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The Price Management Department will inspect law compliance for price appraisal enterprises. Photo: Internet

In the report on the operational results related to the state management of price appraisal, in the first half of 2023, the Price Management Department said that the department has granted the certificates of eligibility for business in appraisal services for seven price appraisal enterprises and re-issued 66 certificates of eligibility for business in appraisal services for enterprises.

The Department has also issued 14 notifications on the list of price appraisal enterprises and branches of price appraisal enterprises that are granted and re-issued the certificate for the first time, and the list of price appraisers eligible to practice asset appraisal in 2023 at these enterprises.

Notably, the department has suspended operation of 12 price appraisal enterprises and revoked 17 certificates of eligibility for business in price appraisal services.

Earlier, in May the Price Management Department issued Document No. 5029/BTC-QLG requesting price appraisal enterprises and price appraisers to strictly abide by regulations on price appraisal because some enterprises have violated the provisions of the law on price appraisal such as failing to report to the Ministry of Finance when changing the list of appraisers; failing to comply with the price appraisal process; failing to buy professional liability insurance, failing to set up a reserve fund for professional risks...

The main reason for this situation is that some enterprises have not yet required their staff to fully comply with regulations on price appraisal, especially updating new regulations although the price appraisers are certified to participate in training courses on updating new regulations; some enterprises have not yet done well the control and internal inspection of price appraisal at the enterprises; some price appraisers are still inexperienced and do not have a deep knowledge of the property appraisal and the market of the property appraisal.

Also in the report, the department said that it had submitted to the Ministry of Finance to sign a decision to grant the card of price appraiser to 161 candidates who passed the examination for granting the card of price appraisers.

In addition, in the first half of the year, the Price Management Department has also supervised the units in charge of training price appraisal during the implementation of training courses, and register for training in price appraisal; monitored the updating of professional knowledge on price appraisal for price appraisers, and training in price appraisal for officers.

Regarding the inspection of the compliance with the law on price appraisal, the department said that it submitted to the Ministry of Finance to set up three working teams to check the law compliance of price appraisal enterprises. In addition, the department has coordinated with relevant units to review the compliance with provisions on price appraisal, and to manage operation of price appraisal service operators and performance of price appraisers.

In the remaining months of 2023, the Price Management Department said it will review the application for granting and re-granting certificates of eligibility for business in price appraisal services for price appraisal enterprises; review and notify the list of price appraisers eligible for registration of property appraisal practice in 2023.

The department will also inspect the law compliance on price appraisal for these enterprises and make unexpected checks upon request; organize the Annual Meeting of Directors of Appraisal Enterprises in 2023; implement the examination for granting the card of price appraisers in 2023.