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MINISTRY OF
FINANCE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.:
38/2014/TT-BTC
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Hanoi, March
28, 2014
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CIRCULAR
ELABORATING SEVERAL ARTICLES OF THE GOVERNMENT’S DECREE NO.
89/2013/ND-CP DATED AUGUST 06, 2013 PROVIDING GUIDANCE ON IMPLEMENTATION OF THE
PRICE LAW ON VALUATION
Pursuant to the Price Law dated June 20,
2012;
Pursuant to the Government’s Decree No. 89/2013/ND-CP
dated August 06, 2013 providing guidance on implementation of the price law on
valuation;
Pursuant to the Government’s Decree No.
215/2013/ND-CP dated December 23, 2013 defining functions, tasks, powers and
organizational structure of the Ministry of Finance;
At the request of the Director of the Price
Management Department;
The Minister of Finance hereby promulgates
the Circular elaborating several articles of the Government’s Decree No.
89/2013/ND-CP dated August 06, 2013 providing guidance on implementation of the
Price Law on the valuation.
Chapter I
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Article 1. Scope
This Circular provides regulations on management
of the practicing of the valuation profession by valuation enterprises,
valuation database, valuation operations carried out by state agencies and
funding for valuation operations.
Article 2. Regulated
entities
This Circular applies to valuers; valuation
enterprises; competent agencies and officials or public employees assigned to
carry out valuation operations; agencies or organizations appointing employees
to join valuation councils and appointed persons; agencies, organizations or
individuals having assets to be valued or requesting for the valuation service;
valuation professional organizations; competent valuation agencies and other
agencies, organizations and individuals involving in the valuation.
Chapter II
SPECIFIC PROVISIONS
Article 3. Registration of
practice by valuers
1. A valuer is not allowed to carry out the
registration of practice as valuer for two valuation enterprises or more at the
same time.
2. The enterprise shall submit applications for
registration of practice for its valuers in accordance with regulations in
Point c Clause 1 Article 14 of the Government’s Decree No. 89/2013/ND-CP. An
application for registration of practice as valuer includes:
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b) The certified copy of the valuer’s ID card
issued by the Ministry of Finance;
c) The certified copy or true copy of the
document on termination of the labour contract signed with the previous
valuation enterprise, if any;
d) The certificate of completion of a training
course in valuation as regulated by the Ministry of Finance;
dd) Documents, which must be still valid for at
least 02 months, proving the permitted stay in Vietnam as regulated by the law
on entry, exit and residence of foreigners in Vietnam if the to-be-registered
valuer is a foreigner;
e) The copies of the labour contract and its
appendixes (if any) signed by and between the valuation enterprise and the
to-be-registered valuer;
g) Other relevant documents (if any).
3. The valuer must be responsible for the
information provided in the submitted documents. The legal representative of
the valuation enterprise, or his/her authorized person, shall consider and check
the documents included in the submitted application so as to ensure the
eligibility of each to-be-registered valuer and sign the application form for
registration of practice as a valuer for the valuation enterprise. The
application form for registration of practice as a valuer for the valuation
enterprise shall not be signed if the valuer is ineligible as regulated by
laws.
4. If the valuation enterprise wants to register
for another valuer, regulations in Clause 2 of this Article shall apply. If the
valuation enterprise wants to apply for the cancelation of registration of
practice for a valuer, it must submit the certified copy or true copy of the
document on termination of the labour contract signed with that valuer.
5. Within 15 days from the receipt of the
sufficient application submitted by the valuation enterprise, the Ministry of
Finance shall give a Notice of eligible valuer. The valuer is allowed to
practice the valuation profession at the valuation enterprise only after he/she
obtains the Notice of eligible valuer from the Ministry of Finance.
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1. An application for issuance or re-issuance of
the certificate of eligibility to provide valuation service shall include the
documents prescribed in Article 14 of the Decree No. 89/2013/ND-CP.
If the valuation enterprise carries out
procedures for registration of valuation service for its branch as regulated in
Article 41 of the Price Law, it must submit the certified copy of the
certificate of branch registration and the enterprise’s letter of authorization
for the branch. Such letter of authorization must specify that the branch of
the valuation enterprise is authorized to entirely or partially carry out
valuation operations. The valuation enterprise’s branch that carries out a part
of valuation operations is not allowed to issue valuation certificates. The
valuation enterprise’s branch that carries out all of valuation operations is
allowed to issue valuation certificates.
The application forms for issuance and
re-issuance of the certificate of eligibility to provide valuation service is
made according to the templates provided in the Appendix No. 02 and the
Appendix No. 03 enclosed herewith.
2. The valuation enterprise shall be responsible
for the accuracy of the submitted application for issuance or re-issuance of
the certificate of eligibility to provide valuation service.
3. The valuation enterprise shall submit the
application directly or by post to the Ministry of Finance (via the Price
Management Department).
Where it is necessary to clarify any
information, the Ministry of Finance (the Price Management Department) shall
have the right to request the valuer or the valuation enterprise to provide
explanation or documents for checking and verifying information and other
documents included in the application.
If the application is satisfactory, the Ministry
of Finance (the Price Management Department) shall issue or re-issue the
certificate of eligibility to provide valuation service within the time limit
prescribed in Article 15 of the Decree No. 89/2013/ND-CP. The certificate of
eligibility to provide valuation service is made according to the template
provided in the Appendix No. 04 enclosed herewith.
If the valuation enterprise fails to provide
explanatory documents or provides documents which cannot prove the accuracy of
documents included in the submitted application, the Ministry of Finance (the
Price Management Department) shall have the right to refuse the application. In
case of refusal of an application, the Ministry of Finance (the Price
Management Department) shall provide written reasons for such refusal.
Article 5. Maintaining
eligibility to provide valuation service
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2. The valuation enterprise must give a written
notification to the Ministry of Finance upon the occurrence of any changes
prescribed in Article 17 of the Decree No. 89/2013/ND-CP. The Ministry of
Finance shall receive, update and reconsider the satisfaction of eligibility
requirements for providing valuation service by the valuation enterprise in
order to give a written response or make a decision on suspension or revocation
of the certificate of eligibility to provide valuation service as regulated.
Decisions on suspension or revocation of the certificate of eligibility to
provide valuation service shall be made according to the templates provided in
the Appendix No. 05 and the Appendix No. 06 enclosed herewith.
3. Procedures for application for the
certificate of eligibility to provide business valuation service by a wholly
state-owned enterprise that is converted into a joint-stock company shall be
carried out in accordance with specific regulations of the Ministry of Finance.
4. The Ministry of Finance shall publish the
following contents on its website:
a) The list of valuation enterprises and their
branches (if any) eligible to provide valuation service and eligible valuers;
b) The list of valuation enterprises and their
branches (if any) that have valuation operations suspended or the certificate
of eligibility to provide business valuation service revoked or have been
warned for dissatisfaction of eligibility requirements for providing valuation
service;
c) The list of valuation enterprises that have
their valuation operations suspended or terminated.
5. The Minister of Finance shall authorize the
Director of the Price Management Department to receive, review, check and
notify the list of valuation enterprises eligible to provide valuation service
and the list of valuers practicing the valuation profession, and organize the
issuance, re-issuance, suspension and revocation of the certificate of
eligibility to provide valuation service.
Article 6. Professional
liability insurance, establishment and use of professional risk reserve fund
1. The valuation enterprise is required to
purchase professional liability insurance or set up the professional risk
reserve fund, which is the source for paying compensation for damage (if any)
suffered by users of valuation results. Users of valuation results are clients
who are offered the valuation service or the third party who concerns the
valuation results as certified by the client and specified in the valuation
contract by the valuation enterprise.
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If insurers or branches of foreign non-life
insurance enterprises in Vietnam do not provide professional liability
insurance services for valuation enterprises, the valuation enterprise is
allowed to purchase the professional liability insurance from a foreign
insurance enterprise in accordance with applicable laws. The purchase of
professional liability insurance for valuation service from a foreign insurance
enterprise must be carried out in accordance with Vietnam’s law on insurance
business.
Costs of purchasing insurance shall be recorded
as business expenses of the valuation enterprise in accordance with applicable
laws on corporate income tax.
3. Establishment of professional risk reserve
fund:
a) If the valuation enterprise does not purchase
professional liability insurance, it must set up the professional risk reserve
fund with the minimum amount of money appropriated every year as 1% of revenues
from provision of valuation service (VAT-exclusive revenues). Accounting for
the professional risk reserve fund shall be the same as that for provision for
payables and amounts of money appropriated for reserve fund shall be recorded
as business expenses as regulated by laws.
b) When the fund's ending balance is equal to
10% of revenues from the provision of valuation service in the financial year,
the appropriation for the professional risk reserve fund in that year is not
required. At the end of the financial year, if the fund's balance remains
unchanged or positive, the valuation enterprise shall reverse that fund’s
balance and set aside the professional risk reserve fund in the following
financial year. If the valuation enterprise stops providing valuation service,
it must reverse provisions for risks and carry out procedures for payment of
corporate income tax as regulated.
4. Compensation for damage:
a) When the valuation enterprise must pay
compensation for damage caused for users of valuation results, it shall receive
compensation from the insurer or the foreign non-life insurance enterprise's
branch operating in Vietnam under terms and conditions of the signed policy. If
the valuation enterprise fails to purchase insurance, it must pay compensation
for such damage by using the professional risk reserve fund.
b) If the amounts received under the
professional liability policy or the balance of the professional risk reserve
fund is not enough for paying compensation for damage, the valuation enterprise
shall record the deficit as its business expenses as regulated by law.
Article 7. Retention and use
of valuation documents
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a) Retention of paper copies of valuation
documents:
The valuation enterprise must keep paper copies
of the following valuation documents: The valuation contract and the record of
completion of the valuation contract (if any), the written request for valuation
service, the valuation report, the valuation certificate, all documents
supporting the valuation results, and other documents as prescribed in Vietnam
valuation standards and applicable laws.
Valuation documents to be kept must be
classified and arranged separately in chronologic order and according to each
valuation contract or written request for valuation service.
b) Electronic document retention:
Valuation documents to be electronically
retained must be systematic and include basic contents of the valuation report,
the valuation certificate, attached appendixes and sheets (if any).
2. Paper copies of valuation documents shall be
kept for at least 10 years but electronic copies thereof must be kept
permanently. The valuation enterprise must adopt measures for ensuring
confidentiality, safety, integrity, and ability to access and recover retained
valuation documents.
3. Valuation documents shall be accessed and
used in the following circumstances:
a) Implement decisions by authorized persons of
the valuation enterprise provided that confidentiality of documents must be
ensured as regulated in this Article.
b) Serve the inspection and settlement of
complaints and disputes arising during the valuation operation; comply with
request of the people’s court, the people’s procuracy, investigation agency,
inspection agency, state audit agency, the Ministry of Finance and other
competent authorities as regulated by laws.
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5. The legal representative of the valuation
enterprise must assume responsibility to manage, keep and destroy valuation
documents in accordance with applicable laws, including the cases where the
valuation enterprise is dissolved or declared bankrupt.
Article 8. Reporting
1. Reporting by each valuation enterprise:
a) Periodic reports: The valuation enterprise
shall submit annual report made according to the template of the Report on the
valuation enterprise’s situation and certain valuation indicators in the year
provided in the Appendix No. 07 enclosed herewith to the Ministry of Finance
(via the Price Management Department). Annual reports must be submitted by
March 31 of the year following the reporting year.
b) Ad hoc reports: The valuation enterprise must
submit ad hoc reports at the written request of the Ministry of Finance or a
competent authority as regulated by laws.
2. Reporting by a valuation professional
organization:
a) Periodic reports: The valuation professional
organization shall submit annual report made according to the template of the
Report on situation and operating strategies of the valuation professional
organization provided in the Appendix No. 08 enclosed herewith to the Ministry
of Finance (via the Price Management Department). Annual reports must be
submitted by January 31 of the year following the reporting year.
b) Ad hoc reports: The valuation professional
organization must submit ad hoc reports to the Ministry of Finance (if any) or
at the written request of the Ministry of Finance in case of inspection,
settlement of complaints or denunciations or handling of administrative
violations or disputes concerning valuation operations.
3. Valuation enterprises, branches of valuation
enterprises and valuation professional organizations must be responsible for
the accuracy and truthfulness of submitted reports.
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Each valuation enterprise is liable to formulate
and implement the procedures for control of quality of its valuation services
in accordance with regulations enshrined in Vietnam valuation standards and the
Ministry of Finance’s guidelines (if any).
Article 10. Valuation
database
1. Price management agencies at central level
(including the Ministry of Finance and relevant Ministries) and at provincial
level (Provincial Departments of Finance) shall:
a) Establish, manage and operate the valuation
database system in order to serve the fulfillment of state management duties
within the ambit of their assigned duties and powers; provide information (if
any) to other organizations and individuals as regulated by laws;
b) Make annual estimate of costs of
establishing, managing and operating the valuation database, and then submit it
to the competent authority for giving approval in conformity with regulations
of the Law on state budget. Funding shall be allocated to each unit according
to its annual budget estimate in accordance with applicable laws.
2. Each valuation enterprise shall establish the
valuation database to serve its valuation operations.
3. Central and provincial valuation database
includes:
a) Legislative documents on price, valuation and
relevant laws;
b) Information and documents about the valued
assets as regulated by the law on valuation;
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d) Other relevant information.
4. Information and documents serving the establishment
of the valuation database include both historical and existing data. To be
specific:
Information and documents concerning the valued
assets provided by valuation enterprises or state agencies carrying out
valuation operations;
b) Information and documents collected by price
management agencies during surveys, and those provided by competent
authorities;
c) Information and documents acquired from
information-providing organizations or individuals.
Central and provincial price management agencies
may also collect information provided by enterprises carrying out price
registration and declaration, and information and documents provided by
valuation enterprises in accordance with applicable laws and in other necessary
cases to serve the state management.
5. The Ministry of Finance shall establish,
manage and operate the national price and valuation database center in a manner
that ensures its compatibility and connection with price and valuation database
systems of ministries, local governments and others; instruct the collection,
updating and provision of price and valuation-related information to serve the
state management and at request of organizations and individuals as regulated;
comply with regulations on confidentiality of information.
Supervisory ministries, provincial Departments
of Finance and valuation enterprises shall report and update information on the
national valuation database.
Article 11. Valuation
operations carried out state agencies
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1. Publishing of information concerning the
state property to be valued as regulated in Point b Clause 1 Article 23 of the
Decree No. 89/2013/ND-CP shall be made on the website of the agency managing
such to-be-valued property or of the Ministry of Finance, or on the website of
the Price Management Department, or on other means of mass media.
2. Central ministries and Provincial-level
People's Committees shall make decisions on high-value state property as
regulated in Point d Clause 1 Article 23 of the Decree No. 89/2013/ND-CP.
3. Depending on the property to be valued and
required valuation progress, the design of a valuation plan which is one of
valuation procedures as prescribed in Clause 1 Article 25 of the Decree No.
89/2013/ND-CP may be bypassed.
4. A valuation report or response to the
valuation request includes the following contents:
a) Particulars of the valued property (name,
legal and technical specifications);
b) Date of valuation;
c) Purposes of valuation;
d) Legal grounds for valuation;
dd) Valuation principles;
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g) Valuation results;
h) Valuation problems and solutions (if any).
5. Decision on establishment of the valuation
council, minutes of meetings of the valuation council and valuation report are
made according to templates provided in the Appendixes No. 09, No. 10 and No.
11 enclosed herewith.
Article 12. Costs of
valuation operations carried out state agencies
1. Funding for covering costs of valuation
operations carried out by state agencies as prescribed in Clause 1 Article 32
of the Decree No. 89/2013/ND-CP shall be included in the annual budget
estimates of competent agencies as regulated.
2. Cost items and levels associated with
valuation operations carried out by state agencies:
a) Expenses for domestic and overseas working
trips (if any) and expenses for organizing conferences shall conform to the
Ministry of Finance’s regulations;
b) Expenses for night duties and overtime works
serving the valuation of property shall conform to applicable laws;
c) Expenses for hiring inspection organizations
to inspect and evaluate technical – economic status and quality of property and
hiring valuation organizations (if any) shall conform to concluded agreements;
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dd) The head of the state agency in charge of
conducting valuation shall, within his/her competence, consider and decide
other costs associated with valuation operations which are not mentioned in
Points a, b, c, d Clause 2 of this Article or request competent authorities to
make decision on these costs in accordance with applicable laws.
3. A state agency competent to carry out
valuation operations shall make annual estimate of budget for its valuation
operations, and submit it to a competent authority for consideration and
approval. If a state agency must perform additional duties according to
decisions by competent authorities, it may make supplementary budget estimates
in accordance with applicable law on state budget.
4. Payment of costs of valuation operations
carried out by state agencies must be made in accordance with applicable
regulations of the law on state budget and in an economic and effective manner.
Chapter III
IMPLEMENTATION PROVISIONS
Article 13. Effect
1. This Circular comes into force from May 15,
2014. The Circular No. 17/2006/TT-BTC dated March 13, 2006 is abrogated.
2. Transition shall be made in accordance with
regulations in Article 33 of the Government’s Decree No. 89/2013/ND-CP.
Article 14. Implementation
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The Director of the Price Management Department,
valuation enterprises, valuers and relevant organizations and individuals shall
implement this Circular.
Difficulties that arise during the
implementation of this Circular should be reported to Ministry of Finance for
consideration./.
PP. MINISTER
DEPUTY MINISTER
Tran Van Hieu