Vietnam: What are the operational requirements for branches of valuation enterprises under Law on Prices 2023?
What are the operational requirements for branches of valuation enterprises in Vietnam under the Law on Prices 2023?
Under Article 52 of the Law on Prices 2023, the operational requirements for branches of valuation enterprises are as follows:
(i) The branch must have certificates of eligibility for valuation services while ensuring the maintenance of requirements stipulated in Article 49 of the Law on Prices 2023 and Article 50 of the Law on Prices 2023.
(ii) Within 10 days from the date one of the requirements stipulated in Article 49 and Article 50 of the Law on Prices 2023 is not met, the branch must submit reports to the Ministry of Finance of Vietnam while remedying such matter within 3 months from the date of failure.
(iii) During the period of addressing the operational requirements as stated in (ii), the provision of valuation services by the branch shall be as follows:
+ In case the legal representative of the enterprise is no longer a valuer at the enterprise or no longer meets the requirements stipulated in points a, b, d, and đ, clause 1, Article 45 of the law on Prices 2023, the branch shall not issue valuation certificates or valuation reports.
In case the head of the branch is no longer a valuer at the enterprise or no longer meets the requirements stipulated in points a, b, d, and đ, clause 1, Article 45 of the Law on Prices 2023, the branch shall not issue valuation certificates or valuation reports;
++ In case of an insufficient number of valuers, but not falling into the case stipulated in (+), the branch is allowed to issue valuation certificates and valuation reports for contracts that were signed during the period when it met the requirements for valuers but is not allowed to sign any new valuation service contracts.
- After 3 months from the date it fails to meet the requirements stipulated in Article 49 and Article 50 of the Law on Prices 2023, if the branch fails to meet the operating requirements for valuation services, it shall be removed from the certificate of eligibility for providing valuation services.
What are the operational requirements for branches of valuation enterprises in Vietnam under the Law on Prices 2023? (Image from the Internet)
What are the requirements for the heads of branches of valuation enterprises in Vietnam?
Under point b, clause 2, Article 50 of the Law on Prices 2023:
Branches of valuation enterprises
1. Branches of valuation enterprises are dependent units of such enterprises, established under laws on enterprises satisfying requirements prescribed in Clause 2 of this Article and written on certificates of eligibility for valuation services.
2. Branches of valuation enterprises shall meet the following requirements:
a) Branches must have at least 3 persons with valuer cards who meet the requirements for practice registration according to Clause 1 Article 45 of this Law registering their practice at branches. These persons are forbidden from registering their practice at the headquarters or other branches of valuation enterprises simultaneously;
b) Heads of branches must be persons with valuer cards who meet the requirements for practice registration according to Clause 1 Article 45 of this Law registering their practice at such branches.
3. Branches of valuation enterprises may perform valuation according to written documents of valuation enterprises and issue valuation certificates and reports for valuation contracts they concluded with the customers.
4. Valuation enterprises shall take responsibility for the provision of valuation services of their branches.
The heads of branches must be persons with valuer cards who meet the following requirements to register for practice registration and register their practice at such branches:
- Have full legal capacity;
- Have valid labor contracts as prescribed by laws on labor with enterprises that they are registering valuation practice, except for cases where persons with valuer cards are legal representatives of enterprises;
- Have a total actual working time at valuation enterprises or price and valuation authorities at the university level or higher of at least 36 months. In case of working at the university level or higher concerning prices or valuation under the program on orientation and application according to laws, the total actual working time at valuation enterprises or price and valuation authorities shall be at least 24 months.
- Have updated knowledge of valuation according to regulations of the Ministry of Finance of Vietnam, except for cases where valuer cards are issued for less than 1 year at the time of practice registration;
+ Not be in the category stipulated in clause 2, Article 50 of the Law on Prices 2023.
What are the bases for determining the prices of valuation services in Vietnam?
Pursuant to Article 57 of the Law on Prices 2023, the prices for valuation services shall be written in valuation contracts and implemented as civil transactions between valuation enterprises with their customers, ensuring principles of offsetting actual costs reasonably for the adequate implementation of operations within the scope of work prescribed in the Valuation Standards of Vietnam.
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