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CIRCULAR

ON MANAGEMENT, DEPRECIATION CALCULATION, AND DEPRECIATION CHARGING WITH RESPECT TO MARKET INFRASTRUCTURE ASSETS

Pursuant to the Law on Management and Use of Public Assets dated June 21, 2017;

Pursuant to the Law on amendments to the Law on Securities; the Law on Accounting; the Law on Independent Audit; the Law on State Budget; the Law on Management and Use of Public Property; the Law on Tax Administration; the Law on Personal Income Tax; the Law on National Reserves; the Law on Handling Administrative Violations dated November 29, 2024;

Pursuant to Decree No. 60/2024/ND-CP dated June 5, 2024 of the Government on the development and management of markets;

Pursuant to Decree No. 14/2023/ND-CP dated April 20, 2023 of the Government defining the functions, tasks, powers, and organizational structure of the Ministry of Finance;

At the request of the Director of the Public Asset Management Authority;

The Minister of Finance promulgates a Circular on management, depreciation calculation, and depreciation charging with respect to market infrastructure assets.

Chapter I

SCOPE AND REGULATED ENTITIES

Article 1. Scope

1. This Circular provides for the regime of management, depreciation calculation, and depreciation charging with respect to market infrastructure assets that are fixed assets invested and managed by the State (hereinafter referred to as “market infrastructure assets”) as prescribed in Clause 16 Article 3 of the Government’s Decree No. 60/2024/ND-CP dated June 5, 2024 on development and management of markets, and assigned to managing agencies or units in accordance with Chapter IV of Decree No. 60/2024/ND-CP.

2. This Circular does not apply to market infrastructure assets assigned to enterprises for management in the form of state capital investment in enterprises.

3. For market infrastructure assets that do not meet the criteria of fixed assets as prescribed in Article 3 of this Circular, asset monitoring shall be carried out by recording them as tools and instruments in accordance with regulations of the law on the accounting regime.

Article 2. Regulated entities

1. Agencies and units assigned to manage market infrastructure assets in accordance with Chapter IV of Decree No. 60/2024/ND-CP include:

a) Public sector entities.

b) Province-level specialized agencies for market infrastructure assets;

c) District-level specialized agencies for market infrastructure assets;

d) Commune-level People’s Committees.

2. Other entities involved in the management, depreciation calculation, and depreciation charging with respect to market infrastructure assets.

Chapter II

GENERAL PROVISIONS ON MANAGEMENT OF MARKET INFRASTRUCTURE ASSETS AS FIXED ASSETS

Article 3. Criteria for identifying market infrastructure assets as fixed assets

1. Identification of market infrastructure assets

a) The land use right for each land parcel or land area allocated to each agency or unit within a parcel shall be identified as a single asset.

b) Assets not falling under Point a of this Clause shall be identified as follows:

An independently used asset shall be identified as a single asset;

A system consisting of multiple individual assets that are interconnected to perform one or several specific functions, where the absence of any component renders the entire system inoperable, shall be identified as a single asset;

A system assigned to multiple agencies or units for management shall be recognized as separate assets for each agency or unit.

2. Market infrastructure assets specified in Clause 1 of this Article (except for those specified in Clause 3 of this Article) shall be classified as fixed assets when simultaneously meeting the following two criteria:

a) Having a useful life of one (01) year or more;

b) Having an original cost of VND 10,000,000 (ten million dong) or more.

3. Market infrastructure assets specified in Clause 1 of this Article, assigned to public sector entities that are financially autonomous in recurrent expenditures and investment expenditures, or subject to the inclusion of fixed asset depreciation in service prices in accordance with laws, shall be classified as fixed assets when simultaneously meeting the following two criteria:

a) Having a useful life of one (01) year or more;

b) Meeting the criteria for original cost of fixed assets as prescribed by the laws applicable to enterprises.

Article 4. Principles for management of market infrastructure assets as fixed assets

1. Market infrastructure assets specified in Article 3 of this Circular must have asset dossiers prepared for strict management in terms of physical conditions and value in accordance with regulations of the law on management and use of public property and relevant legislation.

2. Each market infrastructure asset specified in Article 3 of this Circular shall be considered an individual accounting object. Accounting for market infrastructure assets must fully reflect and record information on original cost, residual value, depreciation calculation, and depreciation charging of the asset.

3. Agencies and units assigned to manage market infrastructure assets shall:

a) Account for all market infrastructure assets assigned for management in accordance with the current accounting regime;

b) Conduct annual physical inventories of assets and make adjustments to accounting records in case of discrepancies arising from the inventory;

c) Submit asset declaration reports and reports on the status of management and use of market infrastructure assets in accordance with Article 34 of Decree No. 60/2024/ND-CP and relevant legislation.

4. In case market infrastructure assets are no longer needed but depreciation calculation has not been completed or depreciation charging has not been fully performed as prescribed, the agencies or units assigned to manage the assets shall continue to manage, monitor, and preserve such assets as prescribed, and calculate or charge depreciation as stipulated in this Circular until the assets are disposed of in accordance with regulations.

5. With respect to market infrastructure assets for which depreciation calculation has been completed or depreciation charging has been fully performed, but which are still usable, the agencies or units assigned to manage the assets shall continue to manage, use, monitor, and preserve such assets as prescribed, and shall not further calculate or charge depreciation.

With respect to market infrastructure assets for which depreciation calculation has been completed or depreciation charging has been fully performed but subsequently fall under a case requiring adjustment of original cost as prescribed in Clause 7 Article 6 of this Circular, depreciation calculation and depreciation charging shall be carried out for the remaining useful life (if any) after the adjustment of original cost.

6. In case the right to operate market infrastructure assets is leased out, the agencies or units assigned to operate the assets (lessors) shall continue to manage, monitor, and calculate depreciation of the assets as prescribed in this Circular during the lease term.

7. In case of definite-term transfer of the right to operate market infrastructure assets, during the transfer period, the agencies or units assigned to operate the assets (transferors) shall:

a) Be responsible for monitoring, inspecting, and supervising the performance of obligations by the transferees in accordance with the law and the definite-term transfer contract for the right to operate the assets;

b) Not carry out depreciation calculation or charging as prescribed in this Circular but must continue to monitor the original cost of the assets recorded at the time of transfer in accounting books and present it in the notes to financial statements in accordance with the current accounting regime;

c) Upon expiry of the definite-term transfer of the right to operate market infrastructure assets, the agencies or units assigned to manage the assets shall re-accept the assets in accordance with the fixed-term transfer contract for the right to operate the assets and applicable laws, and re-determine the original cost and residual value of the assets for management, use, depreciation calculation or charging in accordance with Decree No. 60/2024/ND-CP and this Circular.

Chapter III

DEPRECIATION CALCULATION AND CHARGING WITH RESPECT TO MARKET INFRASTRUCTURE ASSETS AS FIXED ASSETS

Article 5. Determination of original cost of land use right

1. In case the agency or unit is allocated land by the State without collection of land levies, the original cost of the land use right asset shall be determined as follows:

2. In case the agency or unit is leased land by the State and is exempt from land rent for the entire lease term; or is leased land by the State with lump-sum rental payment for the entire lease term; or receives the transfer of land use right under a lease arrangement, in which the lump-sum rental payment or the transfer value originates from the state budget, the original cost of the land use right asset shall be determined as follows:

The paid land rent and the amount paid for the transfer of land use rights shall be deemed to originate from the state budget in the cases specified at Points a, b, and c Clause 3 Article 42 of Decree No. 151/2017/ND-CP dated December 26, 2017 of the Government elaborating on a number of articles of the Law on Management and Use of Public Property (as amended by Clause 38 Article 1 of Decree No. 114/2024/ND-CP dated September 15, 2024 of the Government on amendments to a number of articles of Decree No. 151/2017/ND-CP).

3. In case the agency or unit is leased land by the State and pays a lump-sum land rent for the entire lease term in accordance with the law on land, but such land rent does not originate from the state budget; or the agency or unit receives the transfer of land use rights and the amount paid for the transfer does not originate from the state budget, then the original cost of the land use right asset shall be determined as follows:

4. In case of land lease with annual rental payment, the original cost of the land use right asset is not required to be determined.

5. The original cost of the land use right asset shall be adjusted in the following cases:

a) Periodic adjustment every 5 years starting from 2026;

b) When the used land area changes compared to the land area previously used to determine the original cost of the land use right in the following cases: land inventory under the law; decision of a competent state agency on land recovery, additional land allocation, transfer or acquisition of additional land use rights; or other cases where the change in land area is confirmed by a competent authority;

c) Change in land use purpose as decided by a competent state authority;

d) Upon inventory and reassessment of public property value as decided by a competent agency or individual.

Article 6. Determination of original cost of market infrastructure assets other than land use rights

1. The original cost of market infrastructure assets that were put into use before the effective date of Decree No. 60/2024/ND-CP (August 1, 2024) shall be determined as follows:

a) For market infrastructure assets that have already been monitored and recorded in accounting books, the original cost shall be the current book value being monitored and recorded.

b) For market infrastructure assets that have not been monitored and recorded in accounting books:

b1) In case there is documentation identifying the purchase price or construction cost of the asset, such data shall be used to determine the original cost.

b2) In case documentation under Point b1 is unavailable, but the accounting books of the managing agency/unit or of another managing unit within the same province or city contain original cost information of other market infrastructure assets with equivalent grade, class, capacity, and year of use, then the original cost of the equivalent asset shall be used for determination.

b3) In case there is no basis to determine the original cost under Points b1 or b2, but there is a basis to determine the time the asset was put into use and the new purchase price or new construction cost of a similar asset (with equivalent grade, class, and capacity) at the time of use, the original cost shall be determined as follows:

Where:

- The new purchase price of a similar asset, applicable to assets other than houses, construction works, and architectural structures, is the market price of a similar new asset at the time it is put into use.

- The new construction cost of an asset with equivalent grade, class, and capacity, applicable to houses, construction works, and architectural structures (including those formed through procurement), shall be determined as follows:

b4) In cases where the original cost of the market infrastructure asset cannot be determined in accordance with the provisions of Points b1, b2, and b3 of this Clause, the agency or unit assigned to manage the market infrastructure asset shall determine the original cost in accordance with Article 7 of this Circular.

2. The original cost of market infrastructure assets formed through procurement and put into use from August 1, 2024 shall be determined as follows:

Where:

- Commercial discounts, rebates, or seller penalties (if any) deducted from the invoice value shall only apply where such amounts are included in the invoice value.

- Other costs (if any) are reasonable expenses directly related to the procurement of the market infrastructure asset actually incurred by the agency or unit up to the time the asset is put into use. case general costs arise for multiple assets, such costs shall be allocated to each asset based on appropriate criteria (e.g.,  constructed area, quantity, invoice value of each market infrastructure asset generating the general cost, etc.).

3. The original cost of market infrastructure assets formed through construction investment and accepted and put into use from August 1, 2024 shall be the final settlement value approved by the competent authority in accordance with the law.  Specific cases are handled as follows:

a) In cases where the market infrastructure asset has been completed, put into use, but the final settlement has not yet been approved by the competent authority, the agency or unit assigned to manage the asset shall record the asset in the accounting books from the date of handover and commissioning.  The recorded original cost is a provisional cost. The provisional cost in this case should be determined in the following order of priority:

Verified final settlement value;

Proposed final settlement value;

Settlement value under the contract between the investor and the contractor (A-B settlement);

Most recently approved or adjusted cost estimate (in case the project estimate has been adjusted);

Most recently approved or adjusted total investment amount (in case the total investment amount has been adjusted).

When the final settlement is approved by the competent authority, the agency or unit assigned to manage the market infrastructure asset shall adjust the provisional original cost according to the approved settlement value to update the accounting records and carry out asset accounting in accordance with regulations.

b) In case the project comprises multiple items and assets (multiple accounting objects), but does not have separate cost estimates or final settlements for each item or asset, or has separate estimates but no separate final settlements, the cost shall be allocated to each item or asset for accounting purposes based on the principle that direct costs related to a particular fixed asset shall be attributed to that asset; general costs related to multiple fixed assets shall be allocated based on the ratio of each fixed asset’s direct cost to the total direct cost of all fixed assets.

c) For projects comprising multiple items and assets (multiple accounting objects) that are invested in and accepted separately by item or asset, each item or asset that has been completed, accepted, and put into use must be recorded in the accounting books from the date of handover and commissioning.

d) Where the project’s final settlement value must be adjusted based on the recommendation or conclusion of a competent authority following inspection or audit, the agency or unit assigned to manage the market infrastructure asset must adjust the original cost accordingly.

4. The original cost of market infrastructure assets received through allocation or reallocation from August 1, 2024 (the effective date of Decree No. 60/2024/ND-CP) shall be determined as follows:

Where:

a) The original cost recorded in the Handover and Acceptance Report is determined as follows:

a1) For assets already monitored and recorded in the accounting books, the original cost recorded in the Handover and Acceptance Report is the original cost monitored and recorded by the agency or unit possessing the asset for allocation or reallocation.

a2) For assets not yet monitored and recorded in accounting books, the agency or unit possessing the asset for allocation or reallocation shall be responsible for determining the original cost of the asset in accordance with Clauses 1, 2, and 3 of this Article prior to submission to the competent decision-maker on asset allocation or reallocation.

b) Other costs (if any) are reasonable expenses directly related to the receipt of the allocated or reallocated market infrastructure asset, incurred by the receiving agency or unit up to the time the asset is put into use. In cases where common costs arise for multiple assets, such costs shall be allocated to each asset based on appropriate criteria (e.g.  constructed area, quantity, asset value associated with the common cost, etc.).

5. The original cost of market infrastructure assets identified as surplus through inventory shall be determined as follows:

Where:

a) The original cost stated in the Inventory Record shall be determined in accordance with Clauses 1, 2, and 3 of this Article.

b) Other costs (if any) are reasonable expenses incurred by the agency or unit during the inventory process (including costs for hiring valuation firms to determine asset values in accordance with Vietnamese Valuation Standards or establishing a Valuation Council as prescribed in Article 7 of this Circular as a basis for determining the original cost and residual value of the market infrastructure asset for accounting purposes).  In case common costs arise for multiple assets, they shall be allocated based on appropriate criteria (e.g.  constructed area, quantity, asset value associated with the common cost, etc.).

6. For market infrastructure assets received back by the agency or unit after the expiration of the definite-term transfer of the right to operate the asset as prescribed in Point c Clause 7 Article 4 of this Circular, the original cost shall be re-determined as follows: Original cost of the market infrastructure asset
= Original cost recorded in accounting books at the time of transfer under the contract on the transfer of the right to operate the asset for a definite term (+) Investment value for upgrading or expansion under a project approved by a competent authority (if any)

7. Cases of changes in the original cost of market infrastructure assets:

a) Revaluation of asset value during inventory according to the decision of a competent authority.

b) Investment in upgrading or expansion of the asset under a project approved by a competent authority.

c) Dismantling of one or more components of the market infrastructure asset (in cases where the value of the dismantled components is being accounted for within the total original cost of the asset), except for dismantling for maintenance purposes.

d) Installation of one or more components of the market infrastructure asset, except for installations made to replace components during maintenance.

dd) Partial loss or serious damage of the asset due to natural disasters, force majeure events, or other sudden impacts (except where the asset has been restored through insurance compensation or compensation by the responsible organization or individual).

Article 7. Determination of the original cost of market infrastructure assets in the case specified at Point b4 Clause 1 Article 6 of this Circular

1. The agency or unit assigned to manage the market infrastructure asset shall either engage a valuation enterprise to provide consultancy on determining the asset value in accordance with Vietnamese Valuation Standards or establish an Asset Valuation Council to serve as the basis for reassessing the residual value and remaining useful life of the asset. The use of valuation certificates and valuation reports shall comply with regulations of the law on pricing.

Based on the valuation certificate or valuation report provided by the valuation enterprise, or the asset valuation record prepared by the Asset Valuation Council, and the characteristics and condition of the market infrastructure asset, the agency or unit shall determine the original cost of the asset as follows:

2. The Asset Valuation Council shall be established by decision of the head of the agency or unit possessing the asset. The Council's composition includes: the head of the agency or unit possessing the asset, or a person authorized by the head, as Chairperson; other members include representatives of relevant specialized departments of the agency or unit possessing the asset; and representatives of other relevant agencies (if any).

The Asset Valuation Council shall use the general valuation methods applicable to goods and services priced by the State as the basis for asset revaluation.

The Council shall operate based on the following principles:

a) The Council shall work collectively. A meeting to determine the asset value may only be held when at least two-thirds of the members are present; in the case of a three-member Council, all three members must be present. The Chairperson shall preside over the meeting to determine the asset value. Any absent member must send a written explanation to the Chairperson before the meeting, stating the reason for their absence and providing comments on asset value matters (if any).

b) The Council shall conclude the asset value based on the majority opinion voted on and approved by the Council members present.  In case of a tie, the opinion of the Chairperson shall prevail.  Council members who do not agree with the Council’s conclusion on the asset value have the right to reserve their opinion, which shall be recorded in the Asset Valuation Record.

c) The Council must prepare a record of the asset valuation, which must fully and accurately reflect the entire process of asset valuation. The record must be retained in the asset valuation documentation.

The main contents of the Asset Valuation Record include: full name of the Chairperson and Council members; full names of persons attending the valuation meeting; time and place of the valuation; results of the asset valuation survey; comments of the Council members and attendees; results of the vote; time and place of completion of the asset valuation; and the signatures of the Council members.

The Asset Valuation Council stipulated in this Clause shall cease to operate after completing the tasks specified in the Decision on its establishment.  Any issues arising after the Council ceases to operate shall be handled by the agency or unit possessing the asset.

Article 8. Determination of the original cost of market infrastructure assets in case of changes in the original cost

When a change in the original cost of a market infrastructure asset arises in the cases specified in Clause 5 Article 5 and Clause 7 Article 6 of this Circular, the agency or unit assigned to manage the market infrastructure asset shall prepare a Record stating the reason (case) for the change in original cost, and shall re-determine the original cost of the market infrastructure asset as a basis for determining depreciation, and residual value, in order to adjust the accounting books and carry out management, depreciation calculation or charging in accordance with this Circular.

Re-determination of the original cost of market infrastructure assets in case of changes shall be carried out as follows:

1. For land use rights specified in Clause 5 Article 5 of this Circular:

a) Where the land price table is adjusted periodically as specified in Point a Clause 5 Article 5 of this Circular, or adjusted to reflect actual conditions in accordance with land laws, the original cost of the land use right shall be re-determined according to the adjusted land price tables; the re-determination shall follow the provisions of Article 5 of this Circular.

b) Where the land area has changed compared to the area previously used to determine the original cost as specified in Point b Clause 5 Article 5 of this Circular, the original cost of the land use right shall be re-determined as follows: Re-determined original cost = Previously recorded original cost ± Increase or decrease in the value of the land use right. The increased or decreased value of the land use right shall be determined in accordance with Article 5 of this Circular.

c) Where there is a change in land use type according to a decision of a competent state agency as specified in Point c Clause 5 Article 5 of this Circular, the original cost of the land use right shall be re-determined in accordance with the new land use type as prescribed in Article 5 of this Circular.

d) In case the land use right value is re-assessed during inventory as decided by a competent authority as prescribed in Point d Clause 5 Article 5 of this Circular, the original cost of the land use right shall be re-determined based on such decision.

2. For the case specified in Point a Clause 7 Article 6 of this Circular, the original cost of the market infrastructure asset shall be re-determined in accordance with the guidance of the competent authority on inventory and asset revaluation.

3. For the case specified in Point b Clause 7 Article 6 of this Circular, the original cost of the market infrastructure asset shall be re-determined as follows:
Re-determined original cost = Current recorded original cost + Value added from investment in upgrading or expanding the market infrastructure asset. The added value from upgrading or expanding the asset shall be the final settlement value approved by the competent authority as prescribed by law. Where the final settlement has not yet been approved, the managing agency/unit shall record the added value of the upgraded or expanded asset in the accounting books from the date of handover and commissioning. The added value recorded in the accounting books shall be a provisional value, prioritized in the following order:

Verified final settlement value;

Proposed final settlement value;

Settlement value under the contract between the investor and the contractor (A-B settlement);

Most recently approved or adjusted cost estimate (in case the project estimate has been adjusted);

Most recently approved or adjusted total investment amount (in case the total investment amount has been adjusted).

Once the final settlement is approved by the competent authority, the managing agency/unit shall adjust the provisional added value in the accounting books in accordance with the approved settlement value and update accounting records and asset accounting accordingly.

Where the investment project is approved by a competent authority for construction, upgrading, or expansion of other assets (not classified as market infrastructure assets), but includes investment items for market infrastructure assets, the added value shall be the investment portion in the market infrastructure asset within the total project settlement value approved by the competent authority.

4. For the case of dismantling one or more components of a market infrastructure asset as specified in Point c Clause 7 Article 6 of this Circular, the original cost shall be re-determined as follows: Re-determined original cost = Current recorded original cost – Value of dismantled components + Reasonable expenses directly related to the dismantling incurred by the managing agency/unit up to the completion of dismantling.

In which, the value of the dismantled component of the market infrastructure asset shall be determined as follows:

a) If records exist identifying the purchase price, final settlement value, or cost estimate of the dismantled components, the value of dismantled components shall be determined accordingly.

b) If such records are not available as stated in Point a, but the original cost can be allocated to the dismantled components based on appropriate criteria (e.g.,  constructed area, quantity, purchase price, cost estimates, etc.),  the value shall be determined based on the allocated amount.

c) If neither Point a nor Point b applies, and the original cost cannot be allocated to the dismantled components, the value of the dismantled components shall be the market purchase price of such components at the time of commissioning.

If the market purchase price of the dismantled components cannot be determined at the time of commissioning, the managing agency/unit shall either hire a valuation enterprise to determine the value in accordance with Vietnamese Valuation Standards, or establish an Asset Valuation Council in accordance with Article 7 of this Circular to serve as the basis for determining the value of the dismantled components as a basis for re-determining the asset’s original cost after dismantling.

5. For the case of installation of additional components of a market infrastructure asset as specified in Point d Clause 7 Article 6 of this Circular, the original cost of the market infrastructure asset shall be re-determined as follows: Re-determined original cost = Current recorded original cost + Added value from the installation of additional components + Reasonable expenses directly related to the installation incurred by the agency or unit assigned to manage the market infrastructure asset up to the time of completion of installation.

In which, the added value from the installation of additional components shall correspond to the value of the installed components, as determined in accordance with the relevant cases specified in Article 6 of this Circular.

6. For the case specified in Point dd Clause 7 Article 6 of this Circular, the agency or unit assigned to manage the market infrastructure asset shall either engage a valuation enterprise to provide consultancy on determining the asset’s value in accordance with Vietnamese Valuation Standards, or establish an Asset Valuation Council as prescribed in Article 7 of this Circular, as the basis for reassessing the residual value and remaining useful life of the asset.

Article 9. Principles for depreciation and amortization of market infrastructure assets

1. Market infrastructure assets classified as fixed assets and assigned to an agency or unit for management shall be depreciated in accordance with this Circular, except for the cases specified in Clauses 2 and 3 of this Article.

2. Market infrastructure assets subject to depreciation charging include:

a) Assets assigned to public sector entities that are self-financed in both regular expenditures and investment;

b) Assets assigned to public sector entities required to incorporate fixed asset depreciation costs into the rental service prices in accordance with law.

Based on applicable regulations and the actual situation in each period, and upon the report of the unit assigned the market infrastructure asset, together with the opinion of the same-level financial authority and relevant agencies or units (if any), the provincial-level authority responsible for market infrastructure assets shall report to the provincial People’s Committee; the district-level authority shall report to the district-level People’s Committee for review and decision on allowing the public sector entity to incorporate depreciation costs of the market infrastructure asset into the service prices under this point.

3. Agencies or units assigned to manage market infrastructure assets shall not calculate and charge depreciation in the following cases:

a) The asset for which depreciation calculation has been completed and depreciation charging has been fully performed but is irreparably damaged and no longer usable;

b) The asset for which depreciation calculation has been completed and depreciation charging has been fully performed but remains in use;

c) The asset is under a term-limited transfer of the right to operate;

d) The asset is a land use right.

4. Bases for depreciation calculation or charging of market infrastructure assets include:

a) The accounting object (a system of market infrastructure assets or individual assets);

b) The duration and rates for depreciation calculation and depreciation charging in which:

b1) The duration, rates, and method for depreciation calculation shall follow the provisions in Article 10 of this Circular;

b2) The duration, rates, and method for depreciation charging shall comply with regulations on the management, use, and depreciation charging of fixed assets applicable to enterprises.

Where depreciation charging at enterprise-based rates adversely affects the operation of a public sector entity, based on the actual situation of each period, and upon the report of the unit assigned the asset, together with the opinion of the same-level financial authority and relevant agencies or units (if any), the provincial-level authority shall report to the provincial People’s Committee, and the district-level authority shall report to the district-level People’s Committee for review and decision on adjusting the depreciation rate of fixed assets to ensure service quality and price appropriateness.

c) Accounting periods as prescribed by current accounting regulations.

5. The depreciation calculation or charging with respect to market infrastructure assets shall be carried out as follows:

a) Depreciation calculation shall be conducted once a year in December, before the accounting books are closed.

For assets received by an agency or unit from another agency, organization, unit, or enterprise under a decision of a competent authority during the year, depreciation calculation for that year shall be performed by the receiving agency or unit.

b) Depreciation charging shall be carried out on a monthly basis. The depreciation expense shall be incorporated into the service price of the unit.

Article 10. Asset categories, depreciation calculation period framework, and depreciation calculation rate

1. Where the accounting object is a system:

2. Where the accounting object is an individual asset:

3. Based on the project scale, technical characteristics, and socio-economic conditions of each locality, and the depreciation calculation period framework specified in Clauses 1 and 2 of this Article, and upon proposal from the agency or unit managing the market infrastructure asset and the superior authority (if any), the provincial-level authority shall report to the provincial People’s Committee, and the district-level authority shall report to the district People’s Committee for consideration and decision, or decentralization of the authority to decide the specific depreciation calculation period and rate for cases where the accounting object is a system (Clause 1) or individual assets (Clause 2).

Article 11. Methods for depreciation calculation and depreciation charging

1. Depreciation calculation method:

a) The annual depreciation amount of a market infrastructure asset shall be calculated as follows:

Where:

- The original cost of the market infrastructure asset is determined in accordance with Articles 6, 7, and 8 of this Circular;

- The depreciation rate is determined under Article 10 of this Circular.

b) The depreciation charging method for market infrastructure assets shall comply with regulations on fixed asset depreciation applicable to enterprises.

2. Cumulative depreciation amount and depreciation charged:

a) The cumulative depreciation amount shall be calculated as follows:

b) The depreciation charged shall be calculated as follows:

3. Depreciation and depreciation charging for the final year or accounting period of the useful life of the market infrastructure asset:

a) The depreciation amount for the final year of the asset’s useful life shall be calculated as follows:

b) The depreciation charged for the final accounting period of the asset’s useful life shall be calculated as follows:

Article 12. Residual value of market infrastructure assets

1. The residual value of a market infrastructure asset for accounting purposes shall be calculated according to the following formula:

2. For fixed assets that have been revaluated in accordance with this Circular, the revaluated value shall be considered the residual value of the asset.

Chapter IV

IMPLEMENTATION

Article 13. Entry into force

1. This Circular comes into force as of March 1, 2025 and shall apply from the 2025 financial year.

2. In case the legal normative documents referred to in this Circular are amended, supplemented, or replaced, the implementation shall follow the provisions of the amending, supplementing, or replacing documents.

3. Chairpersons of the People’s Committees of centrally-run provinces and cities, and heads of relevant agencies, organizations, and units shall be responsible for directing and organizing the implementation of the management, depreciation calculation, and depreciation charging of market infrastructure assets in accordance with this Circular and relevant legal documents./.

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