Regulations on valuers in Vietnam as of July 1, 2024

Regulations on valuers in Vietnam as of July 1, 2024 (Internet image)

Regarding this issue, LawNet would like to answer as follows:

On June 19, 2023, the National Assembly officially passed the Law on Prices 2023.

Regulations on valuers in Vietnam as of July 1, 2024

Pursuant to Article 46 of the Law on Prices 2023, regulations on valuers in Vietnam are as follows:

- Valuers are persons with valuer cards who have registered for valuation practice and are announced as valuers by the Ministry of Finance of Vietnam.

- During valuation practice, valuers shall maintain the requirements for valuation practice registration prescribed in Clause 1 Article 45 of the Law on Prices 2023.  Valuation enterprises shall promptly submit reports to the Ministry of Finance of Vietnam in cases of fluctuations in valuers because such valuers fail to maintain the requirements for valuation practice registration or due to changes to practice registration locations.

- Regulations on lists of valuers:

+ Lists of valuers shall be announced annually before January 1 of the announcement year;

+ Lists of valuers shall be adjusted monthly (if any) and announced before the final working day of the announcement month for applications received before the 15th day of that month by the Ministry of Finance of Vietnam; 

+ Lists of valuers shall be announced

Rights and obligations of valuers in Vietnam under the Law on Prices 2023

Pursuant to Article 47 of the Law on Prices 2023, regulations on the rights and obligations of valuers in Vietnam are as follows:

- Valuers may:

+ Practice valuation according to the Law on Prices 2023; sign certificates of valuations and reports on valuation by their professional field; practice without having to meet requirements for additional certificates or professional requirements other than those prescribed in the Law on Prices 2023;

+ Provide independent viewpoints on professional expertise;

+ Request customers to cooperate in providing documents related to assets subject to valuation and facilitating the valuation; not be responsible for the accuracy of information on assets subject to valuation provided by customers;

+ Refuse to perform valuation in case of improper professional field for practice or inadequate or unreliable documents for valuation performance; 

+ Participate in domestic or foreign occupational organizations for valuation as prescribed by laws;

+ Exercise other rights as prescribed by laws.

- Valuers shall:

+ Comply with this Law and relevant laws;

+ Ensure the independence of their professional expertise, honesty, objectivity, and accuracy during asset valuation; take professional responsibility during the implementation and ensure that reports on valuation comply with the Valuation Standards of Vietnam;

+ Provide explanations or protection of contents of their valuation reports for their customers or third parties permitted to use such reports under valuation contracts upon requests; provide explanations for their valuation reports for competent state agencies upon requests as prescribed by laws;

+ Participate in programs on updates on knowledge of valuation as per regulation;  

+ Prepare valuation documentation as prescribed by laws;

+ Perform other obligations as prescribed by laws.

More details can be found in the Law on Prices 2023 taking effect on July 1, 2024, except for the case specified in Clause 2, Article 60 of the Law on Prices 2023, which takes effect from January 1, 2026.

From July 1, 2024 to December 31, 2025, each valuation council shall have at least 1 member having one of the following professional certificates:

- College diplomas or higher concerning prices and/or valuation;

- Valuer cards;

- Certificates of professional training in valuation;

- Certificates of advanced training in state valuation.

The Law on Prices 2012 expires from the effective date of the Law on Prices 2023, except for the provisions in Article 75 of the Law on Prices 2023.

To Quoc Trinh

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