What is the fine imposed on individuals who work independently as land price determination consultants in Vietnam?

What is the fine imposed on individuals who work independently as land price determination consultants in Vietnam?

Pursuant to Article 29 of Decree 123/2024/ND-CP stipulating fines for violations of conditions for land-related services in Vietnam:

Article 29. Violations of conditions for land-related services in Vietnam

1. A fine from 20,000,000 VND to 30,000,000 VND shall apply for any of the following violations:

a) An individual practicing as land price determination consultants in Vietnam within an organization without a valid price appraisal card as prescribed by pricing legislation or does not meet conditions as provided in Clause 1, Article 36 of Decree No. 71/2024/ND-CP on land pricing;

b) An individual practicing as land price determination consultants in Vietnam independently and not within a land valuation consulting organization.

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According to the above provisions, an individual independently practicing land valuation consulting who is not within a land valuation consulting organization shall be fined from 20,000,000 VND to 30,000,000 VND.

Additionally, the individual will be deprived of the right to use their license, professional certificate for a period from 6 months to 9 months from the effective date of the decision on administrative violation penalties.

If the license, professional certificate validity is less than the aforementioned period, the duration of deprivation shall be the remaining validity period of the license, professional certificate; reissuing of the license, professional certificate will only occur when the deprivation period ends according to regulations.

What is the fine imposed on individuals who work independently as land price determination consultants in Vietnam? (Internet image)

What are the conditions for an individual practicing as land price determination consultants in Vietnam?

Pursuant to Article 36 of Decree 71/2024/ND-CP stipulating the conditions for an individual practicing as land price determination consultants in Vietnam:

Article 36. Conditions for an individual practicing as land price determination consultants in Vietnam

1. An individual is permitted to practice land valuation consulting within an organization when meeting the following conditions:

a) Holding a university degree or higher in fields or majors related to land management, land administration, real estate, appraisal, economics, finance, accounting, auditing, banking;

b) Having at least 36 months of actual working experience in the field or major of training after obtaining the degree as stated in point a of this clause, up to the date of registering the valuation list, amending, or supplementing the valuation list;

c) Possessing a certificate of completion in land valuation training courses from institutions as specified in clause 3 of this article.

2. In cases where an individual has been issued a Price Appraiser Card as per pricing law, they need not meet the conditions stipulated in clause 1 of this article.

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Therefore, an individual is allowed to practice land valuation consulting within an organization when meeting the following conditions:

- Holding a university degree or higher in fields or majors related to land management, land administration, real estate, appraisal, economics, finance, accounting, auditing, banking

- Having at least 36 months of actual working experience in the field or major of training after obtaining the degree as stated in point a of this clause, up to the date of registering the valuation list, amending, or supplementing the valuation list

- Possessing a certificate of completion in land valuation training courses from relevant training institutions

What principles must be ensured in land valuation in Vietnam?

Pursuant to Article 158 of the Land Law 2024 stipulating principles, bases, and methods for land valuation:

Article 158. Principles, bases, and methods for land valuation

1. Land valuation must ensure the following principles:

a) Valuation method according to market principles;

b) Complying with the correct method, procedure, and process for valuation;

c) Ensuring integrity, objectivity, transparency, and openness;

d) Ensuring independence between the land valuation consulting organization, the Land Price Board Appraisal Committee, the specific land pricing appraisal board, and the authority or person deciding on land pricing;

dd) Balancing benefits among the State, land users, and investors.

2. Bases for land valuation include:

a) The intended use of the land proposed for valuation;

b) Duration of land use. For agricultural land allocated by the State to households and individuals within the agricultural land allocation limit, the use duration is not a basis for valuation;

c) Input information for land valuation by different valuation methods;

d) Other factors influencing land pricing;

dd) The legal regulations applicable at the time of land valuation.

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Thus, land valuation in Vietnam must ensure the following principles:

- Valuation method according to market principles

- Complying with the correct method, procedure, and process for valuation

- Ensuring integrity, objectivity, transparency, and openness

- Ensuring independence between the land valuation consulting organization, the Land Price Board Appraisal Committee, the specific land pricing appraisal board, and the authority or person deciding on land pricing

- Balancing benefits among the State, land users, and investors