Pursuant to the Law on Prices No. 11/2012,

-Price appraisal means determination of value in money of types of properties by agencies, organizations having function of price appraisal as prescribed in the Civil Code that is suitable with market price at a point of time, a certain location, for a certain purpose according to standard of price appraisal.

– Report of price-appraising result means document made by price-appraising enterprise in which shall state clearly process of price appraisal, price-appraising result and opinion of price-appraising enterprise regarding to value of appraised property for customers and relevant parties to have basis and use for purposes being written in the contract of price appraisal.

-Certificate of price appraisal means document made by price-appraising enterprise to inform to customers and relevant parties of basic contents of Report of price-appraising result.

Pursuant to Article 30, Law on Prices No. 11/2012, the process of asset price appraisal include:

1. Defining on assets for price appraisal in general and defining the market or non-market price making as bases for price appraisal.

2. Making plan on price appraisal.

3. Surveying reality, collecting information.

4. Analyzing information.

5. Defining value of asset being appraised price.

6. Making report on result of price appraisal, price-appraising certificate and sending to customers, relevant parties.

Assets subject to price appraisal are assets of organizations, individuals having demand on price appraisal, which belong to one of the following categories:


Real estate include:

  • Land
  • Housing
  • Architecture
  • Infrastructure

Purposes of real estate’s price appraisal:

  • Transfer and sale of real estate
  • Bank loan
  • Tax calculation, foundation for accounting
  • Evidence for financial capacity
  • Investing, contributing business capital

Appraised properties include:

  • Machines, equipment, machine and equipment chain
  • Inventories, ingredient, materials
  • Transportation

Purposes of price appraisal:

  • Sale and transfer
  • Collaterals for bank loan
  • Assets for investment, capital contribution
  • Accounting and tax calculation
  • Financial capacity proofing in business transactions

The subjects of business valuation are:

  • Valuation for public companies
  • Valuation for limited liability companies
  • Valuation for private enterprises.

Purposes of business valuation:

  • Business shares
  • Share issuance
  • Joint venture and cooperation
  • Business transfer
  • Collaterals and securities at banks


  • We are a compliant entity who are certified to be eligible for providing valuation services.
  • We have a team of credible and experienced experts
  • The subjects and clients of our valuation services are diverse.
  • Our working process is logical and complying with the progress pace as guaranteed
  • Sufficient information and foundation for valuation, reasonable service fees


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Prices of price appraisal services are stipulated at Clause 1, Article 11, Decree 89/2013/NĐ-CP, amended and supplemented at Clause 4, Article 1, Decree 12/2021/NĐ-CP as follows:

The prices for price appraisal services shall be set under the agreement between the price appraisal enterprise and its customer according to Clauses 2 and 3 of this Article on the principle of ensuring that the actual reasonable production and business costs are offset and profit is earned in line with the market prices, and shall be specified in the price appraisal contract; in the case where the bidding for price appraisal services is governed by the Law on Bidding, regulations of law on biding shall be complied with.

Grounds to determine prices of price appraisal services:

a) Content, volume and nature of work and time to perform appraisal of prices;

b) The actual and reasonable business expenses corresponding to the service quality including: Salaries, expenses arising in the course of survey, collection, analyzing and handling of information; financial expenses, sale expenses, expenses for enterprise administration and other expenses as prescribed by law;

c) Expenses for buying professional liability insurance or expenses for setting up of the professional risk reserve fund;

d) Tentative profit (if any) to ensure that prices of price appraisal services are suitable with the level of similar price appraisal services on the market;

e) Financial obligations as prescribed by law.

According to the laws, the price appraisal enterprises may promulgate and perform the listing of price tariff of their price appraisal services as prescribed in Clause 6 Article 4, Clause 5 Article 12 of the Price Law by form of the price level of lump-sum service, at the percentage (%) of value of assets or value of projects that need be appraised price and other forms as decided by enterprises in conformity with provisions of law.

From 21/02/2014, all valuation cases of intangible assets have to comply with the regulations stated in the Valuation Standard No. 13, symbolized TĐGVN 13.

According to this standard, there are 3 approaches in valuation of intangible assets: market approach, cost approach and income approach.

Each approach shall have different method of valuation.

In addition, the estimation of remaining economic life should be taken into consideration, this element will be applied in all approaches of valuation.

Whether what approach should be chosen and implemented depends on various factors and is specifically instructed in Circular 06/2014/TT-BTC.

Circular 28/2021/TT-BTC as of 27/4/2021 promulgated by the Ministry of Finance specifies the approaches and methods of business valuation.

Accordingly, the approaches in business valuation include market approach, cost approach and income approach.

Valued enterprise needs to choose the approach, method of valuation based on the portfolio, documents provided and self-collected information to value the enterprise.

– In the market approach, the business value shall be determined through value of a company similar or identical to the subject company in terms of following factors: primary lines of the business; clients and consumption market; financial ratios or successful transaction prices of the subject company. In the market approach, average ratio and trading price methods shall apply to calculate the business value.

– In the cost approach, the business value shall be calculated through value of business assets. The cost approach shall be applied.

– In the income approach, the business value shall be calculated through conversion of net premium income flow to be earned in the future to the current value. Methods to be used in income approach are free cash flow to firm (FCFF), dividend discount model (DDM) and free cash flow to equity (FCFE).

When valuing a business using income approach, the value of non-operating assets at the valuation time needs to be included to the value of discounted cash flow of operating assets at the valuation time. With regard to discounted dividend, the non-operating assets being cash and cash equivalents shall not be included.

In case the cash flow of some operating assets cannot be predicted accurately, valuers may not predict the cash flow of these operating assets and separately determine the value of these operating assets to add into business’ value. With regard to discounted dividend, the non-operating assets being cash and cash equivalents shall not be included.

Pursuant to Clause 3, Article 32, Law on Prices about valuation result, validity term of valuation certificates is stated as follows:

“3. Result of price appraisal is used only in the effect period being written in report of price-appraising result and price-appraising certificate.”

Pursuant to Clause 7, section II of valuation standards (symbol: TĐGVN 05), promulgated along with Circular 28/2015/TT-BTC as of 06/3/2015 by the Ministry of Finance, the validity term of valuation certificates is stipulated as follows:

“The validity term of the valuation result is determined on the basis of legal, economic and technical characteristic of to-be-valued assets; any change to the legislation and market concerning such asset and the valuation objective but does not exceed 6 (six) months from the date on which the validation certificate begins its validity”.


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