Application for valuation practice registration in Vietnam from July 01, 2024

Application for valuation practice registration in Vietnam from July 01, 2024 (Internet image)

On July 01, 2024, Hanoi issued Decree 78/2024/ND-CP detailing a number of provisions of the Price Law 2023 related to valuation, including regulations on the application for valuation practice registration from July 01, 2024.

Application for valuation practice registration in Vietnam from July 01, 2024

The application for valuation practice registration in Vietnam from July 01, 2024, will include:

- Application for valuation practice registration at the enterprise according to Form No. 01 specified in the Appendix attached to Decree 78/2024/ND-CP;

- A certified copy or a valid electronic copy of documents proving that knowledge of valuation has been updated according to the regulations of the Ministry of Finance, suitable to the professional field registered for practice and valid at the time of registration, except for the case where the valuer card was issued less than 01 year from the time of registration for practice;

- Paper judicial record number 1 issued by a competent authority not more than 06 months from the time of registration for practice or a certified copy or a valid electronic copy of this record or electronic judicial record number 1 issued on the electronic identification and authentication application VNeID not more than 06 months from the time of registration for practice;

- A copy of the enterprise registration certificate in case the person holding the valuer card registers for valuation practice with the role of legal representative, Director, or General Director of the enterprise;

- A confirmation of actual working time at the valuation enterprise, state management agency on price and valuation according to Form No. 02 specified in the Appendix attached to Decree 78/2024/ND-CP or a certified copy or a valid electronic copy of the social insurance book showing the process of paying social insurance at the valuation enterprise, state management agency on price and valuation, except for cases already notified as valuers according to the regulations of the Price Law 2023;

- A copy of the labor contract signed between the enterprise and the person holding the valuer card except for the case where the person holding the valuer card is the legal representative of the enterprise.

(Clause 1 Article 3 Decree 78/2024/ND-CP)

Procedure for valuation practice registration in Vietnam from July 01, 2024

To be specific, Article 4 Decree 78/2024/ND-CP stipulates the procedure for valuation practice registration from July 01, 2024 as follows:

- The person holding the valuer card, when registering for valuation practice, is responsible for preparing a dossier as prescribed in Clause 1 Article 3 Decree 78/2024/ND-CP, ensuring completeness, accuracy, and legality.

- The legal representative of the valuation enterprise is responsible for reviewing and verifying the completeness of the dossier and signing the confirmation on the application form for valuation practice at the enterprise of each person holding the valuer card.

- The valuation enterprise sends a document on the valuation practice registration in Form No. 03 specified in the Appendix attached to Decree 78/2024/ND-CP to the Ministry of Finance along with the registration dossiers of each person holding the valuer card by one of the following methods: postal service, direct submission, or through the online public service (if available).

- Within 05 working days from the date of receipt of the dossier:

+ If the dossier is incomplete or has inaccurate content, the Ministry of Finance will guide the enterprise to supplement and complete the dossier in writing or through the online public service (if available). The enterprise is responsible for supplementing and completing the dossier and sending it to the Ministry of Finance within 10 days from the date the Ministry of Finance provides guidance. The submission of supplemental and completed dossiers is carried out according to the method specified in Clause 3 Article 4 Decree 78/2024/ND-CP. After this period, if the enterprise has not fully supplemented the dossier, the dossier will not be considered for inclusion in the notification list of valuers;

+ If the dossier shows that the person holding the valuer card does not meet the conditions for valuation practice registration as prescribed in Clause 1 Article 45 Price Law 2023, the Ministry of Finance will notify the enterprise of the reasons for not meeting the registration conditions in writing or through the online public service (if available).

- By the last working day of the month, the person holding the valuer card who meets the conditions for valuation practice registration as prescribed in Clause 1 Article 45 Price Law 2023 and has a registration dossier submitted by the valuation enterprise to the Ministry of Finance before the 15th of that month will be notified by the Ministry of Finance as a valuer in the monthly adjusted list of valuers according to Form No. 04 in the Appendix attached to Decree 78/2024/ND-CP.

- In case of changes concerning valuers due to the valuer at the enterprise no longer maintaining the conditions for valuation practice registration or changing the place of registration, the valuation enterprise must promptly report to the Ministry of Finance within 05 working days from the date of the change to update the information in the monthly adjusted list of valuers.

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