Cases of Suspension of Price Appraisal Services in Vietnam

Cases of Suspension of Price Appraisal Services in Vietnam​ (Image from the internet)

Cases of Suspension of Price Appraisal Services in Vietnam

According to Article 7 of Decree 78/2024/ND-CP regarding the suspension of price appraisal services business as follows:

- price appraisal enterprises shall be suspended from providing price appraisal services in the cases specified in Clause 1, Article 54 of the Price Law 2023.

- The Ministry of Finance shall issue a decision to suspend the price appraisal services business according to Form No. 07 specified in the Appendix attached to Decree 78/2024/ND-CP, except for cases of suspension of operations in accordance with the law on enterprises or criminal and administrative penalties. Within 03 working days from the date of suspension of operations, including the price appraisal services business or complete suspension of business operations under enterprise, administrative, and criminal laws, the valuation enterprise shall report the event in writing to the Ministry of Finance.

- For suspension under Point a, Clause 1, Article 54 Price Law 2023, proceed as follows:

+  The  suspension  date  for  the  valuation  enterprise  is  the  end  date  of  03  continuous  months  from  the  date  the  enterprise  fails  to  meet  one  of  the  conditions  specified  in  Clause  1,  Article  49  of  the  Price  Law  2023.  The  suspension  period  is  60  days.

Within  60  days  from  the  date  of  suspension,  the  enterprise  must  rectify  to  ensure  all  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023,  and  submit  a  report  in  writing  about  the  rectification  with  supporting  documents  to  the  Ministry  of  Finance.

Based  on  the  enterprise’s  report,  the  Ministry  of  Finance  shall  consider  issuing  a  written  notice  permitting  the  enterprise  to  continue  providing  price appraisal services  according  to  the  issued  business  certificate  or  revoking  the  certificate  as  stipulated  in  Article  8  of  Decree  78/2024/ND-CP;

+  If  an  enterprise  fails  to  meet  one  of  the  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023  for  three  continuous  months  but  hasn't  reported  to  the  Ministry  of  Finance  as  required  by  Clause  2,  Article  52  of  the  Price  Law  2023  upon  discovery,  proceed  as  follows:

If  at  the  time  of  detection,  the  enterprise  meets  all  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023,  it  will  be  suspended  from  providing  price appraisal services  for  180  days  from  the  date  of  discovery.  Upon  the  end  of  the  suspension  period,  if  the  enterprise  has  not  been  revoked  of  its  business  certificate  and  meets  all  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023,  the  Ministry  of  Finance  shall  consider  issuing  a  written  notice  permitting  the  enterprise  to  continue  providing  price appraisal services  according  to  the  issued  business  certificate.

If  at  the  time  of  detection,  the  enterprise  fails  to  meet  one  of  the  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023,  it  will  be  suspended  from  providing  price appraisal services  for  180  days  from  the  date  of  discovery.  Within  60  days  from  the  suspension  date,  the  enterprise  must  rectify  to  meet  all  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023  and  report  in  writing  about  the  rectification  with  supporting  documents  to  the  Ministry  of  Finance;  failing  which  will  result  in  revocation  of  the  business  certificate  as  stipulated  in  Article  8  of  Decree  78/2024/ND-CP.  Upon  the  end  of  the  suspension  period,  if  the  enterprise  has  not  been  revoked  of  its  business  certificate  and  meets  all  conditions  specified  in  Clause  1,  Article  49  Price  Law  2023,  the  Ministry  of  Finance  shall  consider  issuing  a  written  notice  permitting  the  enterprise  to  continue  providing  price appraisal services  according  to  the  issued  business  certificate.

- For suspension under Point b, Clause 1, Article 54 Price Law 2023, the enterprise will be suspended from providing price appraisal services for 270 days from the date the act is detected. Upon the end of the suspension period, if the enterprise has not been revoked of its business certificate and meets all conditions specified in Clause 1, Article 49 Price Law 2023, the Ministry of Finance shall consider issuing a written notice permitting the enterprise to continue providing price appraisal services according to the issued business certificate.

- During the period of suspension of price appraisal services, the valuation enterprise is responsible for resolving issues arising from signed valuation contracts with clients, labor contracts with appraisers, employees, and other legal obligations as per the law.

- The Ministry of Finance shall publicly post on its information website the list of price appraisal enterprises suspended from providing price appraisal services, and the list of price appraisal enterprises allowed to continue providing price appraisal services after suspension.

Price appraisal enterprises in Vietnam

- Price appraisal enterprises are those established and registered for business in the field of price appraisal services as prescribed by law on enterprises and certified by the Ministry of Finance as meeting the conditions for providing price appraisal services in accordance with the Price Law 2023.

- Persons holding positions or powers in the state management of prices, after retiring from such positions, are not allowed to establish or hold managerial or executive positions in a valuation enterprise within the time limit prescribed by the law on anti-corruption.

(Article 48 Price Law 2023)

Le Nguyen Anh Hao

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