Prohibited Acts in the Field of Pricing, Appraising Prices for Appraisers: Latest Updates
Prohibited Acts in the Field of Valuation, and Price Appraisal for Price Appraisers as per the Latest Regulations
Pursuant to Clause 4 of Article 7 of the Law on Prices 2023, the prohibited acts in the field of valuation and price appraisal for price appraisers include:
- Providing inaccurate or dishonest information about the qualifications, experience, and ability to provide services of the price appraiser and price appraisal enterprises;
- Fabricating, leasing, lending, or using the price appraiser card contrary to the provisions of this Law and related laws;
- Issuing valuation certificates and valuation reports in a personal capacity;
- Signing valuation certificates and valuation reports outside the professional field or notifications from state agencies regarding the permitted area of practice; signing valuation certificates and valuation reports without meeting the conditions for registration to practice valuation;
- Conducting valuation for individuals related to the appraisal enterprise as prescribed by law on enterprises;
- Fabricating valuation reports and related documents according to the regulations of Vietnamese Valuation Standards;
- Bribery and corruption; collusion or agreements to falsify the value of goods, services, or appraised assets for profit; price collusion, valuation collusion.
Prohibited Acts in the Field of Valuation and Price Appraisal for Price Appraisers as per the Latest Regulations (Image from the Internet)
Prohibited Acts in the Field of Valuation and Price Appraisal for Organizations and Individuals under the Latest Law on Prices 2023
The prohibited acts in the field of valuation and price appraisal for organizations and individuals according to Article 7 of the Law on Prices 2023 include:
- Disseminating and reporting false, inaccurate information regarding economic and social conditions to disrupt market information, prices of goods, and services;
- Committing price fraud by intentionally altering agreed terms in transactions without prior notification to customers about the time, place, conditions of sale, transportation methods, payment, quality, quantity, features, and utility of goods and services at the time of delivery or service provision;
- Exploiting emergencies, disasters, natural calamities, or epidemics to excessively raise prices of goods and services beyond the overall cost fluctuations under normal conditions for profit;
- Obstructing the price management, regulation, and appraisal activities of competent state agencies;
- Producing and providing fake valuation certificates or using fake valuation certificates for the purposes specified in Clause 4, Article 55 of the Law on Prices 2023;
- Issuing valuation certificates without qualifying to provide valuation services or using such certificates for purposes specified in Clause 4, Article 55 of the Law on Prices 2023; signing valuation certificates and valuation reports without being a price appraiser;
- Bribery and corruption; collusion or agreements to falsify the value of goods, services, or appraised assets for profit; price collusion, valuation collusion.
Registration for Price Appraisal Practice under the Law on Prices 2023
Pursuant to Article 45 of the Law on Prices 2023, the regulations for registering for price appraisal practice are as follows:
- Full civil act capacity.
- Holding a valid labor contract in accordance with labor laws with the valuation enterprise where the price appraiser is registered to practice except in cases where the appraiser is concurrently the legal representative of the enterprise.
- Accumulated a minimum of 36 months of practical experience working at valuation enterprises, state management agencies on prices and valuation with a university degree or higher.
In the case of working with a university degree or higher in the valuation field or price appraisal specialization under an application-oriented training program according to legal regulations, the accumulated practical working time at valuation enterprises and state management agencies on prices and valuation is a minimum of 24 months.
- Up-to-date knowledge on price appraisal as required by the Ministry of Finance, except for cases where the appraisal card has been issued for less than 1 year from the date of registration for practice.
- Not falling under the following categories:+ Official as defined by the law on officials; officer, professional soldier, national defense worker in agencies and units belonging to the Vietnam People’s Army; officer, non-commissioned officer of the Vietnam People’s Public Security.+ Individuals prohibited from practicing price appraisal by a legally effective court judgment; individuals under investigation, prosecution, or trial as prescribed by criminal procedural law; individuals convicted of economic or financial crimes, price-related offenses or not yet expunged convictions; individuals under compulsory education measures, mandatory rehabilitation, or mandatory education institutions.+ Individuals whose appraisal card is revoked under a decision of administrative penalty by competent authorities according to laws on administrative penalties.
Individuals meeting the conditions for registering as price appraisers should perform registration with the Ministry of Finance through the valuation enterprise where they practice to be recognized as price appraisers with that enterprise.
Individuals with price appraiser cards in the enterprise valuation field can register for practice in both areas as regulated in Clause 1, Article 44 of the Law on Prices 2023.
Holders of price appraiser cards are not allowed to register for practice simultaneously at more than one valuation enterprise.
The Law on Prices 2023 takes effect from July 1, 2024. The regulations in Clause 2, Article 60 of the Law on Prices 2023 take effect from January 1, 2026.
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