Legal Documents Weekly 05/08/2023
SOME NEW POINTS IN THE DRAFT PRICE LAW (AMENDED) AFTER IT IS PASSED BY THE NATIONAL ASSEMBLY
The Price Law (amended) after being absorbed and revised was passed by the National Assembly on the afternoon of June 19, 2023, including 8 Chapters and 75 Articles. There are provisions related to Valuation including the following:
- Articles 4, 6 and 7 provide for interpretation of terms, disclosure of information and prohibited acts
- Articles 40 to 66 regulate price appraisal
- Articles 67 to 71 on inspection and examination of compliance with the law on price appraisal
Specifically, there are a number of new points to overcome some shortcomings of the current law related to Valuation as follows:
Article 4: Explanation of terms
- Valuation is a consulting activity to determine the monetary value of the appraised asset at a location, time, for a certain purpose according to Vietnam Valuation Standards by the valuation enterprise. implementation price appraisal council.
- A valuation report is a document detailing the valuation process and the value of the appraised asset as a basis for establishing a valuation certificate by the valuation enterprise or announcing the appraisal results. price of the price appraisal council.
- A valuation certificate is a document issued by a valuation enterprise or a branch of a valuation enterprise after the end of the valuation activity to notify customers and related parties of the value of the appraised assets. Valuation and main contents of the Valuation Report.
Article 44. Price appraiser card
- Conditions: Having full civil act capacity; Have a university diploma or higher; Have a certificate of professional training in price appraisal, unless you have a college diploma or higher in the pricing or appraisal field (no need to have an actual working time in the major of 36 months or more to qualify). card exam according to current law).
Article 45. Registration to practice price appraisal
- Have a labor contract with an indefinite term as prescribed by law
- Have a total actual working time in the major of 36 months with a university degree or higher or 24 months with a university degree or higher with a major in pricing or appraisal
- Have a certificate of updated knowledge on valuation according to the field of expertise
Article 47. Rights and obligations of price appraisers
- Additional rights of appraiser:
- Signing the Valuation Certificate and Valuation Report according to the field of property allowed to practice without having to equip with additional certificates or other professional conditions .
- Not responsible for the accuracy of information about appraised assets provided by customers.
Article 49. Conditions for enterprises to issue Certificates of eligibility to conduct business in price appraisal services
- There are at least 5 people with Price Appraiser Cards
- For valuation enterprise branches:
- There are at least 3 people with Price Appraiser Cards
- The head of the branch must be a person with a price registration card registered to practice price appraisal at the head office or branch of the enterprise.
Article 55. Valuation certificate and Valuation report
- The legal representative of the registered enterprise is allowed to authorize the manager (must be the shareholder) of the enterprise to sign the Standing Committee and review and approve the Standing Committee.
- The World Bank and the Financial Report are used as one of the bases for customers and related persons stated in the valuation contract to consider, decide or approve the price of the asset.
This law is expected to take effect from July 1, 2024