Vietnam: 04 professional serious mistakes resulted in the suspension of price appraisal services

According to Decree No. 89/2013/ND-CP of Vietnam’s Government, a price appraisal enterprise may be suspended business in price appraisal services when it has professional serious mistakes or violates criteria of appraisal of prices, including:

- Fail to comply with the Vietnam Criteria of appraisal of prices.

- Disclose information about record, customers of appraisal of prices and assets that are appraised price unless customers of appraisal of prices agree or law provided for permission.

- Having act of collaborating with owners of assets, customers of appraisal of prices, concerned persons when perform appraisal of prices with the aim to falsify result of price appraisal.

- Falsifying record of assets subject to appraisal of prices or falsifying information involving assets subject to appraisal of prices which lead the higher or lower result of price appraisal of the price appraising enterprise at difference of 10% for assets being real estate, equipment, transport, and 15% for assets being materials, goods in comparison with the final result of price appraisal of competent state applied to same method of price appraisal.

The maximum time for suspension of business operation in price appraisal services is 60 (sixty) days from the effective date of decision on suspension. In this time, enterprises must have written report and send it to the Ministry of Finance, regarding handling and remedying violations of units enclosed with relevant documents to prove, concurrently suggest permission to continue the business operation of price appraisal service.

In time of being suspended from the business operation of price appraisal service, the price appraisal enterprises must be responsible for contracts of price appraisal signed with customers, labor contracts signed with appraisers, employees and other legal obligations as prescribed, unless parties have other agreements.

View more details at Decree No. 89/2013/ND-CP of Vietnam’s Government, effective from September 25, 2013.

Ty Na

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