and technological research for commercial purposes;

+ Transferring the property ownership or the right to use the property to another entity if the organization in charge of performing tasks has no demand or capacity to use results of scientific and technological research for commercial purposes.

– The Government shall specify this Article in details.

Please see more:

• Instructions for exclusive registration of company logos in Vietnam
• Service of changing the legal representative of Vietnamese enterprises

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