Rights and obligations of price-appraising enterprises in Vietnam

Specifically, according to Article 42 of the Law on Prices 2012 of Vietnam, price-appraising enterprises shall have the following rights:

- Supplying service of price appraisal;

- Collecting fee for price-appraising service under the agreed price with customers and being written in contract;

- Establishing Branches of price-appraising enterprise;

- Placing establishments business service on price-appraising overseas;

- Participating in domestic and foreign professional organizations of price appraisal as prescribed by law;

- Requesting the price-appraising customers for supplying dossiers, documents, figures relating to assets being appraised price;

- Refusing performance of price-appraising service requested by customers

- Other rights as prescribed by law.

Besides, price-appraising enterprises shall also have the following obligations:

- Complying with provisions on price-appraising operation under provisions of this Law and the Law on Enterprises;

- Supplying report on result of price appraisal and the price-appraising certificate for customers and the third party using result of price appraisal under signed contract of price appraisal;

- Taking responsibility of accuracy, honesty, objective of the price-appraising result;

- Buying professional liability insurance for the price-appraising operation or deducting fund of professional risk backup;

- Compensating for customers as prescribed by law because violating agreements in contract of price appraisal and in case result of price appraisal causing damage to interest of customers due to not complying with provisions on price appraisal;

- Managing professional activities of price appraisers under their authorities;

- Implementing the reporting regime;

- Keeping dossiers, documents on price appraisal;

- Other obligations as prescribed by law.

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