THE GOVERNMENT

Decree No. 89/2013/ND-CP of August 6, 2013, detailing a number of articles of the Price Law regarding valuation

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the June 20, 2012 Price Law;

Pursuant to the November 29, 2005 Enterprise Law;

At the proposal of the Minister of Finance,

The Government promulgates the Decree detailing a number of articles of the Price Law regarding valuation.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree details a number of articles of the Price Law regarding valuation, covering contents and competence of state management of valuation; Vietnam valuation standards; criteria of valuers and valuer cards; professional valuation associations; valuation service rates; order and procedures for grant and revocation of certificates of eligibility for provision of valuation services; suspension of valuation services; forms and scope of valuation services provided by foreign valuation organizations in Vietnam; and order and procedures for public valuation.

Article 2. Subjects of application

This Decree applies to valuers; valuation enterprises; state agencies competent and cadres and civil servants assigned to conduct valuation; agencies and organizations assigning persons to participate in valuation councils and those assigned persons; agencies, organizations and persons having assets to be valued or requesting valuation; professional valuation associations; state management agencies of valuation and other agencies, organizations and persons involved in valuation.

Article 3. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Valuation enterprise means an enterprise established and operating under the Enterprise Law which is granted by the Ministry of Finance a certificate of eligibility for provision of valuation services in accordance with law.

2. Client means an organization or a person that hires a valuation enterprise to provide valuation services under a valuation contract or a written request or proposal for valuation.

3. Professional valuation association means a socio-professional organization lawfully established on the basis of voluntary participation by valuers, valuation enterprises and other organizations and individuals involved in valuation.

4. Vietnam valuation standards mean regulations on professional qualifications, skills and ethics for valuation practice which are used as the standards for asset valuation activities and inspection and evaluation of results and quality of valuation activities in Vietnam.

Article 4. State management of valuation

1. Formulating and directing the implementation of strategies and plans development of the valuation profession in Vietnam.

2. Promulgating, and organizing the implementation of, legal documents on valuation and Vietnam valuation standards.

3. Valuating state property in accordance with this Decree and relevant legal documents.

4. Providing the reporting and collection and summarization of information for the formation of a database serving the provision of information on, and state management of valuation.

5. Managing professional training and retraining in valuation; managing and organizing exams, granting and revoking valuer cards; managing, granting and revoking certificates of eligibility for provision of valuation services.

6. Conducting inspection and examination, settling complaints and denunciations, and handling violations of the law on valuation.

 

7. Organizing and managing scientific research and international cooperation in valuation.