Vietnam: Issuing assessment certificates bearing the professional seal which is not yet registered shall be fined VND 10 million

According to Article 74 of Decree No. 98/2020/NĐ-CP of Vietnam’s Government, administrative penalties for violations against regulations on provision of commercial assessment services are as follows:

1. A fine ranging from VND 500.000 to VND 1.000.000 shall be imposed for authorizing or re-authorizing the provision of assessment services without signing contracts.

2. A fine ranging from VND 1.000.000 to VND 3.000.000 shall be imposed for providing assessment services in sectors other than the ones registered and specified in the business registration certificate or other documents issued or certified as prescribed.

3. A fine ranging from VND 3.000.000 to VND 5.000.000 shall be imposed for committing one of the following violations:

- Failing to meet requirements for provision of assessment services;

- Appointing unqualified assessors to provide commercial assessment services.

4. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for committing one of the following violations:

- Issuing assessment certificates bearing the professional seal which is not yet registered with competent authorities as prescribed;

- Changing or using an additional professional seal without carrying out re-registration with competent authorities;

- Failing to return the professional seal to competent authorities in case of deregistration of professional seal;

- Providing commercial assessment services in case the assessment involves rights and benefits of the enterprise providing commercial assessment services and of its assessors.

View more details at the Decree No. 98/2020/NĐ-CP of Vietnam’s Government, effective from October 15, 2020.

Le Vy

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