On 9 January 2016, in Hanoi, the Vietnam Valuation Association (VVA) held a ceremony to celebrate the 10th anniversary of its establishment and to receive the Third-class Labour Order.
Established on 26 December 2005 under Decision No. 138/2005/QD-BNV of the Minister of Home Affairs, the Vietnam Valuation Association faced many difficulties and challenges in its early days: it had no office, no staff and no working equipment; its membership was small; and it received no operating funds from the State...
Ten years on, the Association has a head office in Hanoi and a representative office in Ho Chi Minh City. The number of corporate members (valuation firms) has increased 2.5-fold, and the number of individual members 2.06-fold, compared with the time of its establishment.
Under the guidance of the State regulatory authorities, the Association has proactively researched and prepared many documents providing advice, critical review and comments on mechanisms and policies related to the State management of valuation. Its proposals and comments have always been submitted on time and to a high standard; they have been highly appreciated by the regulators, and many of them have been incorporated into legal documents.
Over the past 10 years, the Association has also organised more than 100 professional training courses in valuation for over 6,000 trainees, helping them meet their professional duties and prepare for the valuer card examination organised by the Ministry of Finance. In the South, the Association has cooperated with the University of Economics Ho Chi Minh City to run a master’s programme in valuation for 42 students.
The valuation business of the Association’s corporate members has also developed and grown considerably. Over the past 10 years, valuation firms have valued assets worth hundreds of trillions of VND, focusing on assets procured with State budget funds. Revenue and profit have grown by 5–10% per year, while costs to clients have been reduced and asset procurement has saved 10–15% compared with the value of assets not subject to valuation.
Determined to build a strong Association that contributes actively and effectively to the country’s socio-economic development, Dr Nguyen Ngoc Tuan, President of the Vietnam Valuation Association and former Deputy Minister of Finance, affirmed that the Association will steadfastly pursue its goal: “Solidarity, cooperation, quality and convenience of services, and enhancing the reputation and trust of the market”.
At the same time, the Vietnam Valuation Association must continuously build on its internal strengths and raise its professional standards; improve service quality to best meet clients’ needs; create a transparent and healthy business environment; and prevent corruption and the waste of public assets.
Every member valuation firm and individual member strives to improve their knowledge and professional skills and to resolutely eliminate unfair competition, while joining hands to develop the Vietnam Valuation Association so that it remains the “common home” of the valuation profession and the “bridge” between the profession and the State regulatory authorities.
Also at the ceremony, Deputy Minister Tran Van Hieu, authorised by the President of Vietnam and on behalf of the leadership of the Ministry of Finance, presented the Third-class Labour Order to the Association, together with Certificates of Merit and Emulation Flags of the Minister of Finance to groups and individuals of the Association with outstanding achievements.
