ASSET VALUATION IN CIVIL LITIGATION

Asset valuation and asset price appraisal are specified and guided in the Civil Procedure Code No. 92/2015 / QH13 dated November 25, 2015, specifically as follows:

1. The involved parties have the right to provide the price of the disputed property; disputed property price agreement.

2. The involved parties have the right to agree to select an asset price appraisal organization to conduct the property price appraisal and provide the results of price appraisal to the Court.
Property price appraisal is carried out in accordance with the law on property price appraisal.

3. The court shall issue a decision on property prices and set up a valuation council in one of the following cases:
a) At the request of one or both of the involved parties;
b) The involved parties fail to agree to choose an asset price appraisal organization or offer a different asset price or cannot reach an agreement on asset price;
c) The parties agree with each other or with the asset price appraisal organization at a price lower than the market price where the asset is valued at the time of valuation in order to avoid obligations to the State or a third person or there are grounds to show that the asset price appraisal organization has violated the law during price appraisal.

4. Order and procedures for setting up a property valuation and valuation council:
a) The Valuation Council established by the Court consists of the Chairman of the Valuation Council who is the representative of the financial agency and the member who is the representative of relevant professional agencies. Persons who have conducted procedures in such cases and persons defined in Article 52 of this Code are not allowed to join the Valuation Council.
The Valuation Council only conducts valuation when all members are present. In case of necessity, representatives of the Peoples Committees of communes where the valuated assets are located may be invited to witness the valuation. The involved parties are informed in advance of the time and place of the valuation, have the right to attend and express their opinions on the valuation. The right to decide on the price of the valuated property rests with the Valuation Council;

b) Financial agencies and relevant professional agencies are responsible for appointing participants to the Valuation Council and creating conditions for them to perform their duties. The person appointed as a member of the Valuation Council is responsible for participating fully in the valuation. In case financial agencies or specialized agencies do not appoint persons to join the Valuation Council, the Court shall request competent management agencies to directly direct financial agencies and specialized agencies to implement the request. of the Court. If the person who is appointed to join the Valuation Council does not participate without a plausible reason, the Court shall request the leader of the agency that sent the participant to the Valuation Council to consider the responsibility, appoint another person to replace and notify let the Court know to continue with the valuation;
c) The valuation must be recorded in writing, clearly stating the opinions of each member or involved party if they attend. A decision of the Valuation Council must be voted for by more than half of its members. Members of the Valuation Council, involved parties and witnesses sign or point to the record.

5. Asset re-valuation is conducted in cases where there are grounds to believe that the initial valuation result is inaccurate or inconsistent with the market price where the valuated asset is located at the time of settlement of the civil case