Circular No. 22/2025/TT-BTC dated May 9, 2025 on regulations on management and depreciation of inland waterway infrastructure assets and guidelines on declarations and reports on inland waterway infrastructure property

MINISTRY OF FINANCE OF VIETNAM -------	SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------
No. 22/2025/TT-BTC	Hanoi, May 9, 2025

CIRCULAR

REGULATIONS ON MANAGEMENT AND DEPRECIATION OF INLAND WATERWAY INFRASTRUCTURE ASSETS AND GUIDELINES ON DECLARATIONS AND REPORTS ON INLAND WATERWAY INFRASTRUCTURE PROPERTY

Pursuant to Decree No. 12/2025/ND-CP dated January 20, 2025 of the Government of Vietnam on the management, use, and utilization of inland waterway infrastructure assets;

Pursuant to Decree No. 29/2025/ND-CP dated February 24, 2025 of the Government of Vietnam on functions, tasks, entitlements, and organizational structure of the Ministry of Finance of Vietnam;

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

The Minister of Finance of Vietnam hereby promulgates the Circular on the regulations on the management and depreciation of inland waterway infrastructure assets and guidelines on declarations and reports on inland waterway infrastructure assets.

Chapter I

SCOPE AND REGULATED ENTITIES

Article 1. Scope

1. This Circular provides for the regulations on the management and depreciation of inland waterway infrastructure assets (fixed assets) and guidelines on declarations and reports on inland waterway infrastructure assets invested in and managed by the State.

2. This Circular does not provide for:

a) Inland waterway infrastructure assets prescribed in Clause 2 Article 1 of Decree No. 12/2025/ND-CP dated January 20, 2025 of the Government of Vietnam.

b) Determination of the service life of inland waterway infrastructure assets for implementing investment projects on the construction, upgrade, renovation, expansion, and maintenance of inland waterway infrastructure assets.

c) Determination of the value of inland waterway infrastructure assets for leasing out rights to utilize assets or transferring rights to utilize assets for specific terms; handling of inland waterway infrastructure assets.

Article 2. Regulated entities

1. Inland waterway traffic authorities.

2. Inland waterway management authorities prescribed in Clause 2 Article 2 of Decree No. 12/2025/ND-CP .

3. Authorities assigned to manage inland waterway infrastructure assets (hereinafter referred to as “asset management authorities”) prescribed in Clause 3 Article 2 of Decree No. 12/2025/ND-CP .

4. Organizations and individuals directly engaging in the accounting, management, and storage of records, declaration reports, and information on login instances to the database on inland water infrastructure assets prescribed in Clause 4 Article 2 of Decree No. 12/2025/ND-CP .

5. Other entities relevant to management and depreciation of inland waterway infrastructure assets; declaration and report on inland waterway infrastructure assets.

Chapter II

GENERAL REGULATIONS ON MANAGEMENT OF INLAND WATERWAY INFRASTRUCTURE ASSETS

Article 3. Inland waterway infrastructure assets

Inland waterway infrastructure assets with original costs, residual value, and depreciation determined under this Circular include:

1. Inland waterway channels and channel protection corridors.

2. Vessel locks.

3. Works for transporting vehicles over dams and waterfalls on rivers, canals, and streams.

4. Inland waterway ports.

5. Inland waterway wharves.

6. Anchorages outside ports.

7. Traffic embankments and dams.

8. Inland waterway signaling systems.

9. Auxiliary works and devices: Inland waterway management stations; AIS stations (automatic identification system), together with data management, supervision, and transfer systems; hydrometric gauges or automatic water level monitoring stations; other auxiliary works and devices.

10. Other inland waterway infrastructure assets.

Article 4. Standards of inland waterway infrastructure assets determined as fixed assets

1. Determination of inland waterway infrastructure assets:

a) Assets used independently are determined as a single asset.

b) A system with multiple separate asset components connected with each other to perform one or more specific functions, where the absence of any component can cause the entire system to be non-operational, is determined as a single asset.

c) Where a system is assigned to multiple authorities for management, the part assigned to each authority is a single asset.

2. The inland waterway infrastructure assets prescribed in Clause 1 of this Article shall be determined as fixed assets when they meet the following 2 standards:

a) Having an operational time of 1 year or more.

b) Having an original cost of 10.000.000 VND or more.

Article 5. Management principles and responsibilities of inland waterway infrastructure asset management authorities

1. The inland waterway infrastructure assets prescribed in Articles 3 and 4 of this Circular shall be made into asset records for strict item and value management according to the law on the management and use of public assets and relevant laws. The targets concerning original costs, depreciation, and residual value of inland waterway infrastructure assets determined as fixed assets shall be whole numbers; where results of the determination of the mentioned targets are decimal numbers, they shall be rounded according to accounting laws.

2. Each inland waterway infrastructure asset prescribed in Article 4 of this Circular shall be a separate accounting element. The accounting of inland waterway infrastructure assets shall reflect and record adequate information on the assets' original costs, depreciation, and residual value.

3. If an inland waterway infrastructure asset is no longer in use but is not fully depreciated, its managing authority shall continue to manage, monitor, and preserve it under current regulations and depreciate it according to this Circular until it is handled as per regulation.

4. If an inland waterway infrastructure asset has been fully depreciated but still in use, its managing authority shall continue to manage, use, monitor, and preserve it under current regulations without further depreciation.

If an inland waterway infrastructure asset has been fully depreciated but is subject to changes to the original cost according to Article 7 of this Circular, it must be depreciated according to regulations for the remaining operational time (if any) after the changes to the original cost.

5. In case of leasing out rights to utilize inland waterway infrastructure assets, asset management authorities shall continue to manage, monitor, and depreciate such assets according to this Circular during the lease period.

6. In case of fixed-term transfer of rights to utilize inland waterway infrastructure assets, during the transfer period, asset management authorities (transferring parties) shall:

a) Inspect and supervise the receiving parties' obligation implementation according to the laws and contracts for the term-based transfer of asset utilization rights.

b) Do not depreciate these assets according to this Circular and continue to monitor the original costs of assets recorded at the time of the transfer in accounting logs and monitored in the presentation of financial statements according to current accounting regulations.

c) Upon expiration of the fixed-term transfer of rights to utilize inland waterway infrastructure assets (including cases of premature termination of contracts), receive the assets under the contracts for the fixed-term transfer of asset utilization rights and laws; re-determine the original costs and residual value of assets according to Clause 5 Article 6 and Article 12 of this Circular for management and depreciation according to Decree No. 12/2025/ND-CP and this Circular.

7. In case of using existing inland waterway infrastructure assets to participate in public-private partnership investment projects, by the deadline for handing over assets to investors for project implementation, asset management authorities shall:

a) Monitor and prepare reports on the asset part permissible to be used for participation in projects during the handover to investors for project implementation.

b) Do not depreciate these assets according to this Circular and continue to monitor the original costs of assets recorded at the time of the handover to investors for project implementation and monitored in the presentation of financial statements according to current accounting regulations.

c) When investors transfer the assets to competent state authorities, asset management authorities shall receive the assets as per regulation and re-determine the residual value of the assets according to Clause 6 Article 6 and Article 12 of this Circular for management and depreciation according to Decree No. 12/2025/ND-CP and this Circular.

8. Authorities managing inland waterway infrastructure assets and organizations and units prescribed in Clause 4 Article 2 of this Circular shall:

a) Perform accounting for all assigned inland waterway infrastructure assets according to current accounting regulations; prepare reports on the increase, decrease, and depreciation of inland waterway infrastructure assets according to the law.

b) Annually perform asset inventory; adjust accounting figures if there are differences during the inventory to ensure the figures on the accounting logs match the actual figures of the assets.

c) Prepare declaration reports and reports on the management, use, and utilization of inland waterway infrastructure assets according to Article 26 of Decree No. 12/2025/ND-CP and this Circular.

Chapter III

ORIGINAL COSTS, DEPRECIATION, AND RESIDUAL VALUE OF INLAND WATERWAY INFRASTRUCTURE ASSETS

Article 6. Determination of original costs of inland waterway infrastructure assets

1. Any inland waterway infrastructure asset generated from procurement and put into use from the effective date of Decree No. 12/2025/ND-CP shall have its original cost determined according to the following formula:

Original cost of the inland waterway infrastructure asset generated from procurement

=

Value on the invoice

-

Trade discounts, rebates, or seller fines (if any)

+

Transport, loading and unloading, repair, renovation, upgrade, installation, and testing costs

+

Taxes (excluding deductible and refundable taxes); fees and charges according to the law on fees and charges (if any)

+

Other costs (if any)

Where:

a) Trade discounts, rebates, or seller fines (if any) deducted from the value on the invoice may only be applied if such value includes trade discounts, rebates, or seller fines.

b) Other costs (if any) refer to reasonable costs relevant to the procurement of the inland waterway infrastructure asset that the authority has paid up to the point when such asset is put into use. Where there are general costs for multiple inland waterway infrastructure assets, allocate the costs to each inland waterway infrastructure asset based on appropriate criteria (quantity/amount/length/area/value on invoices of inland waterway infrastructure assets with incurred general costs, etc.).

2. The original cost of any inland waterway infrastructure asset generated from construction and put into use from the effective date of Decree No. 12/2025/ND-CP is the settlement value approved by competent authorities or persons according to the law. Special cases:

a) Where inland waterway infrastructure assets have undergone testing and are in use (due to completion of the construction), but no settlement is approved by competent authorities or persons, agencies or units assigned to manage inland waterway infrastructure assets shall conduct the recording of the asset accounting logs from the handover date for putting the assets into use. The original costs recorded in the accounting logs are the provisional original costs. The provisional original costs in this case shall be selected by the following order of priority:

- Settlement verification value.

- Value requested for settlement approval.

- Value determined under testing minutes A-B between investors and contractors (A-B settlement).

- Value of total investment, approved project estimate, or project estimate adjusted recently (in case the project estimate is adjusted).

When competent authorities or persons approve the settlement, asset management authorities shall adjust the provisional original costs in the accounting logs based on the approved settlement value for adjustments to accounting logs and implementation of asset accounting as per regulation.

b) Where projects include multiple different items and/or assets (multiple accounting elements) without separate estimates and/or settlement for each item and/or asset, allocate the settlement value approved by competent authorities or persons to each item and/or asset for the recording of accounting logs based on appropriate criteria (quantity/estimate of each item and/or asset/proportion based on the market price of the respective asset, etc.).

Where projects include multiple different items and/or assets (multiple accounting elements) with separate estimates and without separate settlement for each item and/or asset, allocate the settlement value approved by competent authorities or persons based on the ratio prescribed in the detailed estimates to each item and/or asset for accounting log recording.

c) Where projects include multiple different items and/or assets (multiple accounting elements) subject to investment and/or testing by each item and/or asset, items and/or assets that have been constructed or undergone testing for being put into use shall be recorded in accounting logs from the handover date for being put into use. The original costs for accounting log recording shall be the provisional original costs prescribed in Point a of this Clause.

When project settlement is approved by competent authorities or persons, asset management authorities shall allocate the settlement value approved by competent authorities or persons to each item and/or asset for accounting log recording or adjustment (for items and/or assets recorded in accounting logs) based on appropriate criteria (quantity/estimate of each item and/or asset/proportion based on the market price of the respective asset, etc.).

d) Where the settlement value of projects requires adjustments according to suggestions or conclusions of competent authorities after inspection or audit, asset management authorities shall adjust the original costs based on the mentioned suggestions or conclusions.

dd) Where projects have content concerning investment in other assets (not the inland waterway infrastructure assets prescribed in Article 3 of this Circular), exclude the value of investment in other assets from the settlement value of projects when determining the original costs of assets.

3. Any inland waterway infrastructure asset received by asset management authorities under assignment or transfer decisions of competent authorities or persons from the effective date of Decree No. 12/2025/ND-CP (excluding the cases prescribed in Point c of this Clause) shall have its original cost determined according to the following formula:

Original cost of the assigned or transferred inland waterway infrastructure asset

=

Original cost in the asset receipt record

+

Transport, loading and unloading, repair, renovation, upgrade, installation, and testing costs

+

Fees and charges according to the law on fees and charges (if any)

+

Other costs (if any)

Where:

a) The original cost in the asset receipt record shall be determined as follows:

a1) The original cost in the asset receipt record of any asset monitored and recorded in the accounting log is the original cost of the inland waterway infrastructure asset monitored and recorded in the accounting log of the authority with the assigned or transferred asset.

Where the asset is yet to be monitored and/or recorded in the accounting log before requesting the competent authority or person to decide on the asset assignment or transfer, the authority with the asset shall reassess its value and remaining useful life. Where:

- In case the assigned or transferred asset (inland waterway infrastructure asset assigned to the asset management authority prescribed in Clause 3 Article 2 of this Circular) is yet to be monitored and recorded in the accounting log, the reassessment of its value shall comply with Points a2, a3, and a4 of this Clause.

- Where the assigned or transferred asset is under the management of entities that are not asset management authorities according to Clause 3 Article 2 of this Circular, the reassessment of the asset value shall comply with the law relevant to asset value reassessment of such entities. Where the relevant law does not stipulate the reassessment, comply with Points a2, a3, and a4 of this Clause.

a2) Any inland waterway infrastructure asset that is yet to be monitored and recorded in the accounting book with documents determining the purchase price, the construction price, and the time for putting such asset into use shall have its original cost in the asset receipt record determined under Clauses 1 and 2 of this Article.

a3) Regarding an inland waterway infrastructure asset that is yet to be monitored and recorded in the accounting log without documents determining the purchase price and construction price according to Point a2 of this Clause, but there are grounds for determining the time for putting such asset into operation, the purchase price of new assets of the same type, and the construction price of new assets with similar technical standards at the time of putting the asset into use, the original cost in the asset receipt record shall be determined according to the following formula:

Original cost in the asset receipt record

=

Purchase price of new assets of the same type or construction price of new assets with similar technical standards at the time of putting the asset into use

Where:

- The price of new assets of the same type applicable to assets that are not houses, construction works, or architectural items shall be the price of new assets of the same type sold on the market when the asset is put into use.

- The construction price of new assets with similar technical standards applicable to assets that are houses, construction works, or architectural items (including houses, construction works, and architectural items generated from procurement) shall be determined according to the following formula:

Construction price

=

Unit price of the construction of new assets with similar technical standards promulgated by relevant Ministries (or following specific local regulations where the asset is located), applicable when the asset is put into use

x

Construction area and volume/quantity/other criteria (if any) of the asset

+

Value of other structures associated with works/work items (ceiling, floor/other criteria (if any)) determined under the regulations of relevant Ministries (or specific local regulations where the asset is located) when the asset is put into use

a4) Regarding an inland waterway infrastructure asset that is yet to be monitored and recorded in the accounting log without documents determining the purchase price and construction price according to Point a2 of this Clause and there are no ground for determining the time for putting such asset into operation, the purchase price of new assets of the same type, and the construction price of new assets with similar technical standards at the time of putting the asset into use according to Point a3 of this Clause, use the conventional price decided by the competent authority or person as the original cost of the asset.

a5) Regarding an inland waterway infrastructure asset that is yet to be monitored and recorded in the accounting log without any ground for determining its original cost according to Points a2, a3, and a4 of this Clause, the asset management authority shall hire a valuation enterprise according to the law on prices to determine the asset value for use as the ground for determining the original cost in the asset receipt record.

b) Other costs (if any) refer to reasonable costs concerning the receipt of the assigned or transferred inland waterway infrastructure asset that the authority receiving such asset has paid up until the asset is put into use (including the cost of hiring valuation enterprises to determine the asset value). Where there are general costs for multiple inland waterway infrastructure assets, allocate the costs to each asset based on appropriate criteria (quantity/amount/length/area/value of the assets with incurred general costs/other criteria (if any)).

c) Regarding any existing inland waterway infrastructure asset assigned to the asset management authority according to Chapter II of Decree No. 12/2025/ND-CP whose value is yet to be monitored on the accounting log, after the receipt, the asset management authority shall cooperate with the agency, organization, or unit currently/temporarily managing the asset before the assignment (assigning party) in, based on the origin of the asset and relevant documents, determining the original cost and residual value of the asset according to respective regulations prescribed in Points a, b, c, and d Clause 3 Article 9 of Decree No. 12/2025/ND-CP and Clauses 1 and 2 of this Article and Clause 2 Article 15 of this Circular.

4. Depending on the origin and time of use, the original cost of an inland waterway infrastructure asset considered excessive during its use for inventory shall be determined according to Clauses 1, 2, and 3 of this Article.

5. Any inland water way infrastructure asset received by the asset management authority after the term of the term-based transfer of asset utilization rights according to Point c Clause 6 Article 5 of this Circular expires, the original cost of such the mentioned asset shall be re-determined by the recorded original cost at the time of the transfer according to the contract for the term-based transfer of asset utilization rights plus the investment in the upgrade and expansion according to projects approved by a competent authority or person (including clearing of the value of the dismantled asset parts (if any)); specifically, the increased value due to investment in the upgrade and expansion according to projects approved by the competent authority or persons shall be determined according to Point a Clause 2 of this Article.

6. Regarding an inland waterway infrastructure asset received by the asset management authority after the period for participation in public-private partnership investment projects prescribed in Point c Clause 7 Article 5 of this Circular, the asset management authority shall hire a valuation enterprise to reassess the asset’s residual value.

Article 7. Cases of changes (adjustments) to original costs of inland waterway infrastructure assets

1. Reassessment of the value of inland waterway infrastructure assets when carrying out the inventory according to the Prime Minister of Vietnam’s decisions.

2. Investment in the upgrade and expansion of inland waterway infrastructure assets according to projects approved by competent authorities or persons (including cases of projects on investment in the construction, upgrade, renovation, and expansion of other assets containing investment in existing inland waterway infrastructure assets and cases where investors of projects on investment in the upgrade, renovation, and expansion of assets are not asset management authorities).

3. Dismantlement of one of several parts of inland waterway infrastructure assets (in cases where the value of the asset parts to be dismantled is recorded in the asset's original cost), excluding cases of dismantlement for replacement while maintaining works.

4. Installation of one or several parts of inland waterway infrastructure assets, excluding cases of installation for replacement while maintaining works.

5. Inland waterway infrastructure assets have a missing part or severe damage due to natural disasters, force majeure, or other irregular impacts (excluding cases where the assets have their issues remedied according to the law on the maintenance of inland waterways or restored through insurance or compensation from relevant organizations and individuals).

Article 8. Determination of original costs of inland waterway infrastructure assets in case of changes to original costs

Upon changes to the original costs of inland waterway infrastructure assets in the cases prescribed in Article 7 of this Circular, asset management authorities shall prepare minutes specifying the reasons (cases) for changes to the original costs while re-determining the original cost targets of inland waterway infrastructure assets for use as the grounds for determining the depreciation and residual value of the assets to revise the accounting logs and conduct management and depreciation according to this Circular.

The redetermination of the original costs of inland waterway infrastructure assets for cases of changes to the original costs prescribed in Article 7 of this Circular shall be carried out as follows:

1. Regarding the case prescribed in Clause 1 Article 7 of this Circular, the original cost of the inland waterway infrastructure asset shall be re-determined under the guidelines on asset inventory and reassessment of the competent authority or person.

2. Regarding the case prescribed in Clause 2 Article 7 of this Circular, the original cost of the inland waterway infrastructure asset shall be determined by the original cost subject to recording plus the increased value due to investment in the upgrade and expansion of the inland waterway infrastructure asset approved by the competent authority or person. Specifically, the increased value due to upgrade and expansion according to projects approved by the competent authority or person shall be determined according to Clause 2 Article 6 of this Circular.

Where the project approved by the competent authority or person for investment in the upgrade, renovation, and expansion of other assets contain investment in an existing inland waterway infrastructure asset and the investor of the project on investment in the upgrade, renovation, and expansion of assets is not an asset management authority, the increased value due to the upgrade, renovation, and expansion of the inland waterway infrastructure asset is the investment in the inland waterway infrastructure included in the settlement value of the project approved by the competent authority or person.

3. In case of dismantling one or more inland waterway infrastructure asset parts according to Clause 3 Article 7 of this Circular, the original cost of the inland waterway infrastructure asset shall be re-determined by the original cost subject to recording minus the value of the dismantled inland waterway infrastructure asset part plus the reasonable cost relevant to the dismantlement paid by the asset management authority by the completion of the dismantlement, excluding the dismantlement of one or more inland waterway infrastructure assets for replacement while maintaining works of inland waterway infrastructure assets.

Specifically, the value of the dismantled inland waterway infrastructure asset part shall be determined as follows:

a) Where there are documents determining the purchase price and/or settlement price/estimate price of the dismantled inland waterway infrastructure asset part, the value of the dismantled asset part shall be determined based on its purchase price and/or settlement price/estimate price.

b) Where there are no documents prescribed in Point a of this Clause, but it is possible to allocate the original cost of the inland waterway infrastructure asset to the dismantled asset part according to appropriate criteria (quantity, amount, purchase price, estimate, etc.), the value of the dismantled inland waterway infrastructure asset part shall be determined according to the allocated value.

c) Where there are no documents prescribed in Point a of this Clause and it is impossible to allocate the original cost of the inland waterway infrastructure asset to the dismantled asset according to Point b of this Clause, determine the value of the dismantled asset part as the new purchase price of such part on the market at the time of putting the asset into use.

Where it is impossible to determine the new purchase price of the dismantled inland waterway infrastructure asset part on the market at the time of putting the asset into use, the asset management authority shall hire a valuation enterprise according to the law on prices to determine the value of the dismantled inland waterway infrastructure asset part for use as the ground for determining the original cost of the asset after the dismantlement.

4. In case of installing one or more inland waterway infrastructure asset parts according to Clause 4 Article 7 of this Circular, the original cost of the inland waterway infrastructure asset shall be re-determined by the original cost subject to recording plus the increased value due to the installation of one or more inland waterway infrastructure asset parts plus the reasonable cost relevant to the installation paid by the competent authority by the completion of the installation, excluding the installation of one or more inland waterway infrastructure asset parts to maintain works of the inland waterway infrastructure asset.

Specifically, the increased value due to the installation of one or more inland waterway infrastructure asset parts is the corresponding value of the installed inland waterway infrastructure asset part determined according to the respective cases prescribed in Article 6 of this Circular.

5. Regarding the case prescribed in Clause 5 Article 7 of this Circular, the asset management authority shall hire a valuation enterprise to reassess the residual value and the remaining useful life of the asset in conformity with Article 10 of this Circular (for damaged assets) for inclusion in the minutes on the determination of the changes to the original cost. The original cost of the inland waterway infrastructure asset in this case shall be determined as follows:

Original cost of the inland waterway infrastructure asset	=	Residual value of the asset according to the reassessment	x	Useful life of the asset according to Article 10 of this Circular (year)
				Remaining useful life of the asset according to the reassessment (year)

Article 9. Depreciation principles of inland waterway infrastructure assets

1. Inland waterway infrastructure assets (determined as fixed assets according to Article 4 of this Circular) assigned to asset management authorities shall undergo depreciation according to this Circular, excluding the cases prescribed in Clause 2 of this Article.

2. Asset management authorities are not required to depreciate:

a) Inland waterway infrastructure assets that are not fully depreciated but damaged to the point of being unrepairable.

b) Inland waterway infrastructure assets that are fully depreciated but still usable.

c) Inland waterway infrastructure assets that are currently subject to fixed-term transfer of utilization rights.

3. Depreciation of inland waterway infrastructure assets shall be carried out once a year in December, before the cut-off date of the accounting logs.

Article 10. List of inland waterway infrastructure assets and operational time for depreciation and depreciation percentage

1. The list of inland waterway infrastructure assets, useful life, and depreciation percentage (excluding the useful life of assets for the cases prescribed in Clauses 2, 3, and 4 of this Article) is as follows:

No.	List of types of inland waterway infrastructure assets	Operational time for depreciation (year)	Depreciation percentage (% year)
1	Inland waterway channels and channel protection corridors	Exempted from depreciation
2	Vessel locks	40	2,5
3	Works for transporting vehicles over dams and waterfalls on rivers, canals, and streams	25	4
4	Inland waterway ports	25	4
5	Inland waterway wharves	10	10
6	Anchorages outside ports
6.1	Anchorage waters	Exempted from depreciation
6.2	Systems of mooring buoys and bollards	10	10
7	Traffic embankments and dams	15	6,67
8	Inland waterway signaling systems	10	10
9	Auxiliary works and devices
9.1	Inland waterway management stations	20	5
9.2	AIS stations and data management, supervision, and transfer systems	10	10
9.3	Hydrometric gauges or automatic water level monitoring stations	10	10
9.4	Other auxiliary works and devices	5	20
10	Other inland waterway infrastructure assets	10	10

2. Regarding inland waterway infrastructure assets used in areas where the weather or the environment affects the depreciation, in cases where it is necessary to stipulate regulations on operational time for depreciation and depreciation percentage of the fixed assets that are different from Article 10 of this Circular, the provincial People’s Committees shall provide elaboration.

3. Regarding inland waterway infrastructure assets with changes to their original costs subject to cases of investment in the upgrade and expansion of fixed assets according to projects approved by competent authorities or persons prescribed in Clause 2 Article 7 of this Circular, the useful life of the assets equals the time when the assets are fully depreciated before changes to the original costs plus the remaining useful life of the assets after the upgrade and expansion. Specifically, the remaining useful life of the assets after the upgrade and expansion shall be determined according to the following formula:

Remaining useful life of the asset after the upgrade and expansion

=

Original cost of the asset after changes

-

Accumulated depreciation of the asset by December 31 of the year of changes to the original cost

:

Annual depreciation of the asset from the year of changes to the determination principles according to Clause 1 Article 11 of this Circular

4. Regarding assets with changes to the original costs subject to cases of losing a part or suffering from severe damage due to natural disasters, force majeure, or other irregular impacts according to Clause 5 Article 7 of this Circular, the useful life of the assets equals the time when the assets are depreciated before changes to the original costs plus the remaining useful life of the assets according to the reassessment.

5. Regarding assets with adjustments or changes to the original costs according to Points a and d Clause 2 Article 6 and Clauses 3 and 4 Article 7 of this Circular:

a) Where the year of adjustments or changes to the original costs occurs within the useful life of the assets according to regulations, the useful life of the assets shall be calculated up to the year when the residual value of the assets by December 31 of the preceding year is lower than or equal to the annual depreciation of the assets.

b) Where the year of adjustments or changes to the original costs occurs after the useful life of the assets according to regulations, add 1 year to the useful life of the assets (the year when adjustments or changes to the original costs occur) to handle the increased or decreased value due to adjustments or changes to the original costs.

Article 11. Depreciation methods of inland waterway infrastructure assets

1. The annual depreciation of each inland waterway infrastructure asset shall be calculated according to the following formula:

Annual depreciation of the asset

=

Original cost of the asset

x

Depreciation percentage (% year)

Where:

a) The original cost of the inland waterway infrastructure asset shall be determined according to Articles 6 and 8 of this Circular.

b) The depreciation percentage shall be determined according to Clauses 1 and 2 Article 10 of this Circular.

2. Regarding inland waterway infrastructure assets prescribed in Clause 3 Article 6 of this Circular that are yet to be monitored and recorded in the accounting logs and inland water way infrastructure assets prescribed in Clause 4 Article 6 of this Circular, the annual depreciation of such assets after the first year of recording in the accounting logs at asset management authorities shall be determined following the formula prescribed in Clause 1 of this Article.

Regarding the first year of accounting log recording at asset management authorities (the year when the asset management authorities receive the assets or the year of implementing inventory and detecting the excessiveness), the depreciation of assets shall be calculated according to the following formula:

Depreciation of the first year of accounting log recording

=

Annual depreciation of the asset, determined following the formula prescribed in Clause 1 of this Article

x

Useful life of assets of the same type according to Clause 1 Article 10 of this Circular (year)

-

Remaining useful life of the asset according to regulations, or remaining useful life of the asset according to the reassessment (year)

3. The accumulated depreciation of each inland waterway infrastructure asset shall be calculated according to the following formula:

Accumulated depreciation by December 31 of year (n)

=

Accumulated depreciation by December 31 of year (n-1)

+

Increased depreciation of the asset in year (n)

-

Decreased depreciation of the asset in year (n)

4. The asset depreciation for the final year of the useful life of the inland waterway infrastructure asset shall be equal to the original cost minus the accumulated depreciation of the asset, determined according to Clause 3 of this Article.

Article 12. Residual value of inland waterway infrastructure assets

The residual value of an inland waterway infrastructure asset for accounting log recording shall be determined according to the following formula:

Residual value of the asset by December 31 of year (n)

=

Original cost of the asset

-

Accumulated depreciation by December 31 of year (n)

Regarding inland waterway infrastructure assets subject to asset value reassessment according to Clause 6 Article 6 and Clause 5 Article 8 of this Circular, the residual value after the reassessment shall be the residual value according to the reassessment.

Chapter IV

DECLARATIONS AND REPORTS ON ROAD TRAFFIC INFRASTRUCTURE ASSETS

Article 13. Forms of initial declaration reports and additional declaration reports on inland waterway infrastructure assets

Forms of declaration reports on inland waterway infrastructure assets prescribed in Clause 2 Article 26 of Decree No. 12/2025/ND-CP are as follows:

1. Initial declaration reports following Form No. 01A in the Appendix enclosed with this Circular apply to:

Existing inland waterway infrastructure assets when Decree No. 12/2025/ND-CP comes into force (including assets that have undergone the initial declaration report according to Decree No. 45/2018/ND-CP dated March 13, 2018 of the Government of Vietnam);

Inland waterway infrastructure assets generated from the effective date of Decree No. 12/2025/ND-CP onwards.

2. Additional declaration reports following Form No. 01B and Form No. 01C in the Appendix enclosed with this Circular are applicable in cases where there are changes to the information on the asset management authorities or the information on the inland waterway infrastructure assets that have undergone the initial declaration report.

Article 14. Forms of reports on management, use, and utilization of inland waterway infrastructure assets

Forms of reports on the management, use, and utilization of inland waterway infrastructure assets prescribed in Clause 5 Article 26 of Decree No. 12/2025/ND-CP are as follows:

1. Reports on the utilization of inland waterway infrastructure assets according to the methods prescribed in Articles 13, 14, and 15 of Decree No. 12/2025/ND-CP , following Form No. 01D in the Appendix enclosed with this Circular.

2. Reports on the summary of the management and use of inland waterway infrastructure assets following Form No. 02A in the Appendix enclosed with this Circular.

3. Reports on the summary of the utilization of inland waterway infrastructure assets following Form No. 02B in the Appendix enclosed with this Circular.

Chapter V

IMPLEMENTATION

Article 15. Transitional provisions

1. Regarding inland waterway infrastructure assets existing before the effective date of Decree No. 12/2025/ND-CP , with value determined for accounting log recording according to Decree No. 45/2018/ND-CP and the guiding Circulars of the Ministry of Finance of Vietnam, use the determined value for accounting log recording.

2. Regarding inland waterway infrastructure assets existing before the effective date of Decree No. 12/2025/ND-CP without having specific values determined for accounting log recording or being depreciated for the operational years according to Decree No. 45/2018/ND-CP and the guiding Circulars of the Ministry of Finance of Vietnam, the determination of the asset value and accumulated depreciation of the operational years shall comply with this Circular.

3. Regarding inland waterway infrastructure assets monitored on accounting logs of asset management authorities before the effective date of this Circular and the time for depreciation and depreciation percentage determination prescribed in Clause 1 Article 10 of this Circular changed compared to those prescribed in the Appendix enclosed with Circular No. 75/2018/TT-BTC , determine the annual depreciation of the assets after the 2025 fiscal year as follows:

Annual depreciation of the asset	=	Residual value of the asset by December 31, 2024 according to the accounting log
		Remaining useful life of the asset (year)

Where:

Remaining useful life of the asset (year)

=

Useful life of assets of the same type according to regulations (year)

-

Operational time of the asset (year)

The useful life of assets of the same type shall be determined according to Clause 1 Article 10 of this Circular.

Particularly, the asset depreciation for the final year within the useful life of the assets shall be determined by the original costs minus the accumulated depreciation of such assets.

Where the useful life of assets has expired according to regulations but the assets still have residual value, the depreciation of 2025 shall equal the residual value of the assets by December 31, 2024.

Article 16. Entry into force and implementation responsibilities

1. This Circular comes into force as of June 25, 2025 and is applicable from the 2025 fiscal year.

2. Content concerning regulations on the management and depreciation of inland waterway infrastructure assets in Articles and Appendices of Circular No. 75/2018/TT-BTC dated August 17, 2018 of the Minister of Finance of Vietnam shall cease to have effect from the effective date of this Circular.

3. Where any legislative document cited in this Circular is amended or replaced, comply with its new edition.

4. Relevant Ministries, central authorities, and People’s Committees of provinces and centrally affiliated cities shall direct the management, depreciation, declaration, and report on inland waterway infrastructure assets according to this Circular./.

PP. MINISTER DEPUTY MINISTER Bui Van Khang