Fine of up to 200 Million VND for act of fabricating, borrowing, lending the valuer card in Vietnam

Fine of up to 200 Million VND for act of fabricating, borrowing, lending the valuer card in Vietnam (Image from the internet)

Fine of up to 200 Million VND for act of fabricating, borrowing, lending the valuer card in Vietnam

According to Article 22 of Decree 87/2024/ND-CP, penalties for violations of regulations on valuation practice in Vietnam are as follows:

(1) A fine ranging from 10,000,000 VND to 15,000,000 VND will be imposed for failing to explain the price appraisal report conducted by a price appraiser to a competent state authority upon request according to the law.

(2) A fine ranging from 30,000,000 VND to 40,000,000 VND will be imposed for any of the following acts:

- Failing to follow guidelines on collecting information about appraised assets and information needed for the appraisal process according to the Vietnamese Valuation Standards;- Failing to comply with the approach and appraisal methodologies stipulated in the Vietnamese Valuation Standards;- Not applying the required appraisal methods as stipulated in the Vietnamese Valuation Standards.

(3) A fine ranging from 80,000,000 VND to 100,000,000 VND will be imposed for acts of forgery, renting, lending, or using appraisal certificates in violation of the Price Law 2023 and related laws without reaching a level of criminal liability according to the Criminal Code 2015.

Note: The above-mentioned fine levels apply to individuals. The penalty amounts and the competence to impose fines on organizations shall be twice the fines imposed on individuals.

In addition to fining, organizations and individuals in violation will also be subject to supplementary penalties as follows:

- Suspension of the right to use the appraisal certificate for a period from 02 months to 03 months from the date the penalty decision takes effect for violations stipulated in clause (2);- Suspension of the right to use the appraisal certificate for a period from 06 months to 09 months from the date the penalty decision takes effect for violations stipulated in clause (3), except for cases of forging appraisal certificates.

Additionally, individuals in violation are required to explain the price appraisal report conducted by the price appraiser to a competent state authority for violations stipulated in clause (1).

Thus, according to the aforementioned regulations, acts of forgery, renting, lending, or using appraisal certificates in violation can be fined from 80,000,000 VND to 100,000,000 VND for individuals and from 160,000,000 VND to 200,000,000 VND for organizations.

Regulations on publicizing violations in prices and valuation in Vietnam

- In cases of administrative violations causing significant consequences or negatively impacting public opinion, the head of the agency or unit of the person who issued the penalty decision must send a document on the public announcement and a copy of the penalty decision to the website or newspaper of the central or local department of the ministry, or the Provincial People's Committee where the violation occurred within 03 working days from the date of issuing the penalty decision.

- The content of the public announcement is a copy of the administrative penalty decision.

- The head of the press agency or the person responsible for managing the content on the abovementioned website must:

+ Post a copy of the administrative penalty decision within 02 working days from the date of receiving the document on the public announcement and the copy of the administrative penalty decision;

+ Publicly post the information for each administrative penalty decision at least once, with a posting duration of at least 30 days;

+ Post correction information (if any) on the website or the next issue within 01 working day from receiving the correction request.

- The head of the agency or unit of the person who issued the administrative penalty decision is responsible for:

+ Taking responsibility for the content of the public announcement;+ Correcting false information within 01 working day from the time of discovery or receiving the correction request.

- Correction of information:

+ In cases where the website or newspaper posts incorrect information as stipulated, corrections must be made in the exact category or position where the information was posted within 01 working day from the time of discovery or receiving the correction request on the website or the next issue and must bear the cost of the correction;

+ The correction is done once for each administrative penalty decision, with a posting duration of at least 30 days.

- The cost of implementing the public announcement and the correction (if any) is covered by the regular operating budget of the agency of the person who issued the administrative penalty decision.

(Article 5 of Decree 87/2024/ND-CP)

Nguyen Ngoc Que Anh

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