Newest regulations on persons banned from valuation practice under the latest regulations in Vietnam

Newest regulations on persons banned from valuation practice under the latest regulations in Vietnam (Image from the Internet)

1. Newest regulations on persons banned from valuation practice under the latest regulations in Vietnam

According to the provisions of Clause 2, Article 45 of the Price Law 2023, the persons banned from valuation practice include:

- Officers, officials as regulated by the law on officials; officers, professional soldiers, defense workers in agencies or units of the People's Army; officers, professional technical officers, police workers in the agencies or units of the People's Public Security;

- Individuals currently prohibited from practicing valuation under a court judgment or decision that has taken legal effect; individuals under prosecution, indictment, or trial according to the criminal procedure law; individuals convicted of economic or position crimes related to finance, pricing, valuation and have not yet had their criminal records expunged; individuals undergoing administrative handling measures of education at commune, ward, commune-level town; individuals being placed in compulsory detoxification establishments, compulsory education establishments;

- Individuals whose valuer cards have been revoked under the administrative penalty decision by the competent authority as stipulated by the law on handling administrative violations.

2. Conditions for valuation practice registration in Vietnam

According to Clause 1, Article 45 of the Price Law 2023, persons with valuer cards registering valuation practice in Vietnam shall:

- Having full civil act capacity;

- Having a valid labor contract according to labor laws with the company where they are registering for valuation practice, except for cases where the person with the valuer card is the legal representative of the company;

- Having a total actual working time at valuation companies, state management agencies on price and valuation with a university degree or higher for at least 36 months. In cases where the individual works with a university degree or higher in pricing or valuation specialization under an application-oriented program as regulated by the law, the total actual working time at valuation companies, state management agencies on price and valuation should be at least 24 months;

- Having updated knowledge on valuation as required by the Ministry of Finance, except in cases where the valuer card has been issued for less than one year at the time of registration for practice;

- Not falling under the categories stipulated in Clause 2, Article 45 of the Price Law 2023.

3. Regulations on valuers in Vietnam

According to Article 46 of the Price Law 2023, the following regulations apply to valuers:

- A valuer is an individual who holds a valuer card, has registered for valuation practice, and has been notified by the Ministry of Finance (Hanoi, Vietnam) as a valuer.

- During valuation practice, a valuer must maintain the conditions for registration of valuation practice as stipulated in Clause 1, Article 45 of the Price Law 2023. Valuation companies must promptly report to the Ministry of Finance any changes in valuers if they no longer meet the conditions for registration or if there is a change in the place of practice registration.

- The list of valuers is notified as follows:

+ The list is announced annually before January 1 of the respective year;

+ The list is adjusted monthly (if applicable) and announced before the last working day of the month for cases received by the Ministry of Finance before the 15th of that month;

+ The list is included when a company is issued or reissued a certificate of eligibility to conduct valuation services.

Vo Tan Dai

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