Public asset is vital in the development of any nations. With the established legal system on management and use of public asset, Vietnam has gained positive achievements. However, as the state-owned asset management mechanism is fragmented with various related laws, there is no general law to unify principles of the management, use and exploitation of public assets, the management and use of public assets is therefore still limited to some extent.
On June 21, 2017, the National Assembly of the Socialist Republic of Vietnam passed the Law on Management and Use of Public Asset (replacing the Law on Management and Use of State Property in 2008). This is the foundation for the Government to continue to perfect the policy system for effective management and use of public assets.
Some rising issues and challenges in the management and use of public assets and the policy development of public asset management:
(1) The dissemination of the Law on Management and Use of Public Assets to related agencies, organizations and units.
(2) The development and issuance of detailed legal documents for the implementation of the Law on Management and Use of Public Asset; The development of unified standard and limit on the use of public assets and the competence in management and use of public assets.
(3) Completion of the policy on land and resource finance
(4) The modernization of public asset management and the improvement of National Database of Public Assets towards comprehensive and sufficient.
(5) Strengthening the supervision, inspection and audit of the management and use of public assets, especially the supervision from the National Assembly, the National Assembly delegations, the Vietnam Fatherland Front, other organizations and press agencies towards the management and use of public assets to promptly detect any violations.
Dr. Tran Duc Thang is currently Director General of Department of Public Asset Management, Ministry of Finance. His responsibilities include assisting the Minister of Finance in state management of public assets and the purchase and requisition of assets; assisting in financial management of national land and resources; assisting in management of infrastructure assets, state-owned properties; directly managing some types of state property in accordance with regulations. He has 23 years of experience in the financial industry, including almost 8 years in the field of public asset management.
Dr. Tran Duc Thang is chairman of various ministerial-level research projects such as: Current situation and solution for public procurement in Vietnam (2014); Research on Land Prices (2015); Research on Land Finance Policy in Industrial Zones (2016) … During his time in the field of public asset management, he has directed the Department of Public Asset Management to develop several major projects in the field of public asset management, creating a relatively adequate legal corridor to meet the management requirements, contributing to strict management and effective exploitation of public property resources for socio-economic development, specifically the Law on Management and Use of Public Asset promulgated on 21/6/2017 (effective on 01/01/2018).
1. An assessment on the management and use of state assets in accordance with the Law on Management and Use of State Asset in 2008 (before the promulgation of the Law on Management and Use of Public Asset) and the orientation in reforming Public Asset Management mechanism.
2. Reforming the mechanism of public asset management on the basis of amendments to the Law on Management and Use of State Asset in 2008:
The Law on Management and Use of Public Asset passed by 14th National Assembly at its third session and takes effect from January 1, 2018. What are new regulations on how to manage and use the public asset, specifically on several aspects as follows:
(1) Institutionalizing the Party’s guideline on building and completing the Vietnamese legal system and institutionalizing Article No. 53 of the Constitution in 2013; ensuring that all types of public assets are strictly and effectively controlled by law; ensuring the uniformity with relevant laws, such as the Law on Organization of the State apparatus, the State Budget Law, the State Audit Law,…
(2) Principles in management and use of public assets with full coverage of the scope, objects and contents related to the management and use of public assets; To inherit the current contents and regulations which are still suitable and have been stably and effectively implemented in reality;
(3). To assign public assets in service of management, public services provision and national interests, public interests, production and business;
(4). Renovating the method of management and use of public assets, which is suitable to each type of asset with firm grasp, accounting and statistics of public assets in terms of value and object; considering public assets as important resources for socio-economic development, the state budget restructuring
(5). Effectively and efficiently exploiting public assets in combination with the mobilization of social resources and the investment of the State in order to develop and exploit public assets with the aim of creating financial resources that contribute effectively to socio-economic development, the state budget restructuring; to gradually specialize and professionalize the management of public assets and develop public asset services according to the market mechanism on the basis of ensuring the ownership of asset by the entire people.
(6). Ensuring the publicity and transparency on public asset.
3. What needs to be done to concretize the viewpoint on reforming the mechanism for management and use of public asset under the Law on Management and Use of Public Asset.
New information and communication technologies and trends driving the Fourth Industrial Revolution (4IR) present both challenges and opportunities for public financial managers. Big data, artificial intelligence, and advance analytics are particularly relevant. Commercial financial service providers have been quick to adopt and deploy these technologies to offer innovative customer services and improve internal effectiveness and efficiency. While 4IR technologies present new opportunities for fraudulent and criminal behavior, they also provide authorities with increasingly sophisticated ways to detect that behavior, identify perpetrators, and capture previously uncollected revenues. FPT Information System can help to deploy 4IR technology to augment existing risk management and increase revenue collection dramatically.
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Hideaki Hamada is a senior financial sector specialist in the Disaster Risk Financing and Insurance Program of the World Bank Group (WBG) in Washington D.C. He is in charge of technical assistance and lending operations in Southeast Asian countries and Pacific Island Countries to enhance financial resilience against disaster risks. He supports the discussion in ASEAN+3 Finance Minister process to develop a regional disaster risk insurance pool, Southeast Asia Disaster Risk Insurance Facility (SEADRIF). Prior to joining the WBG, he was Deputy Director of Multilateral Development Banks Division of the Ministry of Finance in Japan, contributing to the IDA18 replenishment negotiation and international discussion on WBG policy to mainstream disaster risk management. Within ten years experiences in the Government of Japan, he was involved in supervision of insurance companies and fiscal planning. Hideaki obtained Master’s degree of Public Administration at Columbia University in New York and B.A. from University of Tokyo.
The Law on Management and Use of Public Assets was passed by the XIV National Assembly on June 21, 2017 and will take effect on January 1, 2018. Law on Management and Use of Public Assets was promulgated in order to institutionalize Article 53 of the Constitution of the Socialist Republic of Vietnam 2013, creating synchronism in the legal system; to utilize achieved results, overcome shortcomings and limitations in the management and use of public assets, prevent and repel wastefulness and loss in the management, use and handling of public assets; to reasonably and efficiently exploit financial resources from public assets for the socio-economic development of the country. For effective implementation of the Law, ministries, central agencies and localities shall have to comprehensively and coherently perform the following major tasks:
– Developing and submitting legal documents of detailed rules and instructions for the implementation of the Law to competent authorities;
– Disseminating information towards affected stakeholders for comprehensive understanding of the Law and the guiding documents
– Upgrading the National database of public assets towards all-inclusive data management of public assets;
– Promulgate regulations on the jurisdiction in procurement, lease, use and disposal of public assets.
Mr. Nguyen Tan Thinh is currently Deputy Director General of the Public Property Management Department – Ministry of Finance, in charge of legislative work on management and use of public assets, state-owned properties, infrastructure properties, and in-charge of National database of public assets. He holds a Master Degree in Economics, having 22 years of work experience in the field of public asset management. During the course of his work, he chaired and participated in the development of various major policies in the field of public asset management, creating the legal framework for managing public assets in Vietnam. Typical policy proposals include:
– Law on Management and Use of State Assets 2008;
– Law on Compulsory Purchase and Requisition of Property 2008;
– Decree No. 52/2009 / ND-CP dated 03/6/2009 of the Government on Detailed rules and instructions for the implementation of a number of provisions of the Law on Management and Use of State Property;
– Decree No. 29/2014 / ND-CP dated 10/4/2014 of the Government on Jurisdiction authorization, the Procedures for establishing ownership of the State property and the Management of State-owned Property, and the State ownership of Property;
– Law on Management and use of public assets 2017, etc.
Mr. Nguyen Tan Thinh is currently chairing the drafting of two decrees on detailed rules for implementation of the Law on Management and Use of Public Assets.
Public auction is one of the forms of disposal of public property, specified in the Law on Management and use of public property. The advantage of public asset disposal through auction is that it ensures openness, transparency, maximizes asset value, and avoids the loss of public assets.
Public assets must be sold through public auctions in accordance to Law on Management and use of public asset. Public asset auctions shall be conducted in accordance with the principles and procedures given in the Law on Property Auction.
In order to ensure the effectiveness of public asset auctions, the Law on Property Auction specifies the separation of asset auction procedures with pre- and post-auction procedures prescribed in the Law on Management and use of public assets, including determination of starting price, asset valuation, handling of property when the auction fails … especially the contracting and purchasing of assets after auction as the contract between the property owner and the auction winner, avoiding the situation where the signatory does not have the authority to hand over the property and issue invoice.
Public property auctions, apart from having to comply with the general procedure of asset auction, must also comply with the procedures for selection of qualified property auction agency (facilities, auctioneers, approved by Ministry of Justice, etc.); auction is only in bid up way, must public the starting price via printed news agencies, television broadcast stations and specialized websites; the establishment of Property auction Council is strictly regulated (when detailed in law or when the auction agency is not successfully chosen). In addition, the Law on Property Auction also specifies the rights and obligations of property owners before, during and after auctions.
Prior to the current position since 2014 as Deputy Director General of the Agency of Judicial Support, Nguyen Thi Mai was Head of Lawyer Management Division, Agency of Judicial Support. At her position, Ms. Nguyen Thi Mai has participated in the development of various important laws and decrees of Vietnam Government, namely the Law on Lawyers, the Decree on Asset Administrator and the practice of asset management and liquidation, Law on Property Auction and the detailing legislative documents, Decree on commercial conciliation, and regulations on commercial arbitration, etc.
Nguyen Thi Mai holds a Bachelor degree in Law from the National University of Moldova (former Soviet Union) and a Master Degree in Law from Kyushu University, Japan.
Ms. Hang has been with the World Bank since 2013 as a Consultant and then as a Financial Sector Specialist in the Finance and Markets Global Practice of the World Bank based in Hanoi, Vietnam. She currently works with various government counterparts on disaster risk finance and insurance, non-bank financial institutions development and financial inclusion programs. Before working for the World Bank, Hang spent almost seven years in the private sector working on asset management and insurance management following a stint in the public sector facilitating foreign non-governmental operations in Vietnam. She holds a bachelor of economics from the Hanoi Foreign Trade University and a masters of economics from the University of Leeds, UK, and completed the finance and management program at Boston University.
Natural disasters and global climate change have tended to increase in recent years, causing a great deal of damages to the economy and negatively affecting the investment environment of both developed countries and developing countries.
According to recent research by the Asia Foundation and Viet Nam Institute of Meteorology, Hydrology and Climate Change (Ministry of Natural Resources and Environment), Vietnam has been one of the five countries having the highest natural disaster risk in the past 10 years. In average, annual disasters cause about 500 deaths per year and losses of 14,500 billion VND which is equivalent to 1.2-1.5% of GDP in the whole country. In particular, losses on public assets account for 0.41% of GDP. The expenditures for natural disaster recovery (from both the state budget and loans from international organizations) are around VND 11,000 billion VND per year (excluding the cost of reconstruction and rehabilitation).
Some countries have used a variety of measures to manage financial risks towards public assets and most countries tend to use insurance as a tool for risk management and transfer towards public assets.
In Vietnam, the management of financial risks towards public assets through insurance has also been covered by the Law on Management and Use of Public Assets (approved by the National Assembly in June 2017). Therefore, researching and developing an appropriate mechanism in order to effectively implement of public asset insurance in Vietnam is essential.
Mr. Ngo Viet Trung is awarded a Bachelor degree in Business Administration from National Economics University of Vietnam in 1995. He qualified for Master degree in Public Policy in National Graduate Institute for Policy Studies – GRIPS (Japan) in 2003.
From 1996 to 2004, Mr. Ngo Viet Trung worked for Ministry of Finance as an official of Department of Accounting and Auditing Regulations. He then moved to the Department of Insurance Supervisory Authority, and became the head of life insurance supervision division in February 2007. Mr. Ngo Viet Trung has been the Deputy Director General of Insurance Supervisory Authority since March 2011.
3.1. Total planning solution
3.2. The solution for policy mechanism
3.3. The solution for implementation
She has worked at Department of Public Asset Management, Ministry of Finance for 10 years.
From 2007 to 2013: Executive at Infrastructure Assets Division
From 2014 to now: Deputy Head of Infrastructure Assets Division
During working, she moderated to make the draft reporting to authorities having the right to promulgate policies related to the management, use and exploitation of road and railway infrastructure assets. In addition, she participated in making the draft for remaining transport sectors.
Under the implementation of Law on Management and Use of Public Assets 2008 and related regulations, the management and use of public assets in Da Nang city has got followed achievements:
– The investment in the construction of working offices and the procurement of public assets has been implemented in accordance with law on construction investment and the bidding law; ensuring the standards and allowances prescribed;
– The list of centralized procurement assets has been issued in accordance with Decision No. 08/2016 / QD-TTg of the Prime Minister;
– Public assets in Da Nang city have been updated completely and timely in the National database of State assets, contributing to improving the management and use of public assets.
In addition, to implement the Law on Management and Use of Public Assets passed by the National Assembly on June 21, 2001, effective from 01/01/2018, Da Nang city authorities has set out the management direction in the coming time as follows:
– Organizing trainings, workshops for agencies, organizations and units in the city for thorough understanding of the Law on Management and Use of Public Assets;
– Developing legal documents within the Department’s scope of promulgation;
– Focusing on the implementation of the Law on Management and Use of Public Assets, ensuring transparency and efficiency.
– Mr. Le Ba Dung was born on October 15th 1959 in Phu Tho province (former Vinh Phu) and worked at Department of Finance from 1984 to present.
– He was admitted to the Communist Party of Vietnam on July 20th 1996 (the official date was on July 20th 1997).
– The training process: From 1986 to 1991, he studied at Hanoi University of Accounting and Finance, majoring in Industrial Accounting. From 2009 to 2011, he studied a master degree at Da Nang University, majoring in Banking and Finance. At the same time, he attended English courses for B1 certificate, courses for chief accountant and fostering programs for the specialist and principal specialist.
– During the working path, he has taken different duties in the Division of Administration, the Division of Financial Capital Construction, the Division of Aid Management, the Division of Finance and Investment, and the Division of Budget Management.
– For many years, he hasn the course of working for many years, he received the title of Emulative Soldier at the Grassroots and provincial levels that are awarded by Ministry of Finance and the People’s Committee of Da Nang city for his outstanding achievements in finance and budgeting.
Database of road asset management and solutions for other infrastructure assets
Over the past years, the Party, State and people of Vietnam have paid great attention to the development of the social and economic infrastructure system. However, the infrastructure system in Vietnam is still outdated, lack of consistency and interconnection, an obstacle of the development process. Therefore, the application of information technology to the management of infrastructure assets is very necessary.
According to the Law on Management and Use of Public Assets No. 15/2017 / QH14 passed by the National Assembly on June 21, 2017 and effective from January 1, infrastructure asset is divided into 13 categories; The Ministry of Finance is responsible for establishment, management, operation and exploitation of the public asset information system according to its scope of authorization. Of which, the National Database of Infrastructure Assets is one of the six component databases of the National Database of Public Assets. Therefore, in order to improve the management and expand the scope of management of infrastructure assets, the Ministry of Finance has put forward a number of solutions as follows:
– Legal solution
– Solution of network infrastructure, server, workstation
– Solutions of database management system and application software
– Solutions of network security
Ms. Nguyen Thi Phuong Hao has been involved in informatics since 2003 and been in charge of special IT application projects related to public asset management. Nearly 15 years of her work, she has presided over many IT applications in the field of public assets nationwide for more than 100,000 agencies, organizations from central to local. The database has effectively assisted the management and use of assets, helped the Ministry of Finance and the Government to report to the National Assembly on the state management and use of state property on time and efficient. Featured software implemented include:
– State asset registration management software
– Asset management software of concentrated rural clean water supplies
– Road infrastructure assets inventory software
– Public asset management software
– Public asset information webpage.
In 2010, she was appointed Deputy Director of DPAS Center under Department of Public Asset Management – Ministry of Finance. Currently, Ms. Hao is in charge of upgrading the National Database of Public Assets, ensuring the database to have sufficient information on public assets in accordance with the Law on Management and Use of Public Assets 2017.
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Mr. Duong Tat Toan is working as the Director of the Technology Consulting Center of the Public Finance Sector, FPT Information System.
Mr. Duong Tat Toan joined FPT in 2006 after more than 7 years working for United Nations Development Program to develop an information system supporting disaster management and mitigation.
Developed through practical experience in consulting and implementing information systems in Vietnam and several foreign countries, he built a strong knowledge base and expertise in the fields of planning and architecting information technology systems; cloud computing; data management and analytics platforms, and middle-ware technologies.
Mr. Duong Tat Toan completed his engineering study in informatics-electronics in Ha Noi National University of Technology in 1999. He earned his Master Degree in Information Technology in 2005 from the School of Technology, National University.
Mr. Duong Tat Toan is one of the distinguished technology experts ranked by the FPT Corporation. He is also one of the few TOGAF-certified enterprise architects in Vietnam.