Fines for violations of regulations on valuation practice in Vietnam from July 12, 2024

Fines for violations of regulations on valuation practice in Vietnam from July 12, 2024

Article 22 of Decree 87/2024/ND-CP stipulates the fines for violations of regulations on valuation practice in Vietnam as follows:

- A fine ranging from VND 10,000,000 to VND 15,000,000 shall be imposed for failure to explain price appraisal reports conducted by appraisers to competent state authorities upon request as prescribed by law.

- A fine ranging from VND 30,000,000 to VND 40,000,000 shall be imposed for one of the following acts:

+ Failure to properly follow the guidelines on collecting information on appraisal assets and information serving the appraisal process as prescribed in the Vietnam Valuation Standards;

+ Failure to correctly apply the approach and appraisal methods as prescribed in the Vietnam Valuation Standards;

+ Failure to apply all necessary appraisal methods as prescribed in the Vietnam Valuation Standards.

- A fine ranging from VND 80,000,000 to VND 100,000,000 shall be imposed for acts of falsification, renting, lending, using appraisal cards in violation of the Price Law 2023 and related laws that do not yet constitute a criminal offense under the Criminal Code 2015.

- Additional penalties:

+ Temporary revocation of the appraiser's card for a period of 02 to 03 months from the date the penalty decision takes effect for violations specified in clause 2, Article 22 of Decree 87/2024/ND-CP;

+ Temporary revocation of the appraiser's card for a period of 06 to 09 months from the date the penalty decision takes effect for violations specified in clause 3, Article 22 of Decree 87/2024/ND-CP except for cases of falsification of the appraiser's card.

- Remedial measures: Forced explanation of the price appraisal report conducted by appraisers to competent state authorities for violations specified in clause 1, Article 22 of Decree 87/2024/ND-CP.

Refer to Decree 87/2024/ND-CP which takes effect in Vietnam from July 12, 2024, and replaces the regulations on the handling of administrative violations in the field of price management stipulated in Chapter II of Decree 109/2013/ND-CP on administrative penalty sanctions for price, fee, charge, and invoice management; Article 1 of Decree 109/2013/ND-CP amending and supplementing several articles of Decree 109/2013/ND-CP on administrative penalties in the field of price, fee, charge, and invoice management in Vietnam.

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