Webinar: The Future of the Appraisal Industry in the New Decade

30 Aug, 2021

The third season of the Appraisal industry in the South region "The Future of the Appraisal industry in the new decade" was organized by the Valuation Department (School of Economics - UEH) on August 7, 2021. The webinar connected more than 75 participants who are researchers, lecturers, leaders, and appraisers in valuation at valuation companies, valuation consulting department of auditing companies, investment funds and banks, with the focus of the webinar being a discussion with leaders of organizations with valuation function. The webinar demonstrated the professional role of the Valuation Department of UEH in developing the industry in Vietnam and demonstrated the smooth connection between training and professional practice.

2021 is a year marking many important events of the appraisal industry in Vietnam. From a macro-management perspective, this is the pivotal year of a new term with many changed decisions, both in law and in sub-law documents. From the perspective of State management of industries, this is the year that the Ministry of Finance submitted a report to the National Assembly on the amendment of the Price Law - the highest legal document governing valuation activities in Vietnam. From a professional perspective, this is a year marking a strong transformation of valuation businesses in the context of digital transformation, especially during the Covid-19 period. Moreover, from a training perspective, 2021 is the year that marks the 20-year journey of UEH's Valuation major and the first year that the major is renamed Valuation and Asset Management.

In that context, the webinar "The Future of the Appraisal industry in the new decade" attracted more than 75 participants who are researchers, lecturers, leaders, and appraisers in valuation at valuation companies, valuation consulting department of auditing companies, investment funds, and banks. Under the coordination of Master of Appraisal Nguyen Kim Duc, Lecturer in Valuation, the perspectives on the valuation industry's future in the new decade have been heatedly discussed by experts.

Delegates attending the roundtable discussion

According to the statistics from the webinar, as of January 1, 2021, the whole country has 409 valuation enterprises licensed by the Ministry of Finance and there are 333 valuation enterprises eligible to operate in 2021. On January 1, 2021, after 14 times the Ministry of Finance held the exam to get the price appraiser card, Vietnam had 2,352 appraiser cards and 1,723 registered price appraisers were qualified under the regulations of the Ministry of Finance. In 2019, valuation companies issued 156,381 valuation certificates, among which more than 60% of appraised assets were real estate.

Statistics of Valuation data as of January 1, 2021

At the webinar, Master of Appraisal Nguyen Ngoc Chau – Chairman and General Director of EXIM Appraisal Corporation emphasized the development opportunities of the appraisal profession in the new context. In the face of several valuation cases with signs of law violation mentioned in the press recently, Appraiser Pham Thi Binh - Former Deputy Director of the Government Valuation Department, Chairman of Royal Appraisal Corporation has shared and noted the risks that appraisers need to pay attention to. Master of Appraisal Pham Thanh Duong – CEO of DCF Viet Nam Corporation also shared the difference in valuation profession in Vietnam compared to other countries and discussed the qualities and criteria required of an appraiser in response to new changes in an uncertain trend.

From the perspective of possible challenges, Master of Appraisal Trinh Hong Thinh – Chairman and General Director of Phuong Nam Consulting & Valuation Co, Appraiser Nguyen Thu Oanh – Chairman of Viettin Valuation, Master of Appraisal Pham Ha Minh – Chairman and General Director of Viet Nam Valuation and Consulting Joint Stock Company, Dr. Nguyen Hoang Bao - Head of the Department of Economics - Investment – Development shared about the transparency of information, the uncertainty of the macroeconomic information, the legal risks of the property, the expertise of the appraiser, and the challenges associated with technology.

Also, in the webinar, Ms. Huynh Kieu Tien – Director of the Appraisal training program introduced the new name of UEH’s subject – “Valuation and Asset Management” as well as the achievements that the subject has achieved during the past 19 training courses.

The Bachelor's training program majoring in Valuation and Asset Management will help learners with highly specialized knowledge and professional operational skills, capable of working independently and creatively in valuation and asset management, adapting to the domestic and international working environment. After graduation, learners can work in the State sector such as the Ministry of Finance (Department of Price Management), Department of Finance (Board of Asset Price), Department of Natural Resources and Environment, Department of Construction, or the private sector involved in valuation and asset management such as valuation companies, banks, auditing companies, securities companies, investment funds, and real estate development companies.

Statistics of activities of subjects and specialties in the past 19 training courses

Over the past time, the UEH's subject Valuation and Asset Management has also had many comments in editing the current 13 Vietnamese Valuation Standards. Simultaneously, the faculty of the subject has also participated in consulting complex documents on the valuation of complex real estate, businesses, and intangible assets, accompanying organizations with valuation functions.

The 180-minute webinar opened up many issues for valuation activities in Vietnam to be more effective in the coming period. The valuation business leaders also agreed with the proposal with the Ministry of Finance to submit to the National Assembly in addition to adding the price appraisal as an "economic sector code", the appraisal should also have a "training sector code” to facilitate quality training activities in the coming time.