Vietnam: What is a valuer card? From July 1, 2024, is it mandatory to hold valuer cards for valuation practice?
What is a valuer card in Vietnam?
Under the provisions of Article 44 of the Law on Price 2023:
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.
Thus, valuer cards are professional certificates in asset or enterprise valuation issued to qualified persons at the exam for valuer cards.
From July 1, 2024, is it mandatory to hold valuer cards for valuation practice in Vietnam?
Under the provisions of Article 45 of the Law on Price 2023:
Valuation practice registration
1. Persons with valuer cards registering valuation practice shall:
a) Have full legal capacity;
b) 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;
c) 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.
dd) 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;
dd) Not be specified in Clause 2 of this Article.
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3. Persons with valuer cards eligible for valuation registration according to Clause 1 of this Article shall register valuation practice with the Ministry of Finance of Vietnam via valuation enterprises to be announced as valuers of such valuation enterprises. Persons with valuer cards in enterprise valuation may register their practice in 2 fields specified in Clause 1 Article 44 of this Law. Persons with valuer cards shall not register their practice at 2 or more enterprises at the same time.
4. The Government of Vietnam shall stipulate the procedure and application for valuation practice registration.
Under the provisions of Article 46 of the Law on Price 2023:
Valuers
1. Valuers are persons with valuer cards who have registered for valuation practice and are announced as valuers by the Ministry of Finance of Vietnam.
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Thus, from July 1, 2024, valuers must hold valuer cards and have registered for valuation practice according to the provisions of law.
Who are persons banned from valuation practice in Vietnam?
Under the provisions of Clause 2, Article 45 of the Law on Price 2023, persons banned from valuation practice include:
- 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.
Law on Price 2023 will come into force on July 1, 2024.
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