News

Entire people’s ownership shall be established for confiscated assets

Summary

Updated on : 22-08-2017

VCN - Ministry of Finance has finalized the draft decree regulating the establishment of entire people's ownership, the management and the handling of assets subject to the establishment of entire people’s ownership. This is one of the documents to guide the new law on management and use of public assets, which has been approved by the National Assembly.

The draft provides: Assets subject to the establishment of entire people's ownership include confiscated assets such as exhibit, means of administrative violations, material evidence, and part or all assets of convicted person; derelict assets, ownerless assets, dropped, forgotten, buried, hidden, sunk assets that have been found and assets without inheritor .

In addition, assets subject to the establishment of entire people’s ownership include: inventory goods in the area of customs operation; assets of social and charity funds that were dissolved; assets whose owners voluntarily transfer ownership to the State; assets transferred by the foreign-invested enterprises, which shall not be reimbursed by the Vietnamese State according to their commitments after the expiry of their operation duration; assets invested in the form of public-private partnerships, which are transferred to the State of Vietnam under the project contract. The establishment of entire people’s ownership of assets must be made in the document and comply with the order and procedures prescribed by law on the basis of protecting the interests of the entire people and respecting the legitimate rights and interests of concerned organizations and individuals.

The draft also defines the responsibilities of the unit in charge of managing and handling the assets. Accordingly, this unit must be responsible for maintaining the assets, establish the entire people’s ownership of the assets, handling the assets and performing other tasks.

5 groups of acts which will be strictly prohibited in the management and handling of assets subject to the establishment of entire people’s ownership are: Abusing title and power to appropriate the assets subject to the establishment of entire people’s ownership; not reporting and making plan for settlement to submit to the competent level for approval; Failing to implement in accordance with the time-limit prescribed for the handling of assets subject to the establishment of entire people's ownership; Causing loss or damage to assets subject to the establishment of entire people's ownership and other prohibited acts.

By Hong Van/ Huyen Trang