MoF requests to rectify business activities of price appraisal service

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MoF requires price appraisal enterprises and price appraisers to strictly comply with the provisions of the law. Photo: internet.

According to the MoF, the business of price appraisal services has made a significant contribution to promoting economic development and providing price appraisal services, meeting social needs.

However, the implementation of this service business still has shortcomings and needs reviewing. Based on the provisions of the Law on Prices, the MoF has submitted to the Government for promulgation Decree 89/2013 of the Government detailing a number of articles of the Law on Price on price appraisal. At the same time, the ministry has also issued 13 circulars guiding the business of price appraisal, including 13 Vietnam Valuation Standards.

Pursuant to the above legal provisions, the MoF requires price appraisal enterprises and price appraisers to strictly comply with the above-mentioned provisions of the law on price appraisal, as well as other relevant laws.

The receipt and provision of valuation services, the appraisal enterprises and the price appraiser must comply with the process specified in Article 30 of the Law on Prices and clarified in the Vietnam Valuation Standard 05, the provisions on the approach and methods in valuation which are specified in Vietnam Valuation Standards No. 08, 09, 10, 11, 12 and 13.

The issuance of the Report on Valuation Results and the Valuation Certificate must be in accordance with the form specified in the Vietnam Valuation Standard 06; strictly comply with standards on qualifications, and professional ethics of valuation, thereby focusing on independence, objectivity, honesty, and legal compliance.

In the process of providing price appraisal services, price appraisal enterprises and price appraisers must fulfill the obligations specified in Articles 37 and 42 of the Law on Prices.

At the same time, it is also necessary to strengthen the control of the quality of internal valuation; regularly self-assess the quality of valuation activities, and promptly detect and correct errors in the valuation process.

The appraisal enterprises must also be proactive in collecting information and building a database on prices; and archive records as prescribed in Vietnam Valuation Standard 06.

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The MoF requires businesses to seriously update their knowledge of price appraisal every year in order to improve their knowledge of the law, professional skills and professional ethics, especially regulations on valuation and research activities.