What is the fee for issuing a certificate to work as a asset management officer in Vietnam?

What is the fee for issuing a certificate to work as a asset management officer in Vietnam? (Internet image)

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

1. Regulations on requirements for working as a asset management officer in Vietnam

Asset management officer is an individual specialized in management and liquidation of the assets of an insolvent entity during the process of bankruptcy settlement.

The following individuals are eligible for being issued practice certificates of asset management officer:

- A lawyer;

- An auditor;

- A person having a bachelor degree in law, economy, accountancy or bank and 05 years of experience or more in his/her field.

Requirements for working as a asset management officer:

- Be capable of civil acts;

- Have ethical qualities, sense of responsibility, integrity and objectivity;

- Have practice certificate of asset management officer.

(Clause 7, Article 4 and Clauses 1 and 2, Article 12 of the Law on Bankruptcy 2014)

2. What is the fee for issuing a certificate to work as a asset management officer?

Individuals who apply for an asset management practice certificate must pay fees and charges at a rate of 100,000 VND/application.

(Article 4 of Circular 224/2016/TT-BTC)

Application for issuance of certificate to work as a asset management officer in Vietnam

People in the cases specified in the Law on Bankruptcy 2014 who want to do asset management must prepare an application for a certificate to work as a asset management officer.

3. Obligations that the asset management officer must fulfill to perform their practicing activities in Vietnam

The administrator is responsible for performing the following obligations:

- Comply with the principles of asset management and liquidation practice as prescribed in Article 2 of Decree 22/2015/ND-CP.

- Bear responsibility for their practices in accordance with legal regulations on bankruptcy.

- Sign the report and document on the outcome of the exercise of their powers and assumption of their obligations in accordance with legal regulations on bankruptcy.

- Purchase the insurance against the professional responsibility in accordance with laws if the asset management officer is working as an individual.

- Report to the Department of Justice located in a centrally-affiliated city or province where asset management officer’s practicing activities are registered under the instruction of the Ministry of Justice.

- Fulfill other obligations in accordance with the Law on Bankruptcy 2014 and relevant laws.

(Article 7 of Decree 22/2015/ND-CP)

4. Prohibited acts for the asset management officer in Vietnam

According to Clause 1, Article 3 of Decree 22/2015/ND-CP, prohibited acts for the asset management officer:

- Lease, lend, or let other organizations or individuals use their own practicing certificate for the purpose of practicing asset management and liquidation profession;

- In addition to expenses paid the asset management officer in accordance with legal regulations, give hints for or receive any sum or material interest from the person involved in bankruptcy proceedings or abuse the asset management officer’s power to gain benefits from individuals, organizations;

- Abuse their duties and powers to collude with individuals, organizations for the purpose of gaining personal benefits;

Disclose information on the organization, operation of the insolvent enterprise or cooperative that the asset management officer has reached in the process of their practicing, unless otherwise permitted in writing by that enterprise or cooperative or stipulated by laws;

- Commit other acts of violation against laws or the ethical code of an asset management officer.

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