When will price appraisal Council of the state agency terminate its operation in Vietnam?

When will price appraisal Council of the state agency terminate its operation in Vietnam?

In Clauses 1 and 4, Article 28 of Decree 89/2013/ND-CP, there are provisions:

1. Members of the price appraisal Council

a) The asset price appraisal Council of the Ministry of Finance is established under competence on state management specified in point n Clause 2 Article 5 of this Decree, leader of the Ministry of Finance or an authorized person is chairperson of Council, other members include:

- Representative of unit specialized in price management under the Ministry of Finance;

- Representative of unit specialized in state asset management under the Ministry of Finance;

- The Chairperson of Council shall, base on nature, characteristics of assets subject to price appraisal, decide other members.

In case where the asset price appraisal Council established by the Ministry of Finance under competence on state management specified in point b Clause 3 Article 5 of this Decree, members of Council shall comply with provision in point b Clause 1 of this Article.

b) For the asset price appraisal Council of other Ministry, Ministerial-level agency, Governmental agency, other agency at Central level (hereinafter abbreviated to Ministry, Central agency), leader of Ministry or Central agency possessing assets subject to price appraisal or an authorized person is chairperson of Council, other members include:

- Head of unit possessing assets subject to price appraisal;

- Representative of unit specialized in price management or financial management under the Ministry, central agency and division specialized in price or finance, accounting of unit possessing assets subject to price appraisal;

- Agency competent to decide on establishment of Council shall, base on nature, characteristics of assets subject to price appraisal, decide other members.

c) For the asset price appraisal Council at provincial or district level, leader or an authorized person of state finance agency (Department of Finance, Division of Finance and Planning) is chairperson, other members include:

- Representative of unit possessing assets subject to price appraisal;

- Representative of unit specialized in price management, finance management of the state financial agency;

- Agency competent to decide on establishment of Council shall, base on nature, characteristics of assets subject to price appraisal, decide other members.

d) For the asset price appraisal Council of agencies, organizations, units (hereinafter collectively referred to as units) assigned to purchase, sell, manage and use assets, leader of unit possessing assets subject to price appraisal or an authorized person is chairperson of Council, other members include:

- Representative of division specialized in price or finance, accounting of unit assigned to purchase, sell, manage, use of assets;

- Representative of division specialized in price or finance of the superior agency;

- Agency competent to decide on establishment of Council shall, base on nature, characteristics of assets subject to price appraisal, decide other members.

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4. Council of price appraisal works in collective principle. Meeting session of price appraisal may carry out only when there are presence of at least 2/3 quantity of members of the asset price appraisal Council. In case where the asset price appraisal Council has only 03 members, the meeting session must have presence of full 03 members. Chairperson of the price appraisal Council shall chair the meeting session of price appraisal. Before carrying out the meeting session of price appraisal, the absent members must have document and send it to chairperson of the price appraisal council in which clearly state reason of absence and their independent opinion about issues related to prices of assets subject to appraisal.

The price appraisal Council will conclude about prices of assets under opinion of majority voted and passed by its members who are present at meeting. In case where number of various opinions is equal, the opinion with the vote of the chairperson of Council is decisive opinion. Members of the price appraisal council have right to make reservations to their opinions if disagree with conclusion on prices of assets decided by the Council; such reserved opinions will be inscribed in record of meeting of asset price appraisal.

Thus, according to the above regulations in Vietnam, the price appraisal Council of state agencies will terminate its operation when it has completed its tasks when deciding to establish such asset valuation contract.

Best Regards!