DECREE NO. 87/2024/ND-CP OF THE GOVERNMENT ON ADMINISTRATIVE SANCTIONS FOR VIOLATIONS IN PRICE MANAGEMENT

On July 12, 2024, the Government issued Decree No. 87/2024/ND-CP on administrative sanctions for violations in price management. In which, regarding the field of Price Appraisal, there are some notable contents as follows:

1. Penalties for violations of regulations on valuation practice from July 12, 2024

Specifically, Article 22 of Decree 87/2024/ND-CP stipulates the level of penalties for violations of regulations on price appraisal practice as follows:

– A fine of VND 10,000,000 to VND 15,000,000 shall be imposed for failure to explain the valuation report made by the valuer to the competent state agency upon request as prescribed by law.

– A fine from VND 30,000,000 to VND 40,000,000 for one of the following acts:

+ Failure to properly follow instructions on collecting information about the appraised assets and information serving the appraisal process as prescribed in Vietnamese Valuation Standards;

+ Failure to properly implement the valuation approach and method as prescribed in the Vietnamese Valuation Standards;

+ Not applying enough valuation methods as prescribed in Vietnamese Valuation Standards.

– A fine of VND 80,000,000 to VND 100,000,000 shall be imposed for acts of forging, leasing, lending, or using price appraiser cards contrary to the provisions of the 2023 Price Law and relevant laws, but not to the extent of criminal prosecution under the provisions of the 2015 Penal Code.

2. In addition, the Decree also specifically stipulates the level of penalties for violations related to:

– Public information

– Reporting mode in valuation activities

– Purchase professional liability insurance and set aside professional risk reserves

– Prepare and issue Valuation Certificates and Valuation Reports

– Storing, preserving and exploiting valuation records

– And some other related regulations

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