Vietnam: Price-appraising operations must ensure independence on professional

1. Assets being appraised price

According to Article 31 of the Law on Prices 2012 of Vietnam, assets being appraised price include:

- Assets of organizations, individuals having demand on price appraisal.

- Assets which the State must appraise as prescribed by law on management, use state's assets and other provisions of relevant law.

2. Principles of price-appraising operations

Price-appraising operations shall be carried out in accordance with the following principles:

- Observing laws, Vietnamese price-appraising standard;

- Taking responsibility for price-appraising operations as prescribed by law;

- Assurance of independence on professional, honesty, objective in price-appraising operation and result of price appraisal;

- Keeping information in secret as prescribed by law.

3. Process of asset price appraisal

According to Article 30 of the Law on Prices 2012, the process of asset price appraisal is as follows:

- Defining assets for price appraisal in general and defining the market or non-market price making as bases for price appraisal;

- Making plan on price appraisal;

- Surveying reality, collecting information;

- Analyzing information;

- Defining value of asset being appraised price;

- Making report on the result of price appraisal, price-appraising certificate and sending to customers, relevant parties.

4. Result of price appraisal

According to Article 32 of the Law on Prices 2012, the result of price appraisal shall be used as one of grounds for agencies, organizations and individuals being owners or having right of using assets as prescribed by law and relevant parties to consider, decide or approve price for such assets.

- The result of price appraisal must be used duly purpose written in contract of price appraisal or request in written of price appraisal of competent state agencies.

- Result of price appraisal is used only in the effective period being written in the report of price-appraising result and price-appraising certificate.

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