How many members of valuation councils are there? What are the rights and obligations of valuation councils in Vietnam?
How many members of valuation councils are there in Vietnam?
Pursuant to the provisions of Clause 1, Article 60 of the Law on Prices 2023, it is stipulated as follows:
Valuation councils
1. A valuation council shall have at least 3 members who are officials, public employees, or employees under the management and utilization of the person establishing the council, including the chairperson of such valuation council. In case of necessity, it is possible to hire persons with professional certificates prescribed in Clause 2 of this Article as members of the valuation council.
According to the above regulations, a valuation council shall have at least 3 members, including the chairperson of such valuation council.
In case of necessity, it is possible to hire persons with professional certificates as members of the valuation council.
Note: The valuation council must have at least 50% members, including the chairperson of the valuation council.
How many members of valuation councils are there? What are the rights and obligations of valuation councils in Vietnam?
What professional certificates are accepted to become members of the valuation councils in Vietnam?
Pursuant to the provisions of Clause 2, Article 60 of the Law on Prices 2023, it is stipulated as follows:
Valuation councils
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2. At least 50% of the members, including the chairperson, of a valuation council shall have one of the following professional certificates:
a) College diplomas or higher concerning prices and/or valuation;
b) Valuer cards;
c) Certificates of professional training in valuation;
d) Certificates of advanced training in state valuation.
According to the above regulations, at least 50% of the members, including the chairperson, of a valuation council shall have one of the following professional certificates:
- College diplomas or higher concerning prices and/or valuation;
- Valuer cards;
- Certificates of professional training in valuation;
- Certificates of advanced training in state valuation.
What are the rights and obligations of valuation councils in Vietnam?
Pursuant to the provisions of Article 62 of the Law on Prices 2023, it is stipulated as follows:
Rights and obligations of valuation councils
1. Valuation councils may:
a) Request the provision of necessary information, documents, and resources for the valuation;
b) Hire organizations that perform the inspection of economic-technical situations and quality of assets; valuation enterprises to perform the valuation partly or wholly;
c) Consider deciding on the use of the results of counseling units and/or valuation enterprises;
d) Report on the shortage of information and documents for valuation implementation to competent authorities;
dd) Exercise other rights as prescribed by laws.
2. Valuation councils shall:
a) Ensure the independence of their professional expertise, honesty, objectivity, and accuracy during asset valuation and take responsibility to ensure that valuation operations comply with the Valuation Standards of Vietnam;
b) Review and assess compliance with regulations on collection and analysis of information, selection of valuation methods, and preparation of valuation certificates and reports in case of hiring other parties to perform the valuation partly or wholly;
c) Ensure information confidentiality as prescribed by laws;
d) Perform other obligation as prescribed by laws.
Accordingly, the valuation council has the rights and obligations according to the above regulations.
Vietnam: When does the valuation council dissolve?
Pursuant to the provisions of Clause 3, Article 60 of the Law on Prices 2023, it is stipulated as follows:
Valuation councils
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3. Operational principles of a valuation council:
a) The valuation council shall operate under principles of collective and decision by majority. Valuation meeting sessions may only be held when at least 2/3 or more of the members of the valuation council participate, and such meeting sessions shall be administrated by the chairperson. Before the organization of any meeting session, absent members shall have written documents sent to the chairperson of the valuation council specifying the reason for their absence enclosed with their independent opinions on issues related to prices of assets subject to valuation. If the valuation council only has 3 members, its meeting session shall have such 3 members;
b) The valuation council shall prepare meeting minutes and valuation reports and provide notifications of the valuation results based on the majority votes of its members at the meeting sessions. In case of equal votes, the chairperson shall have the casting vote on the value of assets subject to valuation. Members of the valuation council may reserve their opinions if they disagree with the value of assets decided by the council, such opinions shall be written in meeting minutes;
c) The valuation council, established under Clause 1 of this Article, shall self-dissolute after completing the tasks prescribed in the decision on council establishment. In cases of issues arising after the dissolution, competent agencies shall establish other councils to take charge of the handling;
d) The valuation council may use the seal of the agency that decides on its establishment or the agency where its chairperson works.
According to the above regulations, The valuation council shall self-dissolute after completing the tasks prescribed in the decision on council establishment
In cases of issues arising after the dissolution, competent agencies shall establish other councils to take charge of the handling
Law on Prices 2023 will take effect from July 1, 2024
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