Any equitized enterprise owning total assets of VND 30 billion or more or a state capital of VND 10 billion or more recorded in accounting books or located in an advantageous geographical area is required by finance authorities to hire an appraisal organization to determine its asset value.
According to Ministry of Finance Decision No. 100/2007/QD-BTC of December 6, 2007, promulgating the Regulation on selection and supervision of appraisal organizations, any domestic organization wishing to provide enterprise appraisal services must have a professional working process of enterprise valuation compliant with current regulations on transformation of enterprises with 100% state capital into joint-stock companies, and have provided services in such domains as price appraisal, auditing, accounting, financial consultancy, consultancy on enterprise transformation to at least 10 clients per year for at least the past two years.
Appraisal organizations that are not yet licensed by the Finance Ministry, have internal relations with to-be-valuated enterprises, or are providing or provided in the last year services of auditing, taking accounting book entries or making financial statements for to-be-valuated enterprises are not allowed to provide business appraisal services.-