Regulations on purchase of State-owned assets overseas

VGP – Any purchase of State-owned assets made by Việt Nam’s representative offices in foreign countries must be conducted in line with standards, norms and regulations of competent Vietnamese agencies.

March 15, 2010 4:12 PM GMT+7

A Vietnamese representative office in Ukraine – Illustration photo

The regulation is stipulated in a newly-issued decree of the Government on management and use of State-owned assets in foreign countries.

The decree rules that representative offices have to utilize State-owned assets in an economical and effective manner.

Vietnamese representative offices in foreign countries are required to make periodic reports on their management and use of State-owned assets such as headquarters, cars, and other items worth US $30,000 or higher.

With the total purchase of or above US $10 million, representative offices have to ask permission from the PM.

State-owned assets comprise land, head offices, facilities associated with land, vehicles, devices, machines, working equipment, and others.

By Khánh Phương