Legal basis to improve quality of price appraisal

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Deputy Director of the Price Management Department Pham Van Binh speaks at the Conference.

On November 25 and 26, 2024, the Price Management Department (Ministry of Finance) coordinated with the German Agency for International Cooperation (GIZ) to organize a Conference on the implementation of legal documents on price appraisal.

At the conference, Mr. Pham Van Binh, Deputy Director of the Price Management Department, said that in more than 1 year since the Law on Prices 2023 was passed, in the field of price appraisal alone, the Ministry of Finance has drafted and submitted to the Government for promulgation 1 Decree detailing a number of articles of the Law on Prices on price appraisal, 1 Decree on administrative sanctions for violations in price management.

At the same time, 10 circulars are issued under its authority to guide the contents that the Law on Prices assigns the Ministry of Finance to detail or issue under its authority, ensuring synchronous effectiveness with the Law on Prices.

Of which, four circulars regulate the contents on the management of price appraisal activities; six circulars regulating 11 Vietnam's price appraisal standards.

Mr. Nguyen Van Binh stated that this is a very large and complicated workload, with many specialized contents, but the Ministry of Finance has directed the development and promulgation to ensure quality and proper procedures.

Furthermore, the contents of the regulations have a wide range of application, including state agencies, enterprises, organizations and individuals related to price appraisal activities, so conferences are needed to disseminate and implement legal documents on price appraisal.

Therefore, at the Conference, experts from the Price Management Department presented the main contents and new points of the relevant decrees and circulars.

The experts also introduced six areas that valuation is comprehensively implemented according to specialized laws such as land prices, housing prices, electricity prices, medical examination and treatment service prices, tuition fees, royalties, etc.

Many businesses and price appraisers attend the conference to update the new regulations.

According to the representative of the Price Management Department, the regulations related to the activities of appraisers, adjusting the conditions for practicing price appraisers and the conditions for conducting business valuation services at enterprises... are new contents of the Price Law 2023.

The regulations are approached in a comprehensive manner. For example, regarding the price appraiser card, the Price Law 2023 consolidates the direction of specializing the activities of appraisers in two asset fields including asset valuation and enterprise valuation.

The Price Law 2023 also stipulates a separate article on the legal representative, director or general director of the valuation enterprise.

In addition, the Law also stipulates prohibitions for price appraisers, stipulates a number of cases of handling price appraisers when violating the law on price appraisal such as revoking the price appraiser card.

The 2023 Price Law also strengthens regulations on operating conditions of valuation enterprises and branches of valuation enterprises to more closely manage in case of price appraiser fluctuations affecting operating conditions.

In particular, the representative of the Price Management Department noted that regulations on business conditions will be transited.

Accordingly, after a period of 12 months when the 2023 Price Law takes effect, that is, from July 1, 2025, valuation enterprises that do not comply with the conditions for conducting valuation services as prescribed will have their certificates of eligibility for valuation services revoked by the Ministry of Finance.