Notable documents of Vietnam in the previous week (from June 3 to June 9, 2024)

Notable documents of Vietnam in the previous week (from June 3 to June 9, 2024)
Quốc Tuấn

Responsibilities of heads regarding the suspension of work of inferior officials; code of professional ethics in valuation from July 1, 2024; tasks and entitlements of members of standing committees of district-level CPV committees; etc., are notable contents that will be covered in this bulletin.

Responsibilities of heads regarding suspension of work of inferior officials in Vietnam

On May 23, 2024, the Politburo of Vietnam promulgated Regulation No. 148-QD/TW 2024 on the competence of heads regarding the suspension of work of inferior officials in necessary cases or when there are signs of severe violations of regulations of the CPV or laws of the State. According to the Regulation, the responsibilities of heads are stipulated as follows: 

- Promptly issuing decisions on the suspension of work of inferior officials when there is one of the grounds to suspend the work; canceling the mentioned decisions in cases where they are not in compliance with regulations, or there are conclusions of no violation while submitting reports to competent authorities managing officials.

- Assuming responsibility for the issuance of decisions on the suspension of work or the cancelation of such decisions.  Disclosing decisions on the suspension of work and decisions to cancel the termination of work in agencies and units where officials are working and sending such decisions to relevant agencies, units, and individuals. 

- Submitting reports to competent authorities managing officials if there are complicated circumstances that require more time for verifying violations by officials after the suspension period before extending it. 

See more details in Regulation No. 148-QD/TW, promulgated on May 23, 2024. 

Code of professional ethics in valuation in Vietnam from July 1, 2024 

On May 16, 2024, the Minister of Finance of Vietnam promulgated Circular No. 30/2024/TT-BTC on Vietnam’s valuation standards concerning the code of professional ethics in valuation, scope of valuation, valuation bases, and valuation documents. 

According to the Circular, the code of professional ethics in valuation includes the following basic requirements: integrity; independence and objectivity; professional qualifications and prudence; information confidentiality; professional behaviors. 

Specifically, the requirement for integrity is stipulated as follows: 

- A valuer or individual engaging in state valuation according to the law on prices (hereinafter referred to as “person engaging in valuation”) shall be straightforward and honest in professional relationships and specialty and refrain from committing profiteering from valuation. 

- The person engaging in valuation shall not use false information or disclose information without solid grounds. 

- The person engaging in valuation shall not omit information that, if missing, may cause misunderstandings for users of valuation reports. 

- In case of detecting errors in issued contents concerning the value of assets subject to valuation, the person engaging in valuation shall:  

+ Regarding the provision of valuation services: provide a notice to the valuation enterprise to issue a written notice to the valuation client;

+Regarding state valuation: provide notices to the agency, organization, or competent person to establish a valuation council. 

See more details in Circular No. 30/2024/TT-BTC, effective as of July 1, 2024. 

Tasks and entitlements of members of standing committees of district-level CPV committees in Vietnam 

On May 3, 2024, the CPV Central Committee promulgated Decision No. 143-QD/TW 2024 on the sample working regulations of CPV committees of districts.

Specifically, aside from performing tasks and entitlements of members of executive committees of CPV designated representations, members of standing committees of district-level CPV committees shall: 

- Direct the preparation of resolutions, decisions, and documents of the standing committees of district-level CPV committees and district-level CPV committees concerning assigned fields and contents of the standing committees. Adequately participate in meetings of the standing committees; be responsible for discussing and contributing feedback on issues under the jurisdiction of standing committees of district-level CPV committees and assume responsibility for related decisions together with standing committees of district-level CPV committees. 

- Directly settle work and requests from collectives and individuals of agencies, units, and assigned fields and areas within their jurisdiction or direct relevant agencies to cooperate in carrying out such settlement.   Regarding issues related to other fields, proactively consult with members of relevant district-level CPV committees or submit reports to deputy secretaries or secretaries of districts for assessment and feedback. 

- Cooperate and provide feedback on work concerning officials of agencies, units, and assigned fields and areas. 

- Cooperate in inspecting and supervising the implementation of resolutions, directives, regulations, decisions, and conclusions of superior authorities, district-level CPV committees, and standing committees of district-level CPV committees at agencies, units, and assigned fields and areas.  Quarterly or irregularly submit written reports to the standing committees of district-level CPV committees on the situations at agencies, units, and assigned fields and areas.  Members of standing committees of district-level CPV committees, who are heads of military commands of districts and heads of public security authorities of districts, shall comply with reporting regulations of competent authorities as per regulation. 

- When permanent members of district-level CPV committees are absent, standing committees of district-level CPV committees shall assign one of its members to carry out the daily work of standing committees of district-level CPV committees. 

See more details in Decision No. 143-QD/TW, effective as of May 3, 2024. 

Sources of information on incomes concerning assets subject to valuation in Vietnam from July 1, 2024  

On May 16, 2024, the Minister of Finance of Vietnam promulgated Circular No. 31/2024/TT-BTC on Vietnam’s valuation standards concerning income and analysis of information on assets subject to valuation. 

According to the Circular, sources of information on incomes concerning assets subject to valuation include: 

- Information provided by individuals and organizations requesting valuation showing legal characteristics (i.e., ownership, use rights, utilization rights, management rights, and other rights concerning assets), economic-technical characteristics (including processes of using, operating, utilizing, repairing, and upgrading assets), and other information relevant to assets subject to valuation (if any).  Organizations and individuals requesting valuation shall assume responsibility for the accuracy and truthfulness of such information; 

- Information from results of the survey of the status of assets subject to valuation; 

- Information from experts, inspection organizations, organizations providing counseling concerning design, construction, and technique, and other organizations and individuals with knowledge and experience concerning assets subject to valuation (if any);  

- Information from results of the survey and collection of information on the market and entities participating in the market of assets subject to valuation; 

- Information from national databases on prices and information provided by competent state management authorities (if any); 

- Other sources of information (if any). 

Sources of information must be specified in valuation documents enclosed with reasons and assessments of the suitability of such sources for asset valuation requirements. 

See more details in Circular No. 31/2024/TT-BTC, effective as of July 1, 2024. 

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