Duties and Powers of the Ministry of Finance in State Asset Management

1. Unify the state management of public assets in accordance with the law; preside over, cooperate with ministries, central authorities and localities to develop and submit legal normative documents on the management, use, and exploitation of public assets to the competent authorities for promulgation according to the provisions of law;

2. Preside over, develop, promulgate within their competence, or submit to the Government of Vietnam and the Prime Minister of the Government of Vietnam for promulgation regulations on standards and norms for the use of public assets;

3. Decide within their competence or submit to the Prime Minister of the Government of Vietnam to decide on procurement, establishment of ownership, allocation, exploitation, recovery, transfer, liquidation, sale, and transfer of public assets in accordance with the law;

4. Develop mechanisms, policies, and organize inspections for centralized procurement according to legal provisions and the assignments of the Prime Minister of the Government of Vietnam;

5. Provide opinions on the draft standards, norms, and policies for the management and use of specialized assets developed by other ministries and central agencies before promulgation;

6. Guide and inspect the implementation of legal provisions on the management and use of public assets according to the law; summarize the situation of management and use of public assets nationwide, report to the Government of Vietnam for submission to the National Assembly.

For details, see Decree 87/2017/ND-CP effective from July 26, 2017.

- Ngoc Duyen -

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