valuation in vietnam‐myanmar after twenty years from today · valuation in vietnam‐myanmar...
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Valuation in Vietnam‐Myanmar after twenty years from today
Presented by: Mr. Duong Pham, MRICSChartered Valuation Surveyor(Vietnam), RICS Registered Valuer(UK)
Executive Director, DCF Vietnam Corporation Date: 18 June 2019
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Content
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1. Vietnam Insights
2. Valuation - Legislation
3. Valuation – Activities
4. Valuation – Role in Economy
5. Valuation – Future Outlook
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1. Vietnam Insights
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- Total area: 653,407 km2
- Population (6/2019): 54,307,773persons –ranking at 26th on the word
- Density : 83.11/km2
- Total area: 310,060 km2
- Population (6/2019): 97,373,362persons – ranking at 14th on the word
- Density: 314.04/km2
- 63 cities and provinces (5 municipalities and 58 provinces)
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1. Vietnam Insights
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2. Valuation Legislation
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Legislation
Before 2000
2002-2005 2006-
2010
2010 -2019
- Constitution 1992 - Land law 1993- Open up economy- State Security
Commission of Vietnam established
- Business Law 2000- Price Ordinance 2002- Amendment of Land Law
2003- Amendment of Foreign
Investment Law 2001 and 2005
- Ho Chi Minh Stock Exchange and Ha Noi Stock Exchange established
- Joining WTO in 2008- Vietnam Valuation
Association (VVA) established in 24/5/2006
- Price Law 2012 – basic legal framework for valuation
- Vietnam Valuation Standards (13 items)
- Land Law 2013- Construction Law
(amendment)
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2. Valuation Legislation
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Valuation operationConditions
Valuer certified by Ministry of Finance
Those who is eligible for registration for examination (in 6 subjects) organized by Ministry of Finance one time per year and have to pass on this examination,
- Resident of Vietnam or having foreign valuation certification which is accepted by Vietnam Ministry of Finance for application
- Having the capacity for civil acts, having a clear background, professional ethics,
- Having a university or postgraduate diploma in pricing, valuation, economic, economic technical, law granted by legal training organizations in Vietnam or international institute.
- Having a valid valuation training certificate issued by agencies and organizations with specialized training functions under the Ministry of Finance's regulations.
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2. Valuation Legislation
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Valuation operation
Conditions
Valuation Firm registration
Legal framework
- In accordance with Business Law
- In accordance with Investment Law
- In accordance with regulations for eligible qualify standard to operate valuation which is 1‐3 compulsory registered MOF valuers based on type of business
Valuation Firm operation
- Vietnam Valuation Standards (13 items) – Main
- International Valuation Standards as IVS, RICS, etc. – Reference
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3. Valuation Activities
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Firm Regulated by Ministry of Finance of Vietnam
Firm which is regulated by Ministry of Finance of Vietnam and allowed to refer to International Valuation Standards (RICS regulated Firm)
Operating as Investment Law and referring to International Valuation Standards
273 Firms 1 Firm (DCF Vietnam Corporation)
5 Firms:- CB Richard Ellis Vietnam
Company Limited (CBRE)- Jones Lang LaSalle Vietnam
Company Limited (JLL)- Savills Vietnam Company
Limited (Savills)- Cushman & Wakefield
Vietnam Company Limited- Colliers Vietnam
No. of Firms
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3. Valuation Activities
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No. of Valuers and Auditors in Vietnam
Total MRICS in Vietnam 66- Chartered Surveyor 49- Registered Vauer 13
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3. Valuation Activities
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3. Valuation Activities
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• Valuation Procedure (VVS)• Valuation Result - Letter of Opinion of Value- Valuation Certificate- Valuation Report
• Risk Management in doing valuation- Asset (legal and physical)- Inspection- Data- Assumption - Valuation - Limitation
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3. Valuation Activities
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• Case Study – Real estate valuation Type: Industrial Property Land area: 11,596sqm Lease term: 2041 Lease payment: annual payment/ lumpsum payment Improvements: Warehouse: 1,296sqm; Office: 1,159sqm and ancillaries Purpose: Potential for disposal Timing: 5 working days Fee: (US$) Type of report: Valuation Certificate in dual languages Valuation Approaches: Market, Cost and Income Approaches Valuation Methods: Derpreciated Replacement Cost; Capitalisation; Direct
Comparison
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4. Valuation – Role in Economy
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Urbanization and Industrialization- Van Don (Quang Ninh
Province)
- Bac Van Phong (Khanh Hoa)
- Phu Quoc (Kien Giang)
- Ha Noi City- Hai Phong City- Da Nang City- Ho Chi Minh City- Can Tho City
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4. Valuation – Role in Economy
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Infrastructure and Transportation
15 operating roads and 7 undertaken projects- Ha Noi – Lao Cai:
264km- Ha Noi – Hai Phong:
105km- Da Nang – Quang Ngai:
129km
11 international airports and 11 local airports- Tan Son Nhat airport
(HCMC): in 1930- Noi Bai airport (Ha Noi
City): in 1977- Dang Nang airport (Da
Nang): in 1940- 23 airports in 2020- 28 airports in 2030
In 2018
According to Acardis and Vietnam Construction Cost by Construction Ministry
Metroline
Long Thanh Airport
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4. Valuation – Role in Economy
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Economic performance
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4. Valuation – Role in Economy
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Banking ProportionTotal debit Total debit for
real estateComparative rate
Thou
sand
bill
ions
Don
g
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4. Valuation – Role in Economy
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Real Estate Perfomance
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4. Valuation – Role in Economy
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Real Estate Perfomance
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4. Valuation – Role in Economy
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Real Estate Perfomance
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4. Valuation – Role in Economy
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Real Estate Perfomance
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4. Valuation – Role in Economy
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Real Estate Perfomance
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4. Valuation – Role in Economy
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Real Estate Transactions
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4. Valuation – Role in Economy
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Real Estate Transactions
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4. Valuation – Role in Economy
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M&A Cases
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5. Valuation – Future Outlook
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COMPETENCY
TRUSTWORTHY
TRANSPARENCY
COMPULSORY
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THANK YOU
Disclaimer: This document has been prepared in good faith and for general informational purposes only. Nothing herein contains investment, legal, tax and/or other advice andinvestors should seek independent professional advice before making any investment decision. While reasonable care has been taken to ensure that the sources of informationherein are reliable, no guarantee is provided to the accuracy or completeness of such information (and the same may not be independently verified or audited) and no liability isaccepted for any inaccuracyor omission.