Annual Valuation Workshop 2023: "Developing high-quality human resources in valuation and asset management in Vietnam"

On December 9, 2023, the Annual Valuation Workshop 2023 organized by the Valuation Department of the UEH College of Economics, Law and Government (UEH-CELG) in collaboration with the Institute of Regional Development Research Consulting (IRDRC) on December 9, 2023, attracted leading experts in the field, lecturers, presidents, general directors, and appraisers at valuation, auditing, and accounting companies, investment funds, and banks.

In recent times, the Ministry of Finance has presided over the drafting, consulting, editing, and completion of the draft Price Law. On June 19, 2023, the Price Law was officially approved by the 15^thNational Assembly of the Socialist Republic of Vietnam, 5^th session. Notably, this Pricing Law has added many stricter regulations for the activities of price appraisers listed as specializing professional activities according to property and clearly regulating capacity requirements and responsibilities of the appraiser. These new regulations pose a major problem in training, fostering, and improving the professional qualifications and ethics of human resources to improve the quality of valuation activities in Vietnam. Grasping the essential needs of the market, the annual Valuation Workshop 2023 with the theme “Developing high-quality human resources in valuation and asset management in Vietnam” attracted attention from many participants in the field of valuation and asset management.

Attending the workshop, on the guest side, were Ms. Phan Thi Chau - Vice President of the Vietnam Invention Association; Ms. Pham Thi Binh - Former Deputy Director of the Government Pricing Committee; Dr. Nguyen Hoang Bao - Head of Department of Planning - Investment - Development; Ms. Ho Thi Kim Oanh Director of Valuation and Consulting Department CBRE Vietnam; Ms. Pham Thi Kieu Nga - Human Resources Director CBRE Vietnam; Ms. Nguyen Thi My Linh - Director of HCMC Valuation, DTCL Cushman & Wakefield Vietnam; Mr. Trinh Hong Thinh - Chairman and Director of Phuong Nam Consulting and Valuation Company Limited; Lawyer Pham Thanh Duong - CEO of DCF; Mr. Mai Xuan Khoa - Director of Southern Business Appraisal - Hoang Quan Appraisal Company Limited; Ms. Cao Le Tuong Van - Avision Young Company; Mr. Ha Quang Lam - Director of Viet Nhat Investment and Valuation Joint Stock Company; Mr. Dinh Duc Anh - Deputy Director of Dong Tien Valuation Company; and Mr. Le Cong Cuong - Deputy General Director of Dong Nai Valuation Joint Stock Company.

On the side of the UEH College of Economics, Law and Government, there was the presence of Dr. Nguyen Quynh Hoa - Head of the Valuation Department; Dr. Hay Sinh - Former Head of the Valuation Department; Ms. Huynh Kieu Tien - Director of Valuation and Asset Management Program, Deputy Head of Valuation Department; Dr. Nguyen Kim Duc - Deputy Director of the Institute for Regional Development Research and Consulting (IRDRC), price appraiser; Dr. Nguyen Thi Tuyet Nhung and Ms. Tran Bich Van, Lecturers of Appraisal.

Overview of the workshop

Dr. Nguyen Quynh Hoa - Head of the Valuation Department - delivering the opening speech at the workshop

Opening the workshop, Ms. Huynh Kieu Tien - Director of the Valuation and Asset Management program, Deputy Head of the Valuation Department, presented the quality of human resource training for Valuation at UEH. She also, on behalf of the Valuation Department, sent sincere and profound thanks to the valuation businesses forfacilitating specialized students to practically experience, learn, and share at businesses. Through the workshop, the Department also hoped to receive feedback from units to adjust and supplement subjects to help students meet the expectations and requirements of businesses.

Ms. Huynh Kieu Tien - Director of the Valuation and Asset Management Program, Deputy Head of the Valuation Department - presenting at the seminar

Following presentation 1, presentation 2 was presented by speakers from international organizations with the participation of Ms. Pham Thi Kieu Nga - Human Resources Director of CBRE Vietnam, and Ms. Ho Thi Kim Oanh - Director of CBRE Vietnam Valuation and Consulting Department.

Ms. Pham Thi Kieu Nga - Human Resources Director of CBRE Vietnam shared one long-standing problem in the market: trained human resources do not immediately meet the needs of businesses although the current training programs at universities have been improved and innovated a lot. CBRE Vietnam stated that businesses also accompanied institutions, facilitating students to learn and experience through business visits, organizing seminars, and aiming to train the young generation to become high-quality human resources and future talents of the country.

Ms. Pham Thi Kieu Nga - Human Resources Director of CBRE Vietnam, presented at the workshop

Ms. Ho Thi Kim Oanh - Director of CBRE Vietnam Valuation and Consulting Department - also contributed opinions on the issue of building a succession team along with building risk prevention mechanisms for businesses and organizations. With the current volatile and risky market context, she believed that unit leaders and each appraiser need to be wise in identifying risks when performing professional tasks. At the same time, appraisers need to cultivate more international standard knowledge and experiences to be able to flexibly apply to the valuation market in Vietnam.

Ms. Ho Thi Kim Oanh - Director of Valuation and Consulting - CBRE Vietnam, presenting at the workshop

Part 2 opened with a general discussion that took place very enthusiastically and interestingly with practical sharing from leading experts in the field of valuation in Vietnam, under the guidance of Dr. Nguyen Thi Tuyet Nhung, Lecturer of Appraisal. The first content discussed was assessing the current state of human resources. The guests shared very openly about issues related to the current state of human resources, current challenges and directions for high quality human resource development for valuation in Vietnam in the future.

Dr. Nguyen Thi Tuyet Nhung - Valuation lecturer moderated the workshop

In the framework of the general discussion, Appraiser Trinh Hong Thinh - Chairman and Director of Phuong Nam Valuation and Consulting Co., Ltd., shared an overview of the current state of human resources as well as current risks for valuation. Next, specialist Pham Thi Binh - Former Deputy Director of the Government Pricing Department, Chairman of Royal Appraisal Joint Stock Company added a number of risks related to the legality of assets. Finally, Dr. Hay Sinh - Former Head of the Valuation Department shared the process of forming and training a team of high-quality human resources in valuation at UEH.

Appraiser Trinh Hong Thinh - Chairman and Director of Phuong Nam Consulting and Valuation Co., Ltd., contributed opinions at the workshop

Specialist Pham Thi Binh - Former Deputy Director of the Government Pricing Committee, Chairman of Royal Appraisal Joint Stock Company, contributed opinions at the workshop

Dr. Hay Sinh - Former Head of the Valuation Department, contributed ideas at the workshop

In the context of the development of the digital economy, intangible assets, including intellectual property, make an increasingly important contribution to the economy in general and businesses in particular. Specifically, progress and rapid changes in science and technology create a variety of intellectual property with extremely great value. However, according to data from the Ministry of Finance, as of January 1, 2023, although the whole country had 1,491 price appraisers licensed to practice, very few have the expertise and experience to appraise this kind of assets. Regarding this issue, Ms. Phan Thi Chau - Vice President of the Vietnam Patent Association, had practical sharing about the requirements for human resources in the field of intellectual property management. She also emphasized that the need for human resources in asset management is expected to increase in the near future.

Ms. Phan Thi Chau - Vice President of the Vietnam Invention Association - commenting at the workshop

In addition, the guests raised their views on the development trend of artificial intelligence, which is increasingly creating many tools for mass valuation, leading to the fluctuations in the need for human resources in the market. Appraiser Pham Thanh Duong - CEO of DCF company, shared information related to "mass valuation". He said that in that context, high-quality human resources who know how to integrate big data sources for the valuation process, are of urgent need, requiring universities and the laborers themselves to constantly update new knowledge and trends to be able to meet the requirements of the market.

Appraiser Pham Thanh Duong - CEO of DCF Company contributed ideas at the workshop

Ms. Nguyen Thi My Linh - Director of HCMC Valuation, DTCL Cushman & Wakefield Vietnam contributed opinions at the workshop

Dr. Nguyen Hoang Bao - Head of Department of Planning - Investment - Development contributed opinions at the workshop

Also within the framework of the conference, Dr. Nguyen Kim Duc - Deputy Director of the Institute for Regional Development Research and Consulting (IRDRC), a practicing price appraiser, informed the delegates about the main trends of the valuation profession in the new context, excerpted from the ASEAN Price Appraisers Conference held in Malaysia in September 2023, where he was a guest speaker. Accordingly, in addition to paying attention to valuation models at the micro level, appraisers need to pay attention to issues at the macro level. Especially in the context that countries, including Vietnam, are concerned about sustainable development (with 17 SDGs) and new growth models (i.e., those based on green economy, circular economy, science - technology - innovation, etc.). In the past, macro content was often not important in valuation reports, now businesses (customers) have begun to pay attention and operate in their management strategies. This leads to new needs in asset valuation, listed as appraisal of ESG real estate. The challenges for valuation in the upcoming time are (i) new types of assets, or existing types of assets that incorporate sustainable elements; (ii) new valuation models; and (iii) training a force of appraisers with high professional judgment ability.

Dr. Nguyen Kim Duc - Deputy Director of Institute for Regional Development Research and Consulting (IRDRC), Practicing Price Appraiser, contributing opinions at the workshop

Mr. Mai Xuan Khoa - Director of Southern Business Appraisal of Hoang Quan Appraisal Co., Ltd. contributing opinions at the workshop

Dr. Nguyen Quynh Hoa - Head of Valuation Department - delivered the closing speech of the workshop

Delegates and speakers took some photos at the workshop

Valuation Workshop is an annual event taking place for the first time in 2019 marked a 5-year journey in 2023 as it attracted the attention of scholars, researchers, leaders of organizations with price appraisal functions, and practicing price appraisers. The Annual Valuation Workshop 2023 with the theme "Developing high-quality human resources in valuation and asset management in Vietnam" took place successfully, raising many issues for valuation activities in Vietnam to be more and more effective in the upcoming period.

Additional images of the workshop: