Circular No. 86 TC/HCSN guides the transfer of assets of social insurance organizations managed by the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs to the Vietnam Social Security.

CIRCULAR

Guidelines for transferring assets of social insurance organizations managed by the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs to the Vietnam Social Security.

|||

___________________________________________________

Based on Decree No. 19/CP dated February 16, 1995 of the Government on the establishment of the Vietnam Social Security; Decision No. 472/TTg dated August 31, 1994 of the Prime Minister on the inventory of assets of social insurance organizations under the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs; and the contents of the asset inventory guidelines stipulated in Circular No. 81/TC-HCVX dated October 5, 1994 of the Ministry of Finance; based on the report on the results of the asset inventory of social insurance organizations under the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs.

- Implement Decision No. 655/TTg dated October 13, 1995 of the Prime Minister on the transfer of assets of social insurance organizations managed by the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs to the Vietnam Social Security.

- Based on the comments from the Ministry of Labor, War Invalids and Social Affairs; the Vietnam General Confederation of Labor (document No. 1181/TLĐ dated October 28, 1995).

The Ministry of Finance provides guidelines for transferring assets to the Vietnam Social Security as follows:

I. GENERAL PROVISIONS

1. Scope of objects to be transferred: All assets including land, buildings, equipment, means of transportation, materials, capital, operating funds, receivables, and other assets (if any) of social insurance organizations under the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs that have been inventoried according to the provisions set out in Circular No. 81/TC-HCVX dated October 5, 1994 of the Ministry of Finance. For land, buildings, fixed assets, movable assets, and monetary capital belonging to the system of rest houses and guesthouses managed by the Vietnam General Confederation of Labor previously, they will continue to be managed and used by the Vietnam General Confederation of Labor according to current State regulations and are not within the scope of this Circular's transfer.

2. The time for transferring assets of social insurance organizations managed by the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs to the Vietnam Social Security system begins from July 1, 1995 onwards and must be completed before December 31, 1995.

3. Any newly generated increases or decreases in assets (if any) from the date of reporting the inventory according to Circular No. 81/TC-HCVX dated October 5, 1994 to the date of transferring to the Vietnam Social Security system must be inventoried, supplementary reports on the results of the asset inventory must be prepared, and immediately transferred to the Vietnam Social Security according to the provisions of this Circular.

II/ SPECIFIC PROVISIONS

1. The Central Inventory Committee and the Provincial Inventory Committees shall inspect the implementation of the inventory, prepare supplementary reports on the results of the inventory of newly generated assets (increases or decreases) up to the transfer date, organize on-site implementation, supervise, resolve issues, and sign the handover confirmation document for the transfer of assets to the Vietnam Social Security (attached model).

2. All assets of social insurance organizations under the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs that have been inventoried according to the provisions of Circular No. 81/TC-HCVX dated October 5, 1994 must be fully and intact transferred to the Vietnam Social Security; it is strictly prohibited to divide, sell, exchange, move, or rearrange assets before the transfer.

3. Assets whose sources of formation are unclear or are still in dispute at social insurance organizations under the Vietnam General Confederation of Labor and the Ministry of Labor, War Invalids and Social Affairs must prepare a list of each asset (original value, remaining value) according to the books and actual inventory, report to the Provincial Handover Committees for submission to the Central Handover Committee for review, consolidation, and recommendation of measures for handling, to be submitted to the Prime Minister for consideration and decision.

4. The basis for the transfer of assets is the balance sheet and the report on the results of the asset inventory at the time of transfer, which has been reviewed by the Inventory Committee.

5. Financial authorities at all levels (Ministry of Finance and Provincial Departments of Finance and Price Control) shall take the lead in implementing the transfer of assets between the parties, prepare the handover record (with attached asset records) signed by both the transferring and receiving units. The figures of the transferred assets recorded in the handover record, which have been acknowledged by both parties, serve as the basis for recording, reflecting, and reconciling accounting books and figures.

6. The content of the handover work includes:

a) Fixed assets: Transfer all existing fixed assets according to the guidance provided in Circular No. 81/TC-HCVX dated October 5, 1994 on the balance sheet up to June 30, 1995, including:

- Fixed assets in use.

- Unused fixed assets.

- Fixed assets awaiting liquidation.

- Fixed assets not currently needed.

- Land and fixed assets not subject to depreciation.

The transferred fixed assets shall be valued at original cost and remaining value as shown on the asset registration card and book, with quantities and values matching the balance sheet and inventory report at the time of transfer.

b) Current assets: Due to the diverse and complex nature of current assets, which are always changing, in addition to the results shown in the inventory form and the figures on the balance sheet as of June 30, 1995, when transferring, any additional items generated from the inventory date to the transfer date must be added (+) or subtracted (-) to accurately determine the figures for the handover, serving as the basis for recording the handover.

- Materials, spare parts, and replacement parts are taken at the purchase price.

- Cheap and easily worn-out items are taken at the purchase price; if such items are currently in use and have been allocated 50%, their remaining value is taken; if they are allocated 100% of their value upon use, the physical item serves as the basis for the handover. For old desks, chairs, cabinets, and other working tools, if the Vietnam Social Security agrees, they may be left for the previous unit to use without needing to be handed over.

- Deposits with the State Treasury or banks must be confirmed by the balance statement from the State Treasury or the depositing bank.

- Cash reserves and negotiable instruments must be verified against accounting records, ensuring accuracy and consistency.

- Ongoing construction or repair projects must hand over all project documentation (designs, budgets, construction or repair permits...) along with received and utilized funds to the recipient for continued monitoring and management.

- All ledgers and related documents concerning social insurance payments to beneficiaries under Decree 19/CP dated February 16, 1995 of the Government at the time of transfer shall, in principle, be fully handed over to the Vietnam Social Security Organization.

III/ IMPLEMENTATION.

- The General Confederation of Labor of Vietnam and the Ministry of Labor, War Invalids and Social Affairs are responsible for directing their respective social security organizations to fully, promptly, and accurately implement the contents and deadlines as guided above, swiftly organizing the transfer of assets to the Vietnam Social Security Organization.

- Provincial Departments of Finance and Prices have the responsibility to organize and direct the transfer of assets from social security organizations under the Provincial Federation of Labor and Provincial Department of Labor, War Invalids and Social Affairs to the Provincial Social Security Organization; they must report the results of asset transfers to the Ministry of Finance, the Ministry of Labor, War Invalids and Social Affairs, the General Confederation of Labor of Vietnam, and the Vietnam Social Security Organization.

- The Ministry of Finance is responsible for guiding the organization and direction of asset transfers from social security organizations under the General Confederation of Labor of Vietnam and the Labor, War Invalids and Social Affairs sector to the Vietnam Social Security Organization. In cases where issues arise during the asset transfer process that have not been resolved, the Ministry of Finance is responsible for reporting to the Prime Minister for consideration and decision.

IV/ EFFECTIVE PROVISIONS.

This Circular takes effect from the date of issuance. During implementation, if any difficulties arise, units are requested to report to the Ministry of Finance for resolution.