Cases of Asset Valuation and Damage Assessment

Decree specifically provides for cases requiring asset valuation and damage assessment as stipulated in Article 45 of the 2017 Law on State Compensation Liability and the costs of carrying out asset valuation and damage assessment as follows:

- Asset valuation shall be conducted in the following cases:- Market price cannot be determined as regulated in Clauses 1 and 4, Article 3 of Decree 68/2018/ND-CP;- There are no identical assets or assets with the same function, technical standards, effect, and quality as the damaged asset on the market at the time of damage verification;- There is a change in the status of the damaged asset at the time of damage verification compared to the actual time the damage occurred, leading to changes in the function, technical standards, effect, and quality of the asset.

- Damage assessment shall be conducted in the following cases:- There is no consensus between the claimant and the compensation handling agency on the extent of asset damage or the nature, technical standards of the asset, or the extent of damage caused by exceeding the requirements of an urgent situation;- There is no assessment result from an authoritative agency or organization on the extent of health damage as a basis for determining mental damage due to health infringement.

- Asset valuation shall be conducted according to the legal provisions on pricing. Damage assessment shall be conducted according to legal provisions on judicial assessment.

- Costs for asset valuation and damage assessment shall be implemented as follows:- During the damage verification process, the compensation handler is responsible for identifying cases requiring asset valuation and damage assessment and proposing that the head of the compensation handling agency allocate funds for asset valuation and damage assessment;- Within one working day from the date of receiving the funding proposal for asset valuation and damage assessment with sufficient basis as per Decree 68/2018/ND-CP and within the administrative management budget granted by the competent authority, the head of the compensation handling agency shall complete the allocation of funds for asset valuation and damage assessment.

Based on the allocated funds for asset valuation and damage assessment, the compensation handling agency shall request the competent financial authority to supplement the funds. Within five working days from the date of receiving the request, the competent financial authority shall be responsible for supplementing the funds to the compensation handling agency;

- In cases where the administrative management budget granted by the competent authority is insufficient, within two working days from the date of receiving the proposal, the head of the compensation handling agency shall send a written request to the competent financial authority for fund allocation for asset valuation and damage assessment.

Within five working days from the date of receiving the written request, the competent financial authority shall be responsible for allocating funds to the compensation handling agency. Within one working day from the date of receiving the funds, the head of the compensation handling agency shall complete the allocation of funds for asset valuation and damage assessment.

See more: Decree 68/2018/ND-CP effective July 01, 2018.

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