Quản lý nhà nước về dịch vụ thẩm định giá ở việt nam TT TIẾNG ANH

MINISTRY OF EDUCATION AND TRAINING THUONGMAI UNIVERSITY - TRAN DINH THANG STATE MANAGEMENT OF VALUATION SERVICES IN VIETNAM Major: Economic management Code: 9340410 Summary of economic doctoral thesis Hanoi, 2021 The work was completed at Thuongmai University Science instructor: Professor, Dr Dinh Van Son Dr Nguyen Trong Nghia Review 1:………………………………… Review 2:………………………………… Review 3:………………………………… The dissertation will be defended at the Dissertation Assessment Committee at university level to be held in Thuongmai University At ……, date …… month …… year …… The dissertation can be found at: National Library Thuongmai University Library INTRODUCTION Urgency of the research topic Valuation has been identified by countries around the world as a type of service that is very necessary for the operation of the market economy, developed and recognized as a profession starting in the 40s of the century XX is back In Vietnam, valuation entered our country from 1993-1994, when the economy changed from a centrally planned to a market mechanism Up to now, along with the development of the economy, the demand for asset valuation in the society is increasing, making it a requirement to make property valuation a profession - a type of consulting service activity professional, independent, objective capable of operating to promote its role well, thereby contributing to ensuring the legitimate interests of market participants Since the activity of providing valuation services was born and recognized by law until now, many valuation enterprises with their own strength have created certain competitive advantages, using many marketing tools to gain competitive advantage in the market such as: diversifying services, competing by quality, by price (bidding, competitive bid, price agreement ), by propaganda art, promotion, by supporting policies, serving customers according to the law, has created many benefits for the society and for the business itself Recently, the market of valuation services in our country has grown stronger, the number of newly established valuation enterprises has increased, increasing the competition process in providing valuation services In addition to well-organized enterprises, many businesses have been tending to use forms of unfair competition such as collusion to manipulate the market, using their own relationships with agencies and organizations authorities to approach customers, especially forms of service price competition and nonservice price competition to win over the market and customers, such as: (i) Discount up to 50% - 60% of the service price announced by the enterprise The service offer is much lower, even half of the offer price of other enterprises participating in providing valuation services of the same type of property to the same customer; (ii) Offering a low service price is associated with a tacit agreement with the customer on "discount", "commission" which is not in accordance with the provisions of the Competition Law, even accepting accept losses to be selected by customers for valuation subsequent; (iii) Willing to accept customer's conditions that are not in accordance with the law on valuation (time, contract, valuation property price, etc.), especially customers who have demand for valuation of state assets serving the policy of purchasing, selling and liquidating assets, and equitizing state enterprises (Valuation of high prices when purchasing, low prices when selling state assets; Determination of asset prices high bank loans unsuitable with market prices, contributing to the bad debt of the economy); (iv) Providing valuation services at an agreed-upon price accompanied by providing another type of consulting service without collecting money, spreading false information about the service prices of other enterprises, in order to entice customers to return own side In addition to the current inadequacies and problems, the increasing demand for valuation services in the coming years has put valuation enterprises in Vietnam in front of many development opportunities but also has to face many risks, difficulties and challenges In the context that the market for valuation services in Vietnam is not yet complete, the complexity and sophistication of the violations of the law on valuation tend to increase, showing the urgent need to continue research to constantly improve and improve the quality, effectiveness and efficiency of the state management of valuation services To direct the activity of providing valuation services based on service quality, professional reputation and brand in order to prevent risks and sustainably develop the valuation enterprises, contributing to making the market valuation operates openly and transparently, complies with the law on valuation, protects the legitimate interests of customers and contributes to the implementation of the policy of anti-corruption, group interests, bad debts of the economy, society's resources are wasted, it is urgent to improve the operation capacity of Vietnam's valuation enterprises From the current situation of limitations, inadequacies and requirements for the state management of valuation services in the period 2021-2025 and the following years, the PhD student chooses the topic: "State management of valuation services in Vietnam" as the topic of doctoral thesis Research overview 2.1 Studies on valuation models In this section, the PhD student introduced a number of research works by the authors: “Investment Valuation: Tools and Techniques for Determining the Value of Any Asset 3rd Edition” by Aswath Damodaran (1996); “Damodaran on Valuation: Security Analysis for Investment and Corporate Finance 2nd Edition” by Aswath Damodaran (2006); “Asset Pricing” by John H Cochrane (2001); “The Little Book of Valuation: How to Value a Company, Pick a Stock and Profit” by Aswath Damodaran (2011); “Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity” by Paul Pignataro (2013); “Valuation: The Art and Science of Corporate Investment Decisions (3rd Edition)” by Sheridan Titman (2015); “Art of M&A Valuation and Modeling: A Guide to Corporate Valuation” by H Peter, Nesvold, Elizabeth, Bloomer (2015); “Financial Valuation: Applications and Models” by James R Hitchner (2011); “Valuation Handbook: Guide to Cost of Capital (Wiley Finance)” by Roger J Grabowski and James P Harrington (2015); "Application of the method of mass valuation of land in the state management of land" by Nguyen Quynh Hoa (2015) 2.2 Studies on real estate valuation, brand valuation and company valuation In this section, the PhD student introduced a number of research works by the authors: “Land valuation – adjustment procedures and assignments” by James H Boykin (2001); “The student handbook to the appraisal of real estate” by Mark R Rattermann (2004); “Market analysis for real estate” by Stephen F Fanning (2005); “Real estate principles – a value approach” by David C Ling and Wayner Archer (2008); Doctoral thesis "Valuation of mortgaged real estate in Vietnamese commercial banks today" by Ngo Thi Phuong Thao (2011); “Real estate valuation” translated by Nguyen Duy Thien, edited by Dr Nguyen Ngoc Tuan and PhD student To Cong Thanh (2011); Doctoral thesis "Improving the process and method of real estate valuation in Vietnam today" by Tran Thi Thanh Ha (2018); “Brand Valuation” by Associate Professor, Dr Vu Tri Dung, PhD student Nguyen Tien Dung, Master Tran Viet Ha (2009); Doctoral thesis "Method of determining enterprise value in Vietnam" by Nguyen Minh Hoang (2001); “General principles of asset valuation and enterprise value” by Dr Nguyen Minh Hoang (2008); “Valuation of assets & businesses (theory and exercises)” by Nguyen Minh Dien (2010); “The Art of Company Valuation and Financial Statement Analysis: A Value Investor's Guide with Real – life Case Studies (The Wiley Finance Series) 1st Edition” by Nicolas Schmidlin (2014); “Valuation Course: An Introductory Course to Measuring the Value of Companies (Wiley Finance)” by Barbara Schwimmer and Franziska Manoury (2015) 2.3 Studies on state management for valuation In this section, the PhD student introduced a number of research works of the authors: Doctoral thesis "Solutions to promote the development of valuation in Vietnam in the coming years" by Pham Thi Ngoc My (2003); Doctoral thesis "Development of valuation services in Vietnam" by To Cong Thanh (2012); "Valuation - Inadequacies that need to be overcome” by Nguyen Tien Thoa (2012) and Scheme “Improving the operational capacity valuation activity of Vietnam in the period of 2013-2020” prepared by the Department of Price Management (2013) 2.4 Research gap * Scientific and practical value of published studies Through an overview of published researches at home and abroad, the PhD student found that these studies have clarified some theoretical issues about valuation, models and methods of asset valuation, especially real estate valuation, business valuation; briefly describe the situation of developing appraisal services in Vietnam from 1997 to 2015 The above information and materials will be a useful reference source in the process of PhD students implementing the topic “State management of valuation services in Vietnam” * Research limitations and research gaps - Research Limits Within the accessible literature, the PhD student found that there are very few research topics on valuation services in Vietnam Some studies on valuation services are mainly mentioned in a number of newspapers and magazines in the form of news Due to the context, time of research, purpose, object, scope and different approaches therefore, the research works are not very comprehensive and in-depth, often only mentioned from the perspective of computational techniques, analysis of valuation Regarding the state management of valuation services in Vietnam, there is almost no research that comprehensively and fully studies the content, assessment criteria and influencing factors State management of valuation services has only been studied from the perspective of approach which is one of many factors affecting the development of valuation services, so it is presented quite briefly in the topics or articles Published studies were conducted mainly in the period from 2015 and earlier Therefore, the time of the research data on the valuation service has been published mainly until 2014, while the socio-economic context, the legal environment on the valuation service has been significant changes Therefore, some of the conclusions of these studies are no longer completely consistent with the current situation - Research gap From the above research limitations, it can be seen that so far there has not been a comprehensive and in-depth study on state management in the field of valuation According to the PhD student, there are still some research gaps on state management for valuation services This is also the direction of the thesis, the content that the PhD student will focus on explaining and analyzing in my thesis, that is: + Contents of state management of valuation services from the perspective of economic management majors, criteria for assessing state management activities and influencing factors + Status of state management of valuation services in Vietnam in the period of 2013 2020 and influencing factors; the results achieved, the limitations and the causes of the limitations + Orientation for the development of valuation services, viewpoints and solutions to improve state management of valuation services in Vietnam in the period of 2021 - 2025 Research purpose, research tasks 3.1 Research purposes - To establish a theoretical basis for state management of valuation services; concretize management contents, assessment criteria and influencing factors; - Analyze and assess honestly and objectively the status of state management of valuation services in Vietnam; - Propose solutions and recommendations with scientific and practical basis to improve the state management of valuation services in Vietnam 3.2 Research tasks In theory: - Analyze the general theoretical issues of valuation services in the market economy; - Concretize contents of state management of valuation services; - Proposing assessment criteria for state management of valuation services and pointing out influencing factors; - Learn about the experience of state management on valuation services of some countries and draw lessons from that for Vietnam To accomplish the above research tasks, the thesis must answer the following main questions: Objectives, contents, tools and methods of state management of valuation services? What are the assessment criteria for state management of valuation services? What factors affect (quality, efficiency) state management of valuation services? On practice: - Analyze and assess honestly and objectively the status of state management of valuation services in Vietnam, draw conclusions about the successes, limitations and shortcomings and causes, in order to create building practical arguments for proposed solutions; - Proposing specific solutions according to each state management content in order to improve the state management of valuation services in Vietnam To accomplish the above research tasks, the thesis must answer the following main questions: What are the current of limitations and inadequacies in state management of valuation services in Vietnam? What are the causes of the limitations and inadequacies? Orientation for the development of valuation services in Vietnam in the coming time and the requirements set out in the state management of this service? What solutions should be taken to improve and improve the quality and efficiency of state management of valuation services in Vietnam? Object and scope of research 4.1 Research objects The object of research of the thesis is state management activities on valuation services 4.2 Research scope * In terms of contents State management of valuation services includes many contents, from the stage of policy promulgation to organization of implementation (organize the management of the grant, re-issue, suspension and revocation of the certificate of eligibility for business in valuation services; managing valuers on practice; valuation training management; construction of a database on valuation ) To ensure the depth, the thesis focuses on studying the following three groups of contents: (i) Policy making for state management of valuation services; (ii) Set up a system of state management agencies in charge of valuation services; (iii) Inspect, examine and handle violations of the law on valuation Participating in the state management of valuation services includes many state authorities such as: Government, Ministry of Finance, Ministries, ministerial-level agencies, Governmental agencies and Provincial People's Committee, People's Committees of centrally run cities On the basis of an overview of the apparatus of the management agencies, the thesis focuses on analyzing and assessing the management activities of the Department of Price Management (Ministry of Finance) In the content of policy-making of state management agencies on valuation, the topic deeply researches and analyzes three main areas of activity: promulgating regulations on management of valuation activities of valuation enterprises; promulgate regulations on management of valuation activities of valuers practicing; and promulgate regulations on handling of violations in the field of valuation services * In terms of time The topic focuses on studying the status of state management of valuation services from the Law on Price 2012 of the effective date to 2020 Thereby, it proposes solutions to improve state management applied for the period of 2021 – 2025 * In terms of space The topic research on state management of valuation services for valuation enterprises and valuers practicing in the territory of Vietnam Research process and research methods 5.1 Research process In this section, the PhD student presents the research process through a diagram describing the stages from research overview, to establishing the theoretical basis, analyzing the current situation, proposing orientations and solutions for improvement state management on valuation services in Vietnam 5.2 Research methods On the basis of dialectical materialism and historical materialism, to carry out the thesis, the PhD student uses a combination of the following methods in the process of information collection and information processing: 5.2.1 Methods of information collection * Primary information: In order to have a valid practical basis for the judgments and assessment of practical issues related to the thesis topic, the PhD student has collected opinions from the valuers assistant, valuers practicing at valuation enterprises Primary data was collected through survey method by questionnaire (see Appendix 2) Method of survey: Direct distribution and withdrawal of ballots With a total of 34 observations, so the minimum sample size is 34 × = 170 corresponding to the minimum number of valuers assistant, valuers practicing that needs to be surveyed is 170 people The PhD student conducted a survey for 300 valuers assistant, valuers practicing in 60 valuation enterprises, with an average of votes per enterprise The survey period was carried out from November 2019 to January 2020, and convenience sampling was the method used to select survey subjects In addition, the PhD student uses the expert interview method through direct discussions and consultations with scientists, experts and managers working at the Academy of Finance, Vietnam Valuation Association, Financial Review and Department of Price Management (see sample interview questions and summary of interview results in Appendix and Appendix 3) * Secondary information: Secondary information includes legal documents directly regulating the business of valuation services and relevant legal documents governing the business of valuation services Besides, there is information on the practical management activities of the competent state agencies, the business activities of the valuation enterprises and the professional activities of the valuers practicing The legal documents directly regulating the business of valuation services and related legal documents regulating the business of valuation services are mainly searched on the Portal of the National Assembly, the Government, the Ministry of Finance and some websites such as http://www.vanbanphapluat.vn, www.vva.gov.vn (website of the Vietnam Valuation Association) 5.2.2 Methods of processing information and data Analytical and synthetic method: Used to systematize state management issues for the provision of valuation services in Vietnam in the current period, including policy making to policy implementation Descriptive statistics method: Used to sort, classify, and synthesize collected data, thereby assessing the current status and determining criteria related to state management of valuation services in Vietnam The 5-point Likert scale is built with value coding for assessing the status of state management of valuation service activities On the basis of scores from to 5, using SPSS software to calculate the average score of the questions Based on quantitative results, combined with qualitative research methods, this is the basis for PhD student to assess the status of state management of valuation services in Vietnam according to established criteria, outlining the causes of limitations in the state management of valuation services and providing orientations and solutions to improve the state management of valuation services in Vietnam in the period of 2021-2025 New contributions of the thesis The thesis makes new contributions in terms of science and practice as follows: In theory: Establishing a theoretical framework on state management for the provision of valuation services These are: (i) Concretize the contents of state management for the provision of valuation services from the perspective of economic management; (ii) Develop criteria for assessing the quality, effectiveness and efficiency of state management of valuation services and factors affecting state management in the field of valuation services On the basis of experience in state management for the provision of valuation services in some countries around the world, the thesis draws some lessons for Vietnam On practice: Analyzing and assessing the status of state management of valuation services on the basis of data collected from the Department of Price Management (Ministry of Finance), the thesis has drawn the achieved results, limitations and reasons leading to limitations in the state management of valuation services in Vietnam in the current period Specifically: The legal framework for the valuation profession is lacking and inconsistent At the same time, there are a number of provisions of other legal documents with contradictions and overlaps, causing difficulties and obstacles that reduce the effectiveness of valuation activities; Information infrastructure has not met the requirements; The valuation enterprises established in accordance with the law have a relatively large number, but they not have large enterprises and not have enough reputation to reach out to the region and the world The structure of the types of valuation assets for which valuation enterprises provide services is not balanced (mainly real estate and machinery and equipment valuation) The team of valuers in recent years has been focused on developing in quantity but has not yet met the actual needs, professionalism and practical experience in valuation activities are still limited, professional level is not high compared to the requirements of the market economy From there, propose 03 groups of solutions to improve the state management of valuation services in Vietnam in the coming time Including: (i) Completing the regulations governing the provision of valuation services and the system of Vietnamese valuation standards; (ii) Strengthen examination, supervision and handling of violations in the process of providing valuation services; (iii) Some other solutions such as: Promulgating regulations to handle overlaps and conflicts between legal documents and speeding up the progress of building a national database on prices for valuation activities, Thesis structure In addition to the introduction and conclusion, the list of articles announcing the research results of the thesis topic, the appendices, the thesis content is structured into chapters as follows: Chapter 1: Theoretical foundations of state management of valuation services Chapter 2: Status of state management of valuation services in Vietnam Chapter 3: Orientations and solutions to improve the state management of valuation services in Vietnam Chapter THEORETICAL FOUNDATIONS OF STATE MANAGEMENT OF VALUATION SERVICES 1.1 General theoretical issues about valuation services in the market economy 1.1.1 Valuation concept According to the Law on Price 2012: “Valuation is the act by agencies or organizations with the function of valuation to determine the monetary value of assets according to the provisions of the Civil Code Law in accordance with the market price at a certain place, at a certain time, for a certain purpose according to the valuation standard” During the implementation of the research topic, the PhD student uses this concept as the basis for the study of the following contents From the above concept, the basic characteristics of valuation can be drawn as follows: First, valuation is the determination of the value of a property Valuation assets must be legal assets that can participate in the property market in accordance with current regulations of law; Second, the determination of the value of assets must be performed by agencies and organizations with the function of valuation; Third, the value of the valued asset is expressed in monetary form; Fourth, the determination of that value must be placed in a certain place and time with certain market conditions (economic - social, supply - demand relationship ) Therefore, the data used for the valuation process are directly or indirectly related to the market; Fifth, valuation is carried out according to certain requirements and purposes; Sixth, the valuation must comply with the valuation standards From the above characteristics of valuation, it can be seen that valuation is a process of determining the value of a property This is a scientific work, must be based on professional ethical standards, professional standards have been prescribed The specific outcome or product of an valuation is a specific report, with a specific price, that serves a certain purpose 1.1.2 Valuation services and the role of valuation services 1.1.2.1 Valuation service Valuation service is a new service in the market economy in Vietnam, Vietnam's access to this field is still limited in terms of both theory and experience In fact, as mentioned above, even the names in Vietnam may still be different, but they are all understood as the process of determining the monetary value of assets at a time, place, according to a certain standards Valuation work is carried out by trained, knowledgeable, experienced and professional In other words, valuation is carried out by valuers according to the valuation standards prescribed by the State Valuation results given by organizations with valuation function are the basis for organizations and individuals to refer to in making decisions for certain purposes Accordingly, it can be understood in a general way about the valuation service as follows: “Valuation service is a type of professional consulting service provided by an organization with the function of valuation on the basis of ensure the independence of professional expertise, truthfulness and objectivity of the valuation activities and valuation results, and at the same time, the valuation service provider must take responsibility before the law for their activities valuation" 1.1.2.2 The role of valuation services in the market economy Property valuation is a requirement of the market economy In order for the valuation service to meet the requirements of the market, it is necessary to gradually establish a complete and synchronous legal corridor, build strong enough valuation organizations with a team of qualified valuers and professional ethics Then the valuation service will reveal the following roles: (i) Valuation service is a tool that contributes to transparency of the market and prices; (ii) Valuation service is a tool to support the State in asset management, state budget management; (iii) Valuation service is an effective means of supporting businesses and people when there is a need transactions for property and investment 1.1.3 Principles of valuation service provision Valuation is a type of service that is deployed according to certain specific principles of this profession, which are: (i) Comply with the law, valuation standards promulgated by competent agencies and organizations; (ii) To take responsibility for valuation activities in accordance with the law; (iii) Ensuring the independence of professional expertise, honesty and objectivity of valuation activities and valuation results; (iv) Confidentiality of information in accordance with the law 11 - The consistency of the legal document system; - The suitability of the legal document system; - Feasibility of the legal document system; - The level of satisfaction of the valuation enterprises with the state management agency in charge of valuation services In addition to the above-mentioned criteria, to assess the law enforcement activities of the state management agency in charge of valuation services, some additional criteria can be used such as: Number of people issued valuer card; Number of valuer registered to practice on the number of people issued valuer cards; Number of enterprises licensed to conduct business in valuation services; Number of inspection and examination by state management agencies for valuation enterprises; Number of valuation enterprises that are assessed the quality of valuation activities; Number of valuation enterprises being handled for violations of the law on valuation (suspension of business, revocation of business licenses); 1.3.2 Factors affecting the state management of valuation services State management in general and state management of valuation services in particular is a process and this process is affected by many factors, but there are some key factors that management subjects need to know to improve the quality of management and effective management Factors affecting the state management of valuation services include 03 groups of factors as follows: (i) Factors belonging to the management subject; (ii) Factors belonging to the management object; (iii) Factors belonging to the management environment 1.4 Experience in state management of valuation services of some countries and lessons learned for Vietnam 1.4.1 Experience in state management of valuation services of some countries 1.4.1.1 Management policy on valuation service Management policies on valuation services in other countries often focus on the following aspects: (i) Regulations on business conditions for valuation services; (ii) Regulations on promulgation and application of valuation standards; (iii) Regulation on standards for valuers 1.4.1.2 Arranging a management agency for valuation services In many countries around the world, valuation is divided into two areas, public valuation (conducted by government officials) and private valuation (conducted by valuation enterprises) depending on the purpose and target customers using the valuation results Due to the division into two areas of valuation, the arranging a management of these two fields is also different The fact shows that the state management mainly focuses on the field of public valuation despite the position of the state agency responsible for the management of the field of public valuation in the system of state agency countries differ from country to country For the field of private valuation, in general, governments of all countries authorize professional valuation organizations (Associations) to manage 1.4.2 Lessons learned for Vietnam From the results of research on management policies and arranging a management agency for valuation services of the countries mentioned above, the following lessons can be drawn: Firstly, in order to orient and promote the development of valuation service provision, the completion of the legal framework in the field of valuation services is the first priority Second, shape the management mechanism so as to arrange the management agency 12 for the field of valuation services to suit the socio-economic conditions in Vietnam Chapter STATUS OF STATE MANAGEMENT OF VALUATION SERVICES IN VIETNAM 2.1 An overview of valuation services in Vietnam in the period of 2013 - 2020 2.1.1 Development situation of valuation enterprises in Vietnam Since the beginning of 2013, the valuation enterprise has been established and operated under the Law on Prices and the Law on Enterprises Since the Law on Prices took effect, the number of valuation enterprises and the number of valuers registered activity have continuously increased over the years (see Table 2.1) Table 2.1: Number of enterprises eligible for business in valuation services and number of valuers registered to practice in the period 2013-2020 No Criterias 201 201 201 201 201 201 201 202 Number of enterprises 109 142 183 225 270 285 311 409 Number of valuers 535 712 788 107 1122 134 158 172 Source: Department of Price Management 2.1.2 Business result of valuation enterprises in Vietnam The results of the provision of valuation services are reflected through many indicators, however, there are two main indicators that both reflect the market's demand and the size of the enterprise, which are: quantity valuation certificate and revenue from valuation activities Table 2.3: Number of issued valuation certificates and revenue from providing valuation services of enterprises in the period 2013-2020 No Criterias 2013 2014 2015 2016 2017 2018 2019 2020 Number of 60.13 73.00 75.358 110.000 98.000 132.360 156.381 N/A certificates Revenue 403,1 472,59 550 700 600 915 1.029 N/A (billion VND) Source: Department of Price Management 2.1.3 Some achievements and problems for the provision of valuation services in Vietnam 2.1.3.1 Achievement According to the summary of reports of valuation enterprises, the valuation results have helped reduce the cost estimate from the state budget for procurement of state assets by about 10-15% compared to the original estimate In addition, the provision of valuation consulting services by enterprises has been contributing to preventing the operation of the "underground market", creating a transparent and healthy business environment, preventing illegal activities negativity, corruption, waste through prices; uphold the responsibility of law enforcement of all people and businesses Many valuation enterprises have built a strong reputation and brand in the market 2.1.3.2 The problems raised In addition to the above-mentioned achievements, the provision of valuation services in Vietnam is facing difficulties and challenges that need to be overcome in the coming time as follows: 13 - The service quality of some valuation enterprises has not met the requirements, many enterprises have low service quality - Valuation activities of valuation enterprises take place in the context of many unfavorable factors - Increasing input costs (such as wages, raw materials, electricity and water ) while the price of valuation services tends to decrease, has put great pressure on the operation of enterprises - Lack of market information for specific properties makes it difficult for valuers to access reliable information, affecting the selection and conduct of valuation methods and affecting the degree of accuracy and reliability of valuation results - The valuation standards have been updated, reviewed and promulgated in the past time to replace the previous ones, leading to valuation enterprises and valuers not being able to update them timely in a property valuation - A number of guidelines on asset price determination issued by ministries, branches and localities are not based on the principles of valuation, contradicting the general theory of valuation on the basis of market value formation or non-market value - Newly established valuation companies increase rapidly, putting pressure on competition among enterprises, leading to competition in price and quality of valuation services of valuation enterprises in the market drastically; even unfair competition arises between valuation enterprises in the form of discounting price services which are not suitable with the bases for determining the price of valuation services according to regulations, reducing the time of issue of valuation certificate affects the quality of valuation services - The number of valuers has increased, but professional qualifications and professional capacity have not really met the quality requirements for personnel at valuation enterprises - Some customers have the idea of taking advantage of the valuation enterprise to falsify the results of asset valuation for the purpose of profiteering - Many customers not comply with the payment terms under the signed contract, causing financial difficulties for businesses - Access to customers in the commercial banking sector is difficult, there is inequality among valuation enterprises 2.2 Status of state management of valuation services in Vietnam in the period of 2013 2020 2.2.1 Status of State's policy on valuation services 2.2.1.1 Status of developing strategy and plan to develop valuation service From being aware of the position of the strategy and plan to develop the valuation service in management, in 2013 the Department of Price Management (Ministry of Finance) conducted the development of the Scheme "Improving the operational capacity valuation activity of Vietnam in the period of 2013-2020” This is the scheme that best demonstrates the strategy and plan to develop valuation services in Vietnam In the scheme, it has deeply summarized the situation of valuation activities in general and valuation services in particular from 1993 to 2012, thereby setting out the objectives, roadmap and solutions for developing the valuation profession from 2013 to 2020 2.2.1.2 Status of promulgating legal documents to manage the provision of valuation services In order to carry out state management of prices and valuation, in 2012 the National 14 Assembly promulgated the Law on Price to replace the Ordinance on Price 2002 and this Law took effect from January 1, 2013 In order to concretize the provisions of the Law on Valuation, the Government has issued 03 Decrees and the Ministry of Finance has issued 14 Circulars to regulate activities in this field The above-mentioned legal documents are the legal basis for the state management agency in charge of valuation services to apply in the management process With the management object being a valuation enterprise and a valuer practicing, the contents of management include the following 03 groups of regulations: (i) Regulations on valuation activities of enterprises; (ii) Regulations on valuers practicing; (iii) Regulations on handling of violations of valuation service business 2.2.2 Status of arrangement of state management agencies in charge of valuation services According to the provisions of Decree No 89/2013/ND-CP dated August 6, 2013 of the Government detailing the implementation of a number of articles of the Law on Price regarding valuation, the authority to perform state management of valuation awarded to the following agencies: (i) Government; (ii) Ministry of Finance; (iii) Ministries, ministeriallevel agencies, agencies attached to the Government; (iv) People's Committees of provinces and centrally run cities On the basis of assigned tasks and powers, the Ministry of Finance has assigned the authority to manage valuation activities in Vietnam to the Department of Price Management The Department of Price Management is a unit under the Ministry of Finance, assisting the Minister of Finance in performing the function of state management of prices and valuation nationwide in accordance with law To perform the tasks and powers mentioned above, the organizational structure of the Department of Price Management is arranged as follows: (i) Leaders of the Department; (ii) The assisting units for the Director of the Department of Price Management (including the Department's Office and 05 functional departments); (iii) Career unit: National center for price database and services In which, the Department of Valuation Management is the unit that helps the Director of the Department of Price Management perform the function of state management of valuation The current payroll of the Department of Valuation Management includes 09 people, including 03 leaders of the department and 06 specialists In terms of professional qualifications, there are 02 doctors and 07 masters, 100% of the department's personnel have been trained and fostered in state valuation, 01 specialist has a valuer card Thus, it can be said that the department's human resources can fully undertake the assigned professional work 2.2.3 Status of inspection, examination and handling of violations in the provision of valuation services 2.2.3.1 Regarding examination In order for the examination activities to not cause trouble for the valuation enterprise, the law has very strict regulations on the content, form, scope and time of the examination as follows: (i) Examination contents include: Checking the compliance with legal regulations of enterprises on valuation; Check compliance with valuation standards (ii) Examination form: Periodic examination according to plan and unexpected examination (iii) Scope of examination: Documents and records related to the operation conditions 15 of the valuation enterprise and the management of the valuer practicing at the enterprise; Valuation dossiers made by enterprises; Other documents and records related to the examination process (iv) Examination time: The maximum time to conduct examination of valuation activities for a valuation enterprise is 05 working days Complicated cases can extend the examination time but not more than 10 working days Based on the above examination regulations, in the period 2013-2020, the Department of Price Management has carried out 339 planned examinations and 03 unscheduled examinations for 336 valuation enterprises and 06 branch of valuation enterprises Specific figures are as follows: Table 2.7: Number of valuation enterprise /branches of valuation enterprise examined in the period 2013-2020 Year 2013 2014 2015 2016 2017 2018 2019 2020 Number of enterprises examined 18 30 39 40 37 52 65 58 according to the plan: - Enterprise 15 30 39 40 34 52 65 58 - Branch 0 0 Number of enterprises carrying out unscheduled examination at 0 0 the request of relevant agencies Source: Department of Price Management During the examination, the companies cooperated well, and coordinated to provide the required documents Basically, the companies during the examination period complied with the regulations on management of valuation activities and the Vietnam Valuation Standards However, the results of the planned examination of 124 valuation enterprises and 03 branches of valuation enterprises in the period 2013-2016 by the Department of Price Management showed that there were still some major violations such as following: late submission and failure to submit reports; capital contribution ratio of members being organizations; valuer management; report information when there is a change; sign a contract to provide valuation services; invoke the legal basis; selection of value basis; apply the valuation process; issuing the Report of valuation results and the Certificate of valuation is not the correct form, From 2017 up to now, examination activities have been carried out in accordance with Circular No 323/2016/TT-BTC dated December 16, 2016 of the Ministry of Finance regulations on examination, supervision and assessment of the quality of valuation activities, effective from February 1, 2017 Up to the present time, the Ministry of Finance has carried out 02 times to examine, supervise and assess the quality of valuation activities for valuation enterprises In which, the first time was implemented at the end of 2017 with 158 enterprises and the second time was implemented at the end of 2020 with 193 enterprises The results show that the quality of valuation activities at enterprises is on a downward trend This can be seen as a bad signal in the state management of valuation services 2.2.3.2 Regarding inspection In the years from 2013 up to now, implementing the Decisions of the Minister of Finance on approving the inspection plan of the valuation enterprises, the Inspector of the Ministry of Finance has coordinated with the Department of Price Management to conduct 16 the inspection according to the plan 02 valuation enterprises (Vinacontrol Valuation Joint Stock Company and Southern Information and Valuation Joint Stock Company) These two inspections were conducted in 2015 and 2016 The inspection process of 02 valuation enterprises shows that both enterprises comply relatively well with regulations on management of valuation activities and Vietnam Valuation Standards However, the inspection team of the Ministry of Finance also found that in 02 enterprises, there were violations according to the provisions of Decree No 109/2013/ND-CP dated September 24, 2013 of the Government on sanctions administration in the field of price, charge, fee and invoice management The Inspection Team has applied handling measures according to its competence to the following acts: (1) “Issuing the Valuation Certificate or the Report on Valuation Results does not contain sufficient basic information as guided at Vietnam valuation standards”; (2) “Not enough application of valuation methods as prescribed by law on valuation” 2.2.3.3 Regarding handling of violations in the provision of valuation services The handling of violations in the provision of valuation services shall comply with the provisions of the Government's Decree No 109/2013/ND-CP dated September 24, 2013 on sanctioning of administrative violations in management of prices, fees, charges, invoices and Decree No 49/2016/ND-CP dated May 27, 2016 amending and supplementing a number of articles of Decree No 109/2013/ND-CP Accordingly, corresponding to the level of violation, the Department of Price Management has handled as follows: For enterprises that violate the law on valuation such as late payment and failure to submit reports; capital contribution ratio of members being organizations; valuer management; report information when there is a change; sign a contract to provide valuation services; invoke the legal basis; selection of value basis; apply the valuation process; issued the report on valuation results and the certificate of valuation with incorrect form, etc., the examination teams all made a record of sanctioning administrative violations and sanctioned according to regulations with the main form being monetary fine In addition to fines, the Department of Price Management has requested general directors, director of valuation enterprises to regularly update relevant legal documents and the system of Vietnamese valuation standards in the valuation process At the same time, strictly and fully complying with the provisions of the law, first of all, the Vietnam Standard Valuation System; Review all dossiers of valuation in accordance with regulations, supplement missing documents, rectify record-keeping activities, ensure compliance with regulations; Promulgating regulations on quality control of internal of valuation enterprises; Regularly organize the assessment of the quality of the enterprise's valuation activities, promptly detect and correct errors in the valuation process The above violations mainly took place in 2013 and 2014, not to the point of suspension and revocation of the Certificate of eligibility for business in valuation services, so no enterprises were recorded in this period is suspended and revoked the Certificate of business eligibility From 2015 up to now, the above violations have been basically pushed back, but new violations have appeared in the market such as: There are signs and acts of unfair competition such as lowering service prices too low, the time from signing the contract to the issue of the appraisal certificate is too short, so it is not possible to fully implement the valuation process, the quality of the valuation service is low; Pursuing revenue growth without any measures quality control of Report, Certificate of valuation; Some valuation 17 enterprises have signs of hiring/borrowing valuer card According to the Department of Price Management, the level of violations of the law on valuation is becoming more common and sophisticated, which is a potential risk of many very complicated consequences that are directly related to assets, finance and bank Therefore, besides the fine form, the Department of Price Management had to use the form of suspension and revocation of the Certificate of eligibility for business in valuation services Below are statistics on the number of enterprises that have their Certificates of eligibility for business in valuation services suspended and revoked for the period 20152020 Table 2.8: Number of enterprises suspended and revoked with Certificates of eligibility for business in valuation services in the period 2015-2020 No Criterias 2015 2016 2017 2018 2019 2020 Number of enterprises suspended 01 08 03 12 from providing valuation services Number of enterprises revoked Certificates of eligibility for 02 05 10 13 16 16 business in valuation services Source: Department of Price Management 2.3 Assessment of the state management of valuation services in Vietnam 2.3.1 Achievements and causes 2.3.1.1 Achievements Firstly, the policy making and the promulgation of legal documents have basically met the requirements of management of the provision of valuation services Secondly, the specialized department in charge of valuation management is always given due attention in terms of organization and staffing If from 2018 and earlier, the price management and valuation functions are performed by a department called the Department of Price Policy and Valuation, from 2018 to now, the Department of Price Policy and Valuation was divided into two units, forming a new unit called Department of Valuation Management, adding 02 more staffs to ensure operation with increasing professionalism In addition, there has been coordination among agencies and organizations (Ministry of Finance, Ministries, Sectors, Localities, Vietnam Valuation Association) in the process of state management over the provision of valuation services of valuation enterprises Third, the process of implementing state management activities on valuation services is increasingly complete Especially the inspection, examination and handling of violations of the law in the process of providing valuation services 2.3.1.2 The cause of the results The above results are obtained because: - The Party's guiding view on improving the business and investment environment Institutionalizing the views of the Party, in the past time, the Government and the Ministry of Finance have always paid close attention to the construction and completion of the legal corridor for the development of the valuation profession - The cadres, civil servants and public employees of the Department of Price Management have constantly studied to improve their qualifications not only to meet the requirements of state management in the present but also in the future 18 - Activities of examination, supervision and assessment of the quality of valuation activities have been tightened Specifically, from June 6, 2019, a number of regulations on examination, supervision and assessment of the quality of valuation activities according to Circular No 323/2016/TT-BTC will be amended and supplemented at Circular No 25/2019/TT-BTC Circular No 25/2019/TT-BTC amending Clause and Point b, Clause 2, Article of Circular No 323/2016/TT-BTC as follows: “Regular examination is carried out for a valuation enterprise up to once in years from the date the enterprise is granted the Certificate of eligibility for business in valuation services or counting from the previous examination” Thus, the new regulation has withdrawn the period of 1-year periodical examination compared to the previous one (previous regulation was years) for valuation enterprises 2.3.2 Limitations and reasons 2.3.2.1 Limitations Firstly, the legal framework for the valuation profession is lacking and inconsistent At the same time, there are a number of provisions of other legal documents with contradictions and overlaps, causing difficulties and obstacles that reduce the effectiveness of valuation activities Second, the information infrastructure has not met the requirements Thirdly, the valuation enterprises established in accordance with the law have a relatively large number, but there are no large enterprises, not yet reputable enough to reach out to the region and the world The structure of the types of assets valued for which valuation enterprises provide services is not balanced (mainly real estate and machinery and equipment valuation) The team of valuers in recent years has been focused on developing in quantity but has not yet met the actual needs, professionalism and practical experience in valuation activities are still limited, professional level is not high compared to the requirements of the market economy 2.3.2.2 The cause of the limitations (i) Cause from the subject of management - The addition of missing regulations due to actual needs has not been carried out in a timely manner; - The amendment of inappropriate provisions in the current legal documents has not been given due attention; - The person who develops legal documents is not a practitioner, does not understand the advantages and disadvantages of enterprises so some regulations are not feasible in practice Legal document developers may emphasize the factors that create trust in the provision of valuation services at enterprises, but unintentionally overlook market factors that make it difficult for enterprises to comply absolute legal provisions are promulgated; - Progress in building the national database on prices is still slow compared to the profession's development although the improvement of information infrastructure is always emphasized to improve the quality and efficiency of state management activities, but actually the information infrastructure cannot immediately and fully meet the requirements of the state management of valuation; - Enlisting the support of international partners in completing the legal framework, the system of valuation standards, financial and technical support in building the database has not been effective (ii) Cause from the object of management 19 - Valuation enterprises and valuers practicing are still passive in accessing new regulations during their operation; - Due to the pursuit of "slightly excessive" economic interests, there were unintentionally or intentionally illegal acts Because the content of the state management of valuation services does not have a regulation to "Control unfair competition in the provision of valuation services", the phenomenon of unfair competition is actually quite popular, complex and showing no signs of decline; - The legal representative, the director or the general director of the valuation enterprise today are mostly young people while this profession requires both expertise and practical experience (in which the practical experience is somewhat more important) This is a problem that many valuation enterprises cannot easily meet the requirements, the risk of "breakdown" in operations is relatively high; - The connection between professionals (valuers) is currently weak (iii) Cause from the environment of management - The settlement mechanism in case of "conflict" between legal documents promulgated by different management entities is unclear, causing difficulties for the enforcer (valuation enterprises and valuers practicing); - The state management agency in charge of valuation services still "embraces" the work, not really decentralizing strongly to the Professional Association according to the development trend of the profession; - The demand for valuation of customers from the public sector is decreasing, it is increasingly difficult for valuation enterprises to find large value valuation contracts This creates increasingly strong competitive pressure among valuation enterprises, if there is no effective control measure, it will cause chaos in the valuation service market; - The ability to expand the scope of activities of valuation enterprises to foreign markets is still limited Chapter ORIENTATIONS AND SOLUTIONS TO IMPROVE THE STATE MANAGEMENT OF VALUATION SERVICES IN VIETNAM 3.1 Basis for proposal of orientations and solutions to improve the state management of valuation services in Vietnam In order to propose orientations and solutions with scientific and practical basis to improve the state management of valuation services in Vietnam in the period of 2021-2025, according to the PhD student, in addition to the state management experience on valuation services in a number of countries in the region and the world (mentioned in chapter 1), issues raised for valuation services, limitations and causes of limitations in state management status of valuation services in Vietnam (mentioned in chapter 2), it is necessary to understand the orientation and goals of socio-economic development, development orientation of valuation services, as well as advantages and disadvantages for the state management of valuation services in Vietnam in the coming years 3.1.1 Orientation and goals for socio-economic development of Vietnam - The Party's view on socio-economic development orientation; - Resolution of the National Assembly on the 5-year socio-economic development plan 2021-2025; - The Government's action program to implement the 5-year socio-economic development plan 2021 - 2025 20 3.1.2 Orientation to develop valuation services in Vietnam (i) Developing property valuation services in Vietnam to ensure compliance with the State's legal system, creating a stable and favorable legal environment to make the property valuation profession a highly professional profession (ii) Developing property valuation services in our country into an effective tool to help the property market become open and transparent; assist in the efficient management and use of assets and resources; minimize the risks in investment; ensure the legitimate and justifiable interests of market participants through the correct determination of the value of assets (iii) Strengthening the role of state management; the unified management and supervision of the Ministry of Finance in the field of asset valuation services; enhance the role of professional organizations on valuation; respect the business autonomy of the enterprise, respect the principles of independence, objectivity and honesty in the practice of valuers (iv) Developing property valuation services in our country to meet the requirements of international economic integration, in accordance with international principles, practices and actual conditions of Vietnam Deeper regional and international integration in the field of property valuation 3.1.3 Advantages and disadvantages for state management of valuation services in the coming years in Vietnam 3.1.3.1 Advantages * General advantages of the socio-economic development environment (i) The whole country has focused on preventing and controlling the epidemic, creating favorable conditions for socio-economic recovery and development (ii) Macro-economy is stable, inflation is controlled at a low level, growth quality is improved, major balances of the economy are improved (iii) Strategic breakthroughs were focused on implementation and achieved positive results (iv) Economic restructuring associated with growth model innovation has been promoted and achieved many results; structure between sectors and within sectors continues to shift positively and in the right direction; regional economic development, marine economy, urban development, new rural construction have many changes (v) Cultural and social development achieved positive results, social security was basically guaranteed, people's living standards continued to be improved (vi) Resource management, environmental protection and response to climate change have been strengthened and have made clear changes (vii) The effectiveness and efficiency of state management is improved; administrative reform has made positive changes, the business environment has been improved; anticorruption was strongly directed and achieved important results (viii) National defense and security are strengthened, national sovereignty is maintained; External relations and international integration were actively promoted, achieving many important results * Advantages in state management of valuation services In addition to the achievements in socio-economic development, the state management of valuation services over the past time has also achieved certain successes, creating a favorable premise for this activity in the coming years Notably, the implementation of the 21 Scheme "Improving the operational capacity valuation activity of Vietnam in the period of 2013-2020" was issued in Decision No 623/QD-BTC dated March 28, 2014 of the Minister of Finance (referred to as Scheme 623) Immediately after the Ministry approved Scheme 623, the Department of Price Management proactively focused on synchronously implementing groups of contents of the Scheme, basically the contents of the Scheme were completed according to the set objectives Specific results are as follows: Firstly, the system of guiding documents and the system of Vietnamese valuation standards have been issued quite fully and synchronously to meet the practical requirements of state management as well as create a favorable legal framework for valuation activities, in accordance with international and regional principles and methods of valuation Second, gradually improve the capacity of cadres and civil servants in the state management of prices and valuation through training courses, examination and assessment of results and granting certificates of professional training in valuation, as well as knowledge updating courses for officials and civil servants according to regulations At the same time, every year, the Department of Price Management also actively organizes domestic seminars and conferences; organize a survey team to learn from foreign experiences on price management and valuation Thirdly, every year the Ministry of Finance organizes an exam to issue valuer cards, the specific data from the implementation of the scheme are as follows: 331 cards in 2013, 148 cards in 2014, 220 cards in 2015, 206 cards in 2016, 239 cards in 2017, 209 cards in 2018, 334 cards in 2019 so far, 2352 cards have been issued up to now (beyond the target number of cards by 2020 of the scheme is 2200 cards) At the same time, as of December 2020, there have been 409 valuation enterprises granted the Certificate of eligibility for business in valuation services (beyond the target of number of businesses by 2020 of the scheme, stabilizing about approximately 250 enterprises) Fourthly, in 2017, a set of training and retraining documents for specialized valuation was issued for uniform use across the country, and annually the Department of Price Management also actively reviews to update and build develop documents to update valuation knowledge for valuers in accordance with the provisions of law, as well as the requirements of the practice of valuation activities Fifth, the Department of Price Management always cooperates with the Vietnam Valuation Association in researching and updating international valuation standards to propose to the Ministry of Finance to consider promulgating or supplementing and amending the Vietnam valuation standards in accordance with the actual situation in Vietnam and international practices; coordinate in organizing the test for the grant of the valuer's card, examination and assessing the quality of valuation activities and the observance of the State's regulations on valuation for the valuation enterprises that are members, as well as in training, fostering and disseminating knowledge about valuation Sixth, the National center for price database and services has been established under the Department of Price Management, and at the same time, completed the construction and put into operation the National Database phase officially from January 1, 2019 Seventh, perfecting regulations on examination, supervision and assessment of the quality of valuation activities through the issuance of Circular No 323/2016/TT-BTC and Circular No 25/2019/TT-BTC In addition, every year, the Department of Price Management submits to the Ministry to set up periodic examination teams for valuation enterprises, and when there are signs of violation, it will conduct unscheduled examination 22 Eighthly, the Department of Price Management has actively promoted regional and international integration in the field of price and valuation, such as: specific regulations on the form of valuation services provided by the valuation organization foreigners in Vietnam; The Vietnam Valuation Standard System has also been developed on the basis of reference, selectively absorbing the IVSC International Valuation Standard System and the valuation standard system of some countries; join regional and international valuation associations 3.1.3.2 Disadvantages In the business of valuation services, there are still a number of limitations and problems that have not been resolved for a long time, which also cause significant difficulties for the state management of valuation services Firstly, the information infrastructure has not met the requirements while the market information is still limited, lacks transparency and is difficult to access Market data is not available or is few for specific assets, specialized assets Second, the unfair competition among valuation enterprises still exists and puts pressure not only on newly established valuation enterprises but also on established valuation enterprises long tradition Thirdly, there is no consensus on how to approach valuation activities in specific fields, instead of calling it "pricing" or "pricing consulting" as in the Civil Code Law, the The Criminal Procedure and Land Law current Fourthly, in the past time, there have been some mistakes of some valuation enterprises, leading to a part of society lacking faith in the business of valuation services, which means that the reputation of the valuation profession is declining at an alarming rate 3.2 Orientation to improve the state management of valuation services in Vietnam by 2025 3.2.1 Renovating the management method in the context of a socialist-oriented market economy in Vietnam Firstly, state management agencies need to actively find bottlenecks in the development process by listening to opinions from society, from the business community, exchange forums, and policy advice, suggestions, etc State management institutions need to ensure effective mobilization and management of resources for development Secondly, the State needs to set up an institution to promote creativity, improve the business environment with the enterprise principle as the center, and create favorable conditions to promote the spirit of entrepreneurship and innovation, foster creativity in all fiels of economic and social 3.2.2 Promote the application of scientific and technological achievements to management activities Before the development of science and technology, the impact of the fourth industrial revolution, the socialist-oriented market economy in Vietnam is facing many opportunities and challenges In order to overcome challenges and turn opportunities into development results, state management activities need innovations to adapt Promoting the development of e-Government is an inevitable trend Developing eGovernment, digital Government in Vietnam is identified as associated with solving major problems from the state management agencies in general, the state management agency in charge of valuation services in particular from there, serving people and businesses better Developing e-Government, digital Government is also towards developing digital economy and digital society to make people richer and happier 23 3.3 Solution to complete the state management of valuation services in Vietnam 3.3.1 Completing regulations governing the provision of valuation services and the system of Vietnamese valuation standards Including the following solutions: (1) Amendment of the regulations on the conditions for being granted the Certificate of eligibility for business in valuation services; (2) Supplementing regulations on procedures for granting and re-granting the Certificate of eligibility for business in valuation services; (3) Amendment of the regulation on standards of valuers; (4) Amendment of regulations on registration of valuers practicing; (5) Adding sanctions for handling violations against practicing valuers; (6) Completing the provisions of the Vietnam Valuation Standards System; (7) Additional tasks for professional organizations on valuation 3.3.2 Strengthen examination, supervision and handling of violations in the process of providing valuation services Including the following solutions: (1) Strengthening the examination, supervision and assessment of the quality of valuation activities; (2) Detect, correct and strictly handle violations of the law on valuation; (3) Raise the level of sanctions to handle violations in the field of business valuation services 3.3.3 Some other solutions Including the following solutions: (1) Promulgating regulations to handle overlaps and conflicts between legal documents; (2) Speeding up the construction of a national database on prices for valuation activities; (3) Strengthening support and removing difficulties for valuation enterprises; (4) Strengthening propaganda and dissemination of the law on valuation; (5) Raise the awareness of compliance with the law of valuation enterprises and valuers practicing; (6) Improve professionalism in the operation of valuation enterprises; (7) Actively and proactively overcome shortcomings in the operation of valuation enterprises; (8) Enhancing the role and position of socio-professional organizations in the field of valuation; (9) Strengthen international cooperation in the field of valuation CONCLUSION As the market economy develops, the state gradually reduces the right to directly price the majority of goods and services in the economy, then there is a need to objectively and accurately assess the value of the goods and services to ensure the highest efficient mobilization, management and use of resources for production and business will arise The process of international economic integration is taking place more and more deeply, there is a need for joint ventures and economic links between domestic enterprises and foreign enterprises; Government loans and foreign loans of enterprises need Government guarantee for projects that appear more and more, which has put a requirement to determine the value of assets to serve those purposes The above needs have been requiring the business of valuation services to be improved in capacity, developed in both quantity and quality, becoming a highly professional and independent consulting profession, objective, honest, effective, meet the requirements of society better and better With the important role of valuation services in the economy, to control and manage the activities of valuation enterprises and valuers practicing in order to improve the efficiency of valuation service business activities, the construction of a legal corridor, management and administration by law is very necessary In recent years, state agencies have paid great attention to promulgating legal documents regulating the business of valuation services in order to create a stable and favorable legal environment for valuation 24 service business activities develop according to the set schedule and plan However, the state management of valuation services is a relatively complicated field, the development and application of the law inevitably faces difficulties and obstacles On the basis of general application of research methods, the thesis "State management of valuation services in Vietnam" has focused on researching and realizing the set objectives: First, systematize the theoretical basis of state management of valuation services The PhD student clarified the concept and objectives of state management of valuation services; determine the specific contents of the state management of valuation services; indicate methods and tools for state management of valuation services; establish criteria for assessing state management activities on valuation services and influencing factors; At the same time, through learning about the experience of state management on valuation services of some countries, two lessons have been drawn for Vietnam Second, analyze and assess the status of state management of valuation services in Vietnam in the period of 2013-2020 according to the management content with the assessment criteria established in the theoretical part Third, on the basis of limitations from the actual state management of valuation services and orientations to improve the state management of valuation services in Vietnam, the PhD student proposed 03 groups of solutions to improve the state management of valuation services in Vietnam in the period of 2021 - 2025 Despite the great efforts and desire to thoroughly solve the problems of the object and scope of the research, the thesis still has some limitations as follows: - Due to the requirement of information confidentiality, the PhD student has not been able to collect detailed data on examination and inspection activities, such as data on handling of violations of the valuation enterprise, but not yet to the point of having to temporarily suspend the business or revoke the Certificate of eligibility for business in valuation services, so some research conclusions may not be comprehensive or specific - Data analysis methods are not diversified and in-depth; The conclusions are mainly based on descriptive statistics The above limitations will be the problems raised and the PhD student will continue to research in the next research works (if conditions allow) The PhD student hopes to receive suggestions from managers, scientists and other organizations and individuals to make the research work more complete, help PhD student gain a deeper understanding of the research topic Sincerely thank you LIST OF PUBLISHED SCIENTIFIC RESEARCH WORKS OF THE AUTHOR RELATED TO THE RESEACH TOPIC Tran Dinh Thang, "Strengthening the state management over business activities of valuation services", Review of Finance, No 714 Issue - October 2019 Tran Dinh Thang, "Criteria for assessing the effectiveness and efficiency of state management for business activities of valuation services", Review of Finance, No 716 Issue - November 2019 Tran Dinh Thang, "Factors affecting state management of business in valuation services", Review of Finance, No 718 Issue - December 2019 Nguyen Thi Phuong Lien and Tran Dinh Thang, “Solutions for Developing Valuation Services in Vietnam”, Journal of Trade Science, No 157 - September 2021 ... the market economy in Vietnam, Vietnam's access to this field is still limited in terms of both theory and experience In fact, as mentioned above, even the names in Vietnam may still be different,... No 323/2016 /TT- BTC will be amended and supplemented at Circular No 25/2019 /TT- BTC Circular No 25/2019 /TT- BTC amending Clause and Point b, Clause 2, Article of Circular No 323/2016 /TT- BTC as follows:... the socio-economic conditions in Vietnam Chapter STATUS OF STATE MANAGEMENT OF VALUATION SERVICES IN VIETNAM 2.1 An overview of valuation services in Vietnam in the period of 2013 - 2020 2.1.1