Circular 31 stipulating Vietnamese Valuation Standards on Collecting and Analyzing Valuation Asset Information has been issued.

Has Circular 31 been issued stipulating the Vietnam Valuation Standards on Collecting and Analyzing Valuation Information?

On May 16, 2024, the Minister of Finance issued Circular 31/2024/TT-BTC stipulating the Vietnam Valuation Standards on collecting and analyzing information about valuation assets.

Circular 31/2024/TT-BTC takes effect from July 01, 2024.

Based on Article 5 of the Vietnam Valuation Standards on collecting and analyzing information about valuation assets issued under Circular 31/TT-BTC, the sources of information collected about valuation assets are as follows:

- Information provided by the organization or individual requesting the valuation that reflects the legal characteristics, economic-technical features, and other related information about the valuation asset (if any).

- Information from the results of surveying the current status of the valuation asset.

- Information from experts, assessing organizations, design consulting organizations, construction, technical organizations, and other individuals with knowledge and experience concerning the valuation asset (if any).

- Information from the results of surveying and collecting information about the market and the participants in the market of the valuation asset.

- Information from national databases on prices, information from competent state management agencies (if any).

- Other information sources (if any).

Has Circular 31 been issued stipulating the Vietnam Valuation Standards on Collecting and Analyzing Valuation Information? (Image from the Internet)

What are the methods of collecting information about valuation assets stipulated?

Based on Article 6 of the Vietnam Valuation Standards on collecting and analyzing information about valuation assets issued under Circular 31/TT-BTC, the methods of collecting information are stipulated as follows:

Methods of Collecting Information

1. Methods of collecting information about valuation assets:

a) Request organizations or individuals requiring valuation to provide complete and promptly the dossiers and documents about the valuation asset, including documents about the process of using, operating, and exploiting the asset, documents about repairing and upgrading the asset (if any). Organizations or individuals requiring valuation confirm in writing the content of the information provided by them;

b) Survey the current status of the valuation asset:

The person collecting information directly conducts the survey and fully records the characteristics and current status of the asset, the information, and factors that significantly affect the value of the asset; takes pictures of the asset and images to document the current state of the asset; makes a record of the current status survey of the valuation asset. The record of the current status survey of the valuation asset must have the signatures of the person collecting information and the organization or individual requesting the valuation.

For valuation assets that are enterprises, intangible assets, financial assets, services, and assets to be formed in the future: the information collector conducts surveys of the current status of the assets and asset components that can be directly surveyed in practice.

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Accordingly, the methods of collecting information about valuation assets are as follows:

[1] Request organizations or individuals requiring valuation to provide complete and promptly the dossiers and documents about the valuation asset, including documents about the process of using, operating, and exploiting the asset, documents about repairing and upgrading the asset (if any).

[2] Survey the current status of the valuation asset.

[3] Use consultation opinions from experts and organizations, individuals providing assessing, design consulting, construction, technical services, and other related services regarding the valuation asset.

[4] Based on the characteristics of the valuation asset, the valuation approach and method anticipated by the person performing the valuation, information is collected about the market and participants in the market of the asset at the valuation time using one of the following methods:

- Interviews

- Collecting information from customs declarations, contracts, invoices, documents, price quotations, catalogs, reports of importers, manufacturers, suppliers, investors, and other related entities.

- Collecting information through communication and media channels, electronic portals; radio and television stations.

[5] Collect information through national databases on prices, information from official documents of competent state agencies.

[6] Use other information collection methods as prescribed.

How are the collected information analyzed according to specific content groups?

Based on Article 8 of the Vietnam Valuation Standards on collecting and analyzing information about valuation assets issued under Circular 31/TT-BTC, the collected information is analyzed according to the following content groups:

- Analyze basic information about the organization or individual requesting the valuation; valuation purpose; valuation timing; legal basis for valuation; valuation value basis.

- Analyze information regarding the legal, economic-technical characteristics of the valuation asset.

- Analyze information about the market of the valuation asset.

- Analyze the best and most effective use of the asset (only applicable to real estate assets).

- Analyze information related to other content.