The Ministry of Finance (MoF) held a conference in Hanoi on May 16 to examine the one-year implementation of the Law on Management and Use of Public Assets.

An overview of the conference

At the conference, Deputy Minister of Finance Tran Xuan Ha said the law has built a proper legal basis for the tight and effective management and use of financial sources from public assets.

In the time ahead, the ministry plans to employ a series of measures to boost the effectiveness of management.

La Van Thinh, head of the MoF’s Department of Public Asset Management, pointed to a number of shortcomings in the field.

He said certain types of assets and related areas still lack specific regulation documents due to the broad scope of Vietnam’s public assets that involve different subjects in their management and use.

Meanwhile, only about 50 percent of all ministries, sectors, and localities issue standards and quotas for the use of specialised space and equipment, as well for public facilities. The issue has negatively impacted construction investment, as well as the purchase, upgrade, and repair of assets, Thinh added. 

For better implementation of the law, the ministry said it will work with competent agencies and sectors to complete a decree on payment for investors of build-transfer (BT) projects as directed by Prime Minister Nguyen Xuan Phuc for submission to the Government this month.

The modernisation of public asset management, upgrade of the national data on public assets, and inspections to promptly handle violations are also necessary, said the MoF.