What are the conditions for persons with valuer cards to register valuation practice in Vietnam under the Law on Prices 2023?
What are the conditions for persons with valuer cards to register valuation practice in Vietnam under the Law on Prices 2023?
Pursuant to the provisions of Article 45 of the Law on Prices 2023, persons with valuer cards registering valuation practice shall:
- 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 persons banned from valuation practice:
+ Officials according to laws on officials; commissioned officers, professional soldiers, national defense employees in agencies and units under the People’s Army; professional commissioned officers, non-commissioned officers, technical commissioned officers, non-commissioned officers, and public security employees in agencies and units under the People's Public Security Forces;
+ Persons currently banned from valuation practice under effective judgments of decisions of Courts; persons currently under prosecution or trial according to laws on criminal procedures; persons with unspent convictions for crimes against regulations on the economy or positions related to finance, prices, or valuation; persons currently under administrative education measures in communes, wards, or commune-level towns; persons currently subject to mandatory transfer to rehabilitation or education centers;
+ Persons currently subject to revocation of valuer cards according to decisions on penalties for administrative violations of competent persons according to laws on handling of administrative violations.
What are the conditions for persons with valuer cards to register valuation practice in Vietnam under the Law on Prices 2023?
What are the conditions for participants of the exam for valuer cards in Vietnam?
Pursuant to the provisions of Article 44 of the Law on Prices 2023, it is stipulated as follows:
Valuer cards
1. Valuer cards are professional certificates in asset or enterprise valuation issued to qualified persons at the exam for valuer cards.
2. Participants of the exam for valuer cards shall:
a) Have full legal capacity;
b) Have at least a bachelor’s degree;
c) Have certificates of professional training in valuation conformable with the field of expertise of the exam issued by agencies or organizations providing training in valuation, except for cases of having college diplomas concerning prices or valuation to higher.
3. The Minister of Finance of Vietnam shall stipulate the exam, issuance, management, and revocation of valuer cards.
According to the above regulations, participants of the exam for valuer cards shall:
- Have full legal capacity;
- Have at least a bachelor’s degree;
- Have certificates of professional training in valuation conformable with the field of expertise of the exam issued by agencies or organizations providing training in valuation, except for cases of having college diplomas concerning prices or valuation to higher.
What are the rights and obligations of valuers in Vietnam under the Law on Prices 2023?
Pursuant to the provisions of Article 47 of the Law on Prices 2023, it is stipulated as follows:
- Valuers may:
+ Practice valuation according to this Law; sign certificates of valuations and reports on valuation by their professional field; practice without having to meet requirements for additional certificates or professional requirements other than those prescribed in this Law;
+ Provide independent viewpoints on professional expertise;
+ Request customers to cooperate in providing documents related to assets subject to valuation and facilitating the valuation; not be responsible for the accuracy of information on assets subject to valuation provided by customers;
+ Refuse to perform valuation in case of improper professional field for practice or inadequate or unreliable documents for valuation performance;
+ Participate in domestic or foreign occupational organizations for valuation as prescribed by laws;
+ Exercise other rights as prescribed by laws.
- Valuers shall:
+ Comply with this Law and relevant laws;
+ Ensure the independence of their professional expertise, honesty, objectivity, and accuracy during asset valuation; take professional responsibility during the implementation and ensure that reports on valuation comply with the Valuation Standards of Vietnam;
+ Provide explanations or protection of contents of their valuation reports for their customers or third parties permitted to use such reports under valuation contracts upon requests; provide explanations for their valuation reports for competent state agencies upon requests as prescribed by laws;
+ Participate in programs on updates on knowledge of valuation as per regulation;
+ Prepare valuation documentation as prescribed by laws;
+ Perform other obligations as prescribed by laws.
Law on Prices 2023 will take effect from July 1, 2024.
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