Public property needs better management

The use of public property must be managed transparently to minimise legal loopholes that results in the misuse of the property by individuals and agencies, it was agreed at a recent meeting held by the Ministry of Finance on the matter.

Public property includes land, houses, cars and other assets which are worth more than 500 million VND (23,000 USD).

According to the National Database, as of December last year, the total value of public property had reached nearly 1,000 trillion VND (45.8 billion USD).

Property worth 690.5 trillion VND (31.6 billion USD) was managed by more than 59,000 government agencies, accounting for 69 percent of total assets.

Speaking at the meeting, the head of the ministry's State Asset Management Department, Tran Duc Thang, said several agencies allocated with public property had used their capital to increase operational efficiency whilst giving pay rises to employees and making additional contributions to the State Budget.

However, the shortcoming remained in the management and use of public property. Many assets managed by certain State-owned enterprises had been misused, said Thang.

He said the mechanism to allocate public capital to self-financing enterprises allowed them to use the assets to make a profit.

However, the method of defining the value of public property and self-financing enterprises was not up to scratch.

The ministry would review and adjust processes and procedures used to define the value of property as well as increase the number of government self-financing agencies that receive public assets, Thang told the meeting.
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All comments [ 11 ]

MaskOf Zero 2/8/15 20:12

Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition.

Only Solidar 2/8/15 20:16

Need to have laws to control and manage these property.

yobro yobro 2/8/15 20:17

Property Management Laws are those statutes and regulations that govern the professionals responsible for managing properties such as apartments, homeowners associations, condominiums, office buildings, cooperatives, and the like.

LawrenceSamuels 2/8/15 20:19

Property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables.

Deck Hero14 2/8/15 20:21

I think this issue still has a lot of troubles that government needs to adjust.

Jane smartnic 2/8/15 20:23

Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.

Love Peace 2/8/15 20:24

In most states, property managers must be licensed. This typically involves either holding a degree or taking a course on property management and passing some form of written examination.

John Smith 2/8/15 20:28

It's also a criteria of democratic implementation, and we must ensure that is good.

John Smith 2/8/15 20:29

It is a criteria of democratic implementation, and we must ensure that is good.

Pack Cassiopian 2/8/15 20:30

It is important for property managers to work closely with legal counsel to ensure that they do not inadvertently violate the law through common practices.

Gentle Moon 2/8/15 20:32

There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies.

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