Expanding International Cooperation on Valuation

Principles of real estate economics, capital markets, valuation methods, report writing skills, valuation methodology and skills...

After having a team of staff with basic and systematic training in valuation at university level, we will move on to training staff with master's and doctoral degrees in valuation.

To build a valuation major, it is necessary to develop a training program and content for the valuation major. First of all, it is necessary to clearly define the goals and requirements for training cadres with college, university and postgraduate degrees in this major. From there, develop a training program suitable for each level of education, and at the same time, it must be linked to the socio-economic development orientation of the Party and the State in each period. Regarding training methods, it is necessary to combine short-term training with long-term training, between domestic training and foreign training, between schools and research institutes and professional associations to improve the professional qualifications and practice capacity of valuation cadres.

From the construction of specialized training programs in valuation in countries with developed market economies, we can clearly see:

- Must ensure a balance between market demand and professional practice, personal and management skills. Must be equipped with broad knowledge of economics, finance, law, accounting, investment, valuation, construction, technology, etc.

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- Must pay attention to the globalization trend in international and regional economic integration with international professional integration.

For our country, valuation is a new field both in theory and practice. To effectively train human resources for valuation in our country, the prerequisites are:

- It is necessary to have a team of "main" in training, which means first of all, it is necessary to train a team of lecturers in the specialized field of valuation.

- Based on the program content, build a system of textbooks to serve the training of valuation profession for subjects of training systems.

Currently examining appraisers who are granted certificates of practice in appraising tangible assets: Real estate; factories, machinery and equipment and

Enterprise valuation. This needs to be reconsidered. On the one hand, a person who is able to pass all 03 (three) of these fields must be very capable and have comprehensive knowledge. In reality and experience of other countries, no one, nor any country, issues a certificate of practice of valuation to an appraiser who is competent to perform all 3 fields: real estate; machinery and equipment and enterprise valuation. In the world, the valuation of factories, machinery and equipment and the determination of enterprise value require separate expertise. Therefore, it is proposed to organize different qualification tests for different appraisers depending on the type of assets they participate in the appraisal.

Thus, to have good human resources for valuation activities, first of all, our country must standardize the training content of valuation majors at universities and colleges nationwide in the direction of increasing the proportion of specialized subjects such as: valuation methods, skills in collecting and analyzing information in valuation, valuation process, building valuation reports and valuation certificates, applying information technology in valuation...

In addition, it is necessary to regularly conduct training to improve professional skills in valuation for appraisers. Training content needs to be built according to the requirements of practical valuation. As a new country in the valuation profession, Vietnam needs to combine domestic and foreign training in valuation, only then can it improve professional skills as well as knowledge and experience for appraisers.

It is necessary to strictly implement the regulations on ethical standards, expertise and practice standards of valuation officers and experts. Any violation of any of the rules and professional ethics standards by practitioners will be subject to disciplinary action. If misconduct is detected, reprimand, suspension of operations or revocation of practice certificates may result. Only on the basis of strict implementation can practitioners be encouraged to maintain their ethical qualities and always improve their professional qualifications.

3.3.5. Expanding international cooperation on valuation

Market-based valuation in Vietnam is a very new field in both theory and experience. Therefore, in the process of forming, building and developing the valuation profession in our country, international cooperation is needed, as mentioned in each content of the thesis. As a latecomer in the valuation field, international cooperation is very necessary to receive help and learn from the experiences of other countries, especially countries in the ASEAN Valuation Association, the International Valuation Association... International cooperation will help our country quickly absorb the achievements and lessons learned, shorten the time and speed up the development of the valuation profession. International cooperation can be in many effective forms such as:

- Cooperate in supporting the provision of information for valuation. Especially when appraising assets that are specialized equipment, of great value, imported from abroad (not yet available in the domestic market), in this case, information on prices and assets from the host country is very necessary to accurately determine the price of the asset to be appraised...

- Cooperate in supporting technical facilities, training valuation staff such as technology transfer, valuation software as well as cooperating with major valuation academies in the world and region: INSPEN (Malaysia), Thaiapraisal (Thailand), American Valuation Institute, Australian Valuation Institute...

- Cooperate in researching and building a suitable legal corridor for the valuation profession in Vietnam, of which the most important are the fields of valuation training and the development and promulgation of Vietnamese valuation standards.

Vietnam is a country in the process of building and developing the valuation profession and is also in the process of opening up and integrating into the international economy. This is an opportunity for Vietnam to gradually become familiar with and apply internationally recognized foundations to its valuation profession. To avoid repeating the mistakes that other countries have made in the process of building and developing the valuation profession and shortening the time for professional development, it would be very useful for Vietnam to have cooperation and strengthen international relations. On the basis of

That agency will have useful lessons for the valuation profession in our country, avoiding mistakes and paying useless prices due to lack of knowledge and experience.

In the context of the current globalization trend, Vietnam is required to build a valuation profession in line with international and regional valuation practices. Vietnam's valuation profession wishes to soon participate in the large international market. Vietnam's valuation activities need to cooperate closely with foreign partners and play a certain role in the international valuation community, to promote the healthy development of the valuation profession in our country. In particular, at the present stage, we are in the period of researching and promulgating valuation standards under the Vietnamese valuation standards system, so it is extremely necessary to cooperate in researching valuation standards of countries with developed valuation professions to apply to the specific conditions of our country.

Vietnam needs to study and learn from many organizations related to the valuation profession in the world such as IVSC, WAVO, AVA, IAAO, ASA, AFMRA... experienced foreign valuation associations such as Australia, Canada, Hong Kong, Singapore, South Africa, Thailand...

Vietnam should also continue to proactively host regional and international valuation seminars and conferences to help Vietnamese valuation professionals improve their skills and at the same time help domestic valuation managers and researchers have the opportunity to cooperate more closely with other countries.

The Government plays a major role in international cooperation in the field of valuation. The Government needs to have a strategy to build and develop international activity programs to gain support from other countries, creating a favorable initial momentum for the formation and development of the valuation profession in our country.

CONCLUDE

Although it is a newly formed and developed service, it can be affirmed that valuation service is an indispensable service for the development orientation of the market economy in Vietnam. Valuation contributes to ensuring the legitimate rights and interests of buyers, sellers, investors, residents and the State, thereby promoting increasingly transparent economic transaction relations in the market. Along with the development of the market economy, valuation activities in our country have gradually developed and contributed to the overall development of the country.

However, the development of valuation activities in our country is only the beginning. Many problems are being raised and need to be solved. These include an incomplete legal environment, low human resources in both quantity and quality, limited infrastructure... These above problems have significantly affected the development of this service sector.

To overcome the above shortcomings, it requires the efforts of organizations, businesses, appraisers operating in this field; of experts, of sectors at all levels and especially of the Government. The achievements we have made in the recent past, the experiences of the

The pioneers in this field are useful lessons for us to overcome those shortcomings.

In the context of an increasingly developing market economy, an open and integrated country, our country's valuation activities have very favorable conditions for development. We have complete confidence in the development of the valuation sector and its contribution to the overall development of the country.

Valuation service is a very new profession in Vietnam, the author does not have much knowledge and experience, so the thesis cannot avoid shortcomings. The author hopes to receive sympathy and comments from teachers and students.

Vietnamese

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English

25- International valuation Standards – The International Assets Valuation Standards Comnmitte 1994, 2000, 2003,2005

Website

26- http://www.jpph.gov.my

27- http://www.ivsc.org

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