MAIN RESEARCH WORK OF THE AUTHOR
1. Ngo Thi Phuong Thao, (2007) "Developing real estate mortgage lending activities at Vietnamese commercial banks", Economic and Development Magazine , June 2007 issue
2. Ngo Thi Phuong Thao, (2009) " Solutions to improve the quality of real estate mortgage lending activities at Vietnamese commercial banks ", 2009 Basic Science Research Project, National Economics University
3. Ngo Thi Phuong Thao, (2010) “Valuation of mortgaged real estate in Vietnam: Problems and solutions”, Economics and Development Magazine , November 2010 issue
4. Ngo Thi Phuong Thao, (2010) “Real estate mortgage lending activities at Vietnamese commercial banks, quantity increases, but quality increases?”. Finance Magazine , June 2010
5. Ngo Thi Phuong Thao, (2010) “Impact of International migration on employment in Vietnam's informal sector” , Vietnam's Social Economic Develoment, No 62, June 2010
REFERENCES
Vietnamese Documents
1. Government Pricing Committee (2003), Scientific basis and practice of price appraisal in other countries, Transport Publishing House, Hanoi
2. Ministry of Science and Technology (2009), Real estate market development policy: international experience and lessons for Vietnam, Topic KX.01- 13/06-10, Statistical Publishing House
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4. Ministry of Finance (2006) Circular 17/2006/TT-BTC dated March 13, 2006 guiding the implementation of Decree 101/2005/ND-CP dated August 3, 2005 on price appraisal
5. Ministry of Finance (2007), Circular No. 145/2007/TT-BTC dated December 6, 2007 guiding the implementation of Decree No. 188/2004/ND-CP dated November 16, 2004 of the Government on methods for determining land prices and price frames for land types and Decree No. 123/2007/ND-CP dated July 27, 2007 of the Government amending and supplementing a number of articles of Decree 188/2004/ND-CP, Hanoi
6. Ministry of Finance (2008), Decision No. 129/2008/QD-BTC dated December 31, 2008 on promulgating 6 valuation standards , Hanoi
7. Ministry of Natural Resources and Environment (2001), Vietnam - Sweden Cooperation Program on Land Administration System Innovation: Valuation of Land Use Rights and Real Estate , Hanoi
8. Ministry of Justice, Ministry of Natural Resources and Environment (2005), Joint Circular No.
05/2005/TTLT –BTP-BTNMT dated June 16, 2005 guiding the registration, mortgage, and guarantee of land use rights and assets attached to land.
9. Pham Van Binh and Do Thanh Tung (2007) "Discussion on valuation of assets securing bank loans in the context of integration" , Banking Magazine No. 2, January 2007
10. Government of the Socialist Republic of Vietnam (1994), Decree No. 61-CP signed on July 5, 1994 of the Government on buying, selling and trading of housing and related amendments and supplements
11. Government of the Socialist Republic of Vietnam (2001), Decree 79/2001/ND-CP dated November 1, 2001 of the Government on amending and supplementing a number of articles of Decree No. 17/1999-ND-CP dated March 29, 1999 on procedures for conversion, transfer, lease, sublease, inheritance of land use rights, capital contribution with land use rights value
12. Government of the Socialist Republic of Vietnam (2004), Decree No. 188/2004/ND-CP dated November 16, 2004 of the Government on methods of determining land prices and price frames for land types, and related amendments and supplements .
13. Government of the Socialist Republic of Vietnam (2005), Civil Code, 2005
14. Government of the Socialist Republic of Vietnam (2006), Decree 163/2006/ND-CP signed on December 29, 2006 of the Government on secured transactions and related amendments and supplements.
15. Government of the Socialist Republic of Vietnam (2007), Decree No. 123/2007/ND-CP dated July 27, 2007 of the Government amending and supplementing a number of articles of Decree No. 188/2004/ND-CP dated November 16, 2004 on methods of determining land prices and price frames for land types.
16. Government of the Socialist Republic of Vietnam (2007), Decree No. 84/2007/ND-CP dated May 25, 2007 providing additional regulations on the issuance of Land Use Right Certificates, land recovery, implementation of land use rights, procedures for compensation, support, resettlement when the State recovers land and settlement of land-related complaints.
17. Government of the Socialist Republic of Vietnam (2009), Decree 69/2009/ND-CP of the Government providing additional regulations on land use planning, land prices, land recovery, compensation, support and resettlement.
18. Government of the Socialist Republic of Vietnam (2009), Decree No. 88/2009/ND-CP dated October 19, 2009 on granting Certificates of land use rights, house ownership rights and other assets attached to land.
19. Chu Van Cap – Tran Binh Trong (2003), Marxist-Leninist Political Economy Textbook, National Political Publishing House, Hanoi
20. Nguyen Doan (1995), Determining enterprise value in equitization in
Vietnam, Finance Magazine, 95 (5), pp. 21-22
21. Tran Van Dung (2008), Perfecting enterprise valuation in Vietnam, PhD thesis in economics, National Economics University, Hanoi
22. Phan Thi Thu Ha (2007), Commercial Banking Textbook , National Economics University Publishing House, Hanoi
23. Nguyen Manh Hai (2004), Method of determining the value of usage rights
Land and conditions of application in Vietnam, Ministry-level scientific research topic
- Ministry of Planning and Investment, Hanoi
24. Nguyen Minh Hoang (2006) Basic principles in determining asset value and enterprise value , Finance Publishing House, Hanoi
25. Nguyen Viet Hung (2009), Analysis of factors affecting the performance of commercial banks in Vietnam, PhD thesis in economics, National Economics University, Hanoi
26. Le Thanh Khuyen (2001): "Discussing the theoretical and scientific basis for organizing and managing the real estate market in Vietnam", Cadastral Magazine, No. 12/2001, p. 10
27. Nguyen Dinh Nam (2008), “ Valuation and management of mortgaged real estate at Vietnam Development Bank ”, Master's thesis in economics, National Economics University, Hanoi.
28. Luu Van Nghiem (2000), Real estate valuation in Vietnam - Current situation and solutions, ministerial-level scientific research topic - Ministry of Education and Training.
29. Nguyen Manh Hung, Tran Van Trong, Ly Hung Thanh, Bui Huu Phe (2009), “Real estate valuation method, applying position - quality theory”, research by the research group of Ho Chi Minh City University of Economics. Faculty of Land and Real Estate Management, Ho Chi Minh City University of Economics
30. Nguyen Khac Luyen (2008) The issue of real estate mortgage valuation at Vietnam Joint Stock Commercial Bank for Industry and Trade, Banking Magazine No. 20, October 2007
31. Tran Luyen (2007) “ To limit risks in receiving loan security using assets formed from loan capital ”, Banking Magazine No. 6, March.
32. Pham Thi Ngoc My (2003) Solutions to promote the development of valuation in Vietnam in the coming years . Doctoral thesis in economics, National Economics University, Hanoi
33. State Bank of Vietnam (2007), Annual Report 2007
34. State Bank of Vietnam (2008), Annual Report 2008
35. State Bank of Vietnam (2009), Annual Report 2009
36. Vietnam Bank for Agriculture and Rural Development (2009), Annual Report 2009
37. Oceanbank Joint Stock Commercial Bank (2009), Annual Report 2009
38. Habubank Joint Stock Commercial Bank (2006), HBB's credit procedures issued with Decision No. 391/2006/HBB-QD signed on April 27, 2006.
39. Habubank Joint Stock Commercial Bank (2006), Decision on temporary application of loan ratio secured by listed securities No. 254/2006/QD-HBB signed on March 24, 2006.
40. Phan Minh Ngoc and Phan Thi Thuy Nga (2008), " Should we tighten lending for real estate purchases?", Banking Magazine No. 5, March 2008
41. Do Minh Phuong (2006), “ Improving the quality of real estate mortgage loans at the Transaction Office of the Bank for Foreign Trade of Vietnam ”, Master's thesis in Economics, National Economics University, Hanoi
42. National Assembly of the Socialist Republic of Vietnam (2002), Price Ordinance 2002
43. National Assembly of the Socialist Republic of Vietnam (2003): Land Law 2003
44. National Assembly of the Socialist Republic of Vietnam (2005: Civil Code 2005
45. National Assembly of the Socialist Republic of Vietnam (2006): Law on Real Estate Business
46. Nguyen Chi Thanh (2008), Need to quickly stabilize the real estate market , Banking Magazine No. 23, December 2008
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National Political Publishing House, Hanoi.
48. Dao Thi Thanh Tu (2008), Requirements for establishing risk management agencies at Vietnamese commercial banks, Banking Magazine No. 16, August 2008
49. Doan Van Truong (1999) “ Methods of real estate valuation ”, Science and Technology Publishing House.
50. Pham Toan Thien, (2009) “Subprime mortgage crisis in the US: Lessons and some recommendations”, Hanoi National University Journal of Science, Economics and Business No. 25, pp. 39-53
English Documents
51. Aluko, Bioye Tajudeen (2000), Impact of real estate mortgage valuation in Nigeria, Journal of Social Economics Review, Volume: 3; page 32- 35,
52. Elli Pagourtzi, Vassilis Assimakopoulos, Thomas Hatzichristos, Nick French, Real estate appraisal: a review of valuation methods, Journal of Property Investment & Finance, Year: 2003, Volume: 21, Issue: 4,Page: 383 - 401
53. Christopher Bettin (1998), The Appraisal of Real Estate ,
54. Catherine Nind (2002); Environmental management system and Land valuation, Journal of Economics Review, Volume 2, pages 20-23
55. David Blake (1994), Financial Market Analysis , Ho Chi Minh City Publishing House
56. Simon Hakim, J. Weinblatt (1984), Towards a Theory on The Impact of Criminal Mobility Influences on Land Values, International Journal of Social Economics, Volume 11, issue ½, pages 24-30
57. Kwong Chau, Wai Lai (1995) Valuation of real estate assets in China, Journal of Property Valuation and Investment, 1995, Volume: 13, Issue: 5,Page: 50 - 66
58. Rechard Green (2002) “ Parameter stability and the valuation of morgages and mortgage –back Security” International Economic Review, Vol 20, No 2, September 2002
59. David Besanko and Anjan V Thakor (1987), “Collateral and rationing: sorting equilibria in monopolistic and competitive credit markets ”, International Economic Review, Vol 28, No 3, October, 1987.
60. Song Shi, Martin Young, Bob Hargreaves (2009) “Issues in measuringa monthly house price index in New Zealand”, Journal of Housing Economics 2009
61. Ted Gwartney and Arden Delaware (1999), Land Estimation , International Journal of Social Economics, Volume 12, pages 30-35
Appendix 1. Survey form on mortgage valuation in Vietnamese commercial banks
Investigation and survey subjects: Bank leaders/ leaders of appraisal and credit departments, valuation officers, mortgage loan customers
Name of interviewee Current position:
Bank name: address:
Question 1. Please let us know your opinion on real estate mortgage valuation at the Bank? (tick the appropriate box)
Valuation of mortgaged real estate to reduce risks in credit activities
Mortgage real estate valuation increases bank competitiveness | |
Is the basis for banks to grant credit | |
Developing secondary financial markets | |
Other views (specify)………………………………………… |
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Question 2. Please tell us what are the main mortgaged assets at the bank currently (rate the highest level from 1 to 5)
Asset
1 | 2 | 3 | 4 | 5 | |
1. Land | |||||
2. Housing | |||||
3. Factory | |||||
4. Machinery and equipment | |||||
5. Other assets |
Question 2. Please let us know which department is responsible for the valuation of mortgaged real estate at the Bank. (Tick the appropriate box)
Part
Currently | Should be done in the near future | |
1. Credit department | ||
2. Risk management department | ||
3. Valuation Department | ||
4. Other rooms | ||
5. Outsource |
Question 3. According to you, which method is the most suitable for valuing real estate mortgaged at your Bank? (tick the appropriate box )
Method
Very suitable match | Jar often | Are not Fit | |
1. Comparison method | |||
2. Cost method | |||
3. Capitalization/income method | |||
4. Combination of house price frame water and market price | |||
5. Combining state price framework and coefficient k | |||
6. Other methods (specify). …………………………………. …………………………………. |
Question 4. According to you, is the application of the above valuation methods favorable or unfavorable? (tick the appropriate answer) Yes: …………………… No:……………………. If not favorable, please clearly state the reason.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
……………………………………………………………………………. Question 5. According to your assessment, what is the current time for real estate mortgage valuation at your bank?
Time
valuation (date)
Too much | Much | Normal | Little | Too little | |
1 day | |||||
2 days | |||||
3 days | |||||
4 days | |||||
1 week |
Question 6. How do you rate the current valuation staff at your Bank? (Rate according to the percentage in each corresponding box)
Education and professional qualifications %) | |||||
College | From college to university | Above university | Have professional training valuation | No peach create valuation expertise | |
Official independent price | |||||
Official price and credit | |||||
Question 7. According to you, what is the biggest difficulty for banks in implementing mortgage real estate valuation at present? (Tick the appropriate box according to the increasing level of difficulty from 1 - 5)
Level | |||||
1. There is no clear specific process | 1 | 2 | 3 | 4 | 5 |
2. Unreasonable pricing method | 1 | 2 | 3 | 4 | 5 |
3. There is no consensus among banks. | 1 | 2 | 3 | 4 | 5 |
4. No clear view on valuation | 1 | 2 | 3 | 4 | 5 |
5. Mortgage procedures and regulations Mortgage real estate | 1 | 2 | 3 | 4 | 5 |
6. Size and qualifications of valuation staff | 1 | 2 | 3 | 4 | 5 |
7. Other (specify)……………………… …………………………………………. | 1 | 2 | 3 | 4 | 5 |
Hard
Question 8. How do you evaluate the effectiveness of establishing an independent valuation department at the bank? (Tick the appropriate box according to the increasing level of effectiveness from 1-5)
Criteria
Level of effectiveness | |||||
1. Save time and money | 1 | 2 | 3 | 4 | 5 |
2. Price close to market price | 1 | 2 | 3 | 4 | 5 |
3. Difference between valuation price and price market | 1 | 2 | 3 | 4 | 5 |
Question 9. According to you, which valuation organization model is most suitable for the current conditions and operational characteristics of your Bank? (Evaluate in order of increasing suitability)
Organizational model
Relevance | |||||
1. Establish an independent valuation department at bank | 1 | 2 | 3 | 4 | 5 |
2. The credit department is responsible for valuation work | 1 | 2 | 3 | 4 | 5 |
outside
1 | 2 | 3 | 4 | 5 |
3. Hire valuation from consulting organizations
Question 10. According to you, how should the process of establishing mortgage real estate valuation be carried out? (tick the appropriate box)
Currently apply | Need to be done in next time | |
General construction for the entire system bank | ||
Construction according to each type of bank commercial goods | ||
Banks build their own processes private pricing |
Question 11. How do you rate the necessity of the following solutions to improve mortgage real estate valuation at commercial banks in the coming time?
Solution
Level of importance | |||||
1. Change your perspective and perception of activities valuation | 1 | 2 | 3 | 4 | 5 |
2. Choose an organizational model and planning process reasonable price | 1 | 2 | 3 | 4 | 5 |
3. Applying real estate valuation methods | 1 | 2 | 3 | 4 | 5 |
4. Issue a system of simultaneous legal documents set | 1 | 2 | 3 | 4 | 5 |
5. Coordination between Banks | 1 | 2 | 3 | 4 | 5 |
6. Other solutions (specify)…………… ................................................................ .......................... | 1 | 2 | 3 | 4 | 5 |
Thank you very much for your comments!