Regulations on valuation certificates in Vietnam as of July 1, 2024

Regulations on valuation certificates in Vietnam as of July 1, 2024 (Internet image) 

Regarding this matter, LawNet would like to answer as follows: 

On May 16, 2024, the Minister of Finance issued Circular 30/2024/TT-BTC together with Vietnam’s Valuation Standards regarding code of ethics in valuation, scope of valuation work, bases of valuation, valuation documentation

1. Valuation certificates in Vietnam as of July 1, 2024

According to Article 5 of Vietnam’s Valuation Standards on valuation documentation issued with Circular 30/2024/TT-BTC, valuation certificates are regulated as follows:

- A valuation certificate must be accompanied by a valuation report.

- A valuation certificate may be issued in electronic form with an electronic signature in accordance with the law on electronic transactions based on a valuation contract or valuation request.

- The form of the valuation certificate is prescribed in Appendix I issued together with this Vietnam’s Valuation Standard.  The number of the valuation certificate is numbered according to the following principle:  Number of valuation firm code/year of issuance of valuation certificate/serial number of the valuation certificate issued by the firm in the year. 

For example, the number of the valuation certificate with serial number 6 issued by the valuation firm with code 001/TDG in 2023 is: 001/2023/6.

2. Essential content of valuation certificates in Vietnam as of July 1, 2024

Valuation certificates shall include the following essential contents:

- The number of the valuation contract and/or the valuation request document.

- The name and address of the valuation firm or branch of the valuation firm.

- Information about the valuation client.

- Basic information about the subject asset (name and type of asset, basic legal, economic and technical characteristics).

- The purpose of the valuation.

- The valuation date.

- The basis of valuation.

- Assumptions and special assumptions (if any).

- Name of valuation approach and method.

- The exclusion and limitation clauses of the valuation result.

- Value of the subject asset.

- The full name, valuation card number, and signature of the valuation professional who was assigned responsibility for conducting the valuation and signed the valuation report.

- The full name, valuation card number, and signature of the legal representative of the firm or the firm manager according to the law on enterprises authorized by the legal representative of the firm and the seal of the valuation firm in case the certificate is issued at the valuation firm.  The full name, valuation card number, and signature of the head of the branch of the valuation firm and the seal of the branch of the valuation firm in case the certificate is issued at the branch of the valuation firm.

- The effective period of the valuation certificate.

(Article 6 of the Vietnam’s Valuation Standards on valuation documentation issued with Circular 30/2024/TT-BTC)

3. Effective date of valuation certificates in Vietnam

- The effective date of the valuation certificate is the date on which the valuation certificate is issued.

- The effective period of the valuation certificate is determined based on the legal, economic and technical characteristics of the subject asset; changes in law and the market related to the subject asset and the purpose of the valuation, but not exceeding 6 (six) months from the date of issuance of the valuation certificate.

(Article 7 of the Vietnam’s Valuation Standards on valuation documentation issued with Circular 30/2024/TT-BTC)

Nguyen Ngoc Que Anh

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