MoF proposes five professional ethics rules for price appraisal

VCN – The Ministry of Finance (MoF) has drafted five professional ethics rules for price appraisal with many requirements for price appraisers and price appraisal companies.
MoF proposes five professional ethics rules for price appraisal
MoF gathers comments on draft circulars related to price appraisal. Photo: Internet.

The MoF gathers feedback on the draft Circular stipulating Vietnamese price appraisal standards on professional ethics rules for price appraisal, scope of price appraisal, and basis of price appraisal and price appraisal documents.

According to the draft, Vietnamese price appraisal standards include the professional ethics rules for price appraisal, scope of price appraisal, price appraisal on the basis of price appraisal, and standards on appraisal documents.

The professional ethics rules for price appraisal includes the following basic requirements: independence and objectivity; professional skill and prudence; information security and professional behavior.

Specifically, in terms of integrity, price appraisers need to be straightforward and honest in working performance; do not use false information, or inaccurate information; do not give information that cause misunderstandings for users of the report of price appraisal results.

Regarding independence and objectivity, price appraisers and appraisal companies must not let bias, conflicts of interest, or the impact of any material or spiritual benefit on appraisal of price appraisers.

Price appraisers must have knowledge of the law, professional knowledge and practical skills for the price appraisal. Price appraisal companies need to ensure that those who assist price appraisers in price assessment are trained and have appropriate professional capacity and work under the strict supervision of the appraiser. Price appraisers need to carefully check the collected data and consider before providing appraisal results.

Regarding information security, price appraisers and price appraisal companies are not allowed to disclose customer’s information without the consent of the customer or the permit of the law. In case the valuation has ended, the security must be still required.

Price appraisers and price appraisal companies are not allowed to use information of customers to serve their interests or the interests of the third party.

The price appraisal companies need to take measure to avoid disclosing information on price appraisal by participants in the appraisal and consulting experts.

Regarding professional behavior, the draft Circular requires that price appraisers and price appraisal companies need to ensure that the price appraisals comply with the provisions of the standard system and other provisions of law; and take responsibility to customers as well as public interests...

The MoF said that the promulgation of regulations aims to promptly issue legal documents in the field of price appraisal. The Circular is expected to take effect from July 1, 2024, creating favorable conditions for price appraisal activities at price appraisal enterprises and state management.

The MoF also gets feedback on the Decree detailing and implementing measures for a number of articles of the Price Law, and on some draft circulars related to appraisal activities such as standards for price appraisal of intangible assets, standards for price appraisal enterprises, training in price appraisal skills, and building a price database...

By Hoai Anh/Hoang Loan

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