Guidance on Application and Procedures for Valuation practice registration in Vietnam

Guidance on Application and Procedures for Valuation practice registration in Vietnam (Internet image)

On July 01, 2024, the Government of Vietnam issued Decree 78/2024/ND-CP detailing several articles of the Price Law 2023 on price appraisal.

Guidance on Application and Procedures for Valuation practice registration in Vietnam

* Application for Valuation practice registration

- The application for Valuation practice registration includes:

+ Valuation practice registration form at the enterprise according to Form No. 01 stipulated in the Annex attached to Decree 78/2024/ND-CP;

+ Certified copy or valid electronic copy of the document proving updated knowledge on price appraisal as prescribed by the Ministry of Finance (Hanoi, Vietnam) suitable for the professional field of practice registration and valid at the time of registration for practice, except in cases where the price appraiser card was issued less than 01 year before the time of practice registration;

+ A paper-based judicial record form No. 1 issued by the competent authority no more than 06 months before the time of practice registration or a certified copy or valid electronic copy of this form or an electronic judicial record form No. 1 issued on the VNeID electronic identification and authentication application no more than 06 months before the time of practice registration;

+ A copy of the business registration certificate in case the holder of the price appraiser card registers to practice price appraisal as a legal representative, Director, or General Director of the enterprise;

+ Confirmation of actual working time at the price appraisal enterprise, state management agency on price and price appraisal according to Form No. 02 specified in the Annex attached to Decree 78/2024/ND-CP or a certified copy or valid electronic copy of the social insurance book showing the social insurance payment process at the price appraisal enterprise, state management agency on price and price appraisal except in cases where the price appraiser has been notified as per the Price Law 2023;

+ A copy of the labor contract signed between the enterprise and the holder of the price appraiser card except in cases where the holder of the price appraiser card is the legal representative of the enterprise.

- The holder of the price appraiser card is responsible for the information declared in the application for Valuation practice registration.

- The price appraisal enterprise and relevant organizations and individuals involved in confirming the information in the practice registration application of the holder of the price appraiser card are legally responsible for the honesty of the confirmed information.

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

* Procedures for Valuation practice registration

- The holder of the price appraiser card, when registering for price appraisal practice, is responsible for preparing the application as prescribed in Clause 1 Article 3 of Decree 78/2024/ND-CP ensuring completeness, accuracy, and legality.

- The legal representative of the price appraisal enterprise is responsible for reviewing and verifying the application ensuring all required documents are complete and confirming on the Valuation practice registration Form at the enterprise of each holder of the price appraiser card.

- The price appraisal enterprise submits a document on Valuation practice registration Form No. 03 stipulated in the Annex attached to Decree 78/2024/ND-CP to the Ministry of Finance (Hanoi, Vietnam), accompanied by the practice registration application of each holder of the price appraiser card through one of the following methods: postal services, direct submission, or online public service (if any).

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

+ If the application is incomplete or contains inaccurate information, the Ministry of Finance will guide the enterprise to supplement and complete the application in writing or through online public service (if any). The enterprise is responsible for supplementing and completing the application and sending it to the Ministry of Finance (Hanoi, Vietnam) within 10 days from the date on which the Ministry of Finance provides guidance to supplement and complete the application. The submission of supplementary documents is conducted following the methods specified in Clause 3 Article 4 of Decree 78/2024/ND-CP. If the deadline is missed, the application will not be considered for notification on the list of price appraisers;

+ If the application shows that the holder of the price appraiser card does not meet the conditions for Valuation practice registration prescribed in Clause 1 Article 45 of the Price Law 2023, the Ministry of Finance will notify the enterprise of the reasons for the ineligibility for practice registration in writing or through online public service (if any);

- Before the last working day of the month, the holder of the price appraiser card who meets the conditions for Valuation practice registration as stipulated in Clause 1 Article 45 of the Price Law 2023 and has their practice registration application sent by the price appraisal enterprise to the Ministry of Finance before the 15th of that month will be announced as a price appraiser in the monthly adjusted list of price appraisers according to Form No. 04 in the Annex attached to Decree 78/2024/ND-CP.

- In the case of changes in price appraisers due to the price appraiser at the enterprise no longer meeting the conditions for Valuation practice registration or changing the place of practice registration, the price appraisal 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 price appraisers.

(Article 4 Decree 78/2024/ND-CP)

More details can be found in the content of Decree 78/2024/ND-CP.

Le Nguyen Anh Hao

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