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Official Gazette

Friday, February 28, 2020

Draft law tightens control over public asset management

Updated: 08:38’ - 19/01/2016
The Ministry of Finance has recently introduced a draft law on management and use of public assets which is expected to create uniform legal grounds for management and use of these assets.

Hoa Binh park was built on the occasion of the Millennial Anniversary of Hanoi__Photo: Internet

If approved, the draft law, with 146 articles arranged in 12 chapters, will replace the 2008 Law on Management and Use of State Property. The draft law specifies tasks, powers and responsibilities of state agencies in charge of public assets; management and use of public assets being infrastructure; and management and use of public assets at agencies, organizations and units, state enterprises and state reserve agencies.

According to the draft law, public assets include natural resources such as land, water, minerals and other resources in sea areas, air space and continental shelf; infrastructure facilities serving public or national interest; assets belonging to state reserves; assets at state agencies, people’s armed forces, public non-business units, political organizations, socio-political organizations, socio-politico-professional organizations, social organizations, socio-professional organizations, state enterprises, and other assets under all-people ownership for which the State acts as the owner representative. 

In order to increase the use efficiency of public assets, the State would permit the transfer of the right to invest in and operate, or the lease of the right to operate, public assets to domestic and overseas investors.

All public assets would be assigned to proper entities for management and use. Those that are assigned to manage and use public asset likely to be damaged by natural disasters or other irresistible causes would be required to buy insurance for such assets.

The draft also stipulates that the management and use of public assets would be subject to community-based monitoring which would be organized by Vietnam Fatherland Front Committees at all levels.- (VLLF)

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