Thông tư 39/2024/TT-BTC

CIRCULAR

ON TRAINING, REFRESHER TRAINING, CONTINUING PROFESSIONAL DEVELOPMENT IN VALUATION AND ISSUANCE OF CERTIFICATES OF VALUATION TRAINING

Pursuant to the Price Law dated June 19, 2023;

Pursuant to Decree No. 14/2023/ND-CP dated April 20, 2023 of the Government on functions, tasks, powers, and organizational structure of the Ministry of Finance;

At the request of the Director of the Price Management Department;

The Minister of Finance promulgates a Circular on training, refresher training, continuing professional development (CPD) in valuation and issuance of certificates of valuation training.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Circular provides for training, refresher training, CPD in valuation, and issuance of certificates of valuation training to valuers and state valuers.

Article 2. Regulated entities

This Circular applies to individuals who wish to take the examination to be granted a valuer card; holders of valuer cards; valuers; state valuers; providers of training, refresher training, CPD in valuation; valuation authorities; other agencies, organizations and individuals involved in training, refresher training, CPD in valuation (hereinafter referred to as training, refresher training, CPD).

Article 3. Principles of training, refresher training, CPD

1. The program, content, and duration of training, refresher training, CPD must be suitable for the trainees of corresponding classes in accordance with this Circular.

2. The content of training, refresher training, CPD must be regularly updated, improved in quality, and meeting the requirements of the trainees of corresponding classes.

3. The training, refresher training, CPD shall be delivered at a specific location. In case of an emergency, incident, disaster, natural disaster, epidemic or other necessary cases, the Ministry of Finance shall notify the switch of the training, refresher training, CPD to online mode.

4. The delivery of training, refresher training, CPD must comply with this Circular.

Article 4. Requirements for training, refresher training, CPD providers

The training, refresher training, CPD providers must fully meet the following requirements:

1. The team of lecturers participating in teaching in training, refresher training, CPD must fully meet the following standards:

a) Obtain a bachelor or post-graduate degree in a major appropriate to their teaching subjects;

b) Have at least 5 (five) years of work experience directly related to their teaching subjects;

c) Individuals who have participated in research or teaching related to the teaching topics at training institutions, or individuals who have held state management positions related to prices, valuation, or Vietnamese and foreign valuation experts, valuers with sufficient qualifications and professional prestige appropriate to the teaching subjects of the classes specified in this Circular.

2. The plans, contents, programs, materials for training, refresher training, CPD shall comply with Article 10, Article 11, Article 15, Article 16 and Article 20 of this Circular.

3. Have sufficient facilities for training, refresher training, CPD, including classrooms, desks, chairs, whiteboards, teaching materials, and other necessary equipment (self-owned or under contract). In case the training, refresher training, CPD is delivered in the online mode, the provider shall have sufficient facilities (self-owned or under contract) for the online mode.

Article 5. Rights and responsibilities of training, refresher training, CPD providers

1. Rights of training, refresher training, CPD providers

a) Enroll trainees and proactively deliver training, refresher training, CPD to the trainees specified in this Circular;

b) Receive service fees from trainees. The fees for training, refresher training, CPD shall be decided by the head of the training, refresher training, CPD provider. The collection, management, use, and settlement of service fees for training, refresher training, CPD are carried out in accordance with regulations of law in force;

c) Issue certificates of valuation training, certificates of state valuation refresher training and confirmation of completion of CPD in valuation in accordance with this Circular.

2. Responsibilities of training, refresher training, CPD providers

a) Comply with regulations on training, refresher training, CPD; administer exams to evaluate trainees’ performance, issue certificates of valuation training, certificates of state valuation refresher training, and confirmations of completion of CPD in valuation in accordance with this Circular;

b) Strictly comply with the reporting regulations as prescribed in this Circular;

c) Collect students' feedback on the class quality assessment form using the Form specified in Appendix I issued with this Circular;

d) Take full legal responsibility for the accuracy and legality of the results of training, retraining, and CPD, and certificates or confirmations they issued;

dd) Re-issue the certificate or confirmation of completion of CPD due to inaccuracy in trainee information or non-compliance with the certificate form of the Ministry of Finance, or in case of loss or damage at the trainee’s request;

e) Avoid issuing the certificate or confirmation of completion of CPD to individuals not included in the class list and individuals who have attended the class but fail to meet the class requirements as specified in this Circular;

g) Maintain full records related to the delivery of training, refresher training, CPD specified in Article 7 of this Circular;

h) Provide complete, accurate, and timely information, documents, and reports at the request of competent authorities on the delivery of training, refresher training, CPD;

i) Facilitate the inspections carried out by the Ministry of Finance in implementing the regulations in this Circular.

Article 6. Reporting regulations on training, refresher training, CPD

1. The training, refresher training, CPD provider shall make quarterly reports on their delivery of training, refresher training, CPD in valuation with the following contents:

a) Report name: Report on delivery of training, refresher training, CPD in valuation in first/second/third/fourth quarter;

b) Required documents in the report: Decision to open each training class; decision on recognition of learning outcomes for each training class; list of trainees who meet the requirements of each training class and are granted certificates or confirmations of completion of CPD using the form specified in Appendix II issued herewith; schedule of each training class with its content and program;

c) Reporting entities: Training, refresher training, CPD providers in valuation;

d) Receiving authority: Department of Price Management;

dd) Reports shall be sent and received in one of the following forms: sent directly to the receiving authority’s office; or sent via postal service; or via email to baocaotdg@mof.gov.vn (scanned copy); or through a specialized reporting information software system when this system is built and put into operation;

e) Deadline for sending reports:  No later than the last day of the first month of the quarter immediately following the reporting quarter;

g) Reporting frequency:  Quarterly;

h) Data cutoff date: Last day of the reporting quarter;

i) Report form:  specified in Appendix III issued with this Circular.

2. The training, refresher training, CPD provider shall make annual reports on their delivery of training, refresher training, CPD in valuation with the following contents:

a) Report name: Report on performance and directions for training, refresher training, CPD in the year;

b) Required information in the report: Delivery of training, refresher training, CPD in valuation in the reporting year;

c) Reporting entities: Training, refresher training, CPD providers in valuation;

d) Receiving authority: Department of Price Management;

dd) Reports shall be sent and received in one of the following forms: sent directly to the receiving authority’s office; or sent via postal service; or via email to baocaotdg@mof.gov.vn (scanned copy); or through a specialized reporting information software system when this system is built and put into operation;

e) Deadline for sending reports:  No later than January 31 of the year immediately following the reporting year;

g) Reporting frequency:  Annually;

h) Data cutoff date: Last day of the reporting year;

i) Report form:  specified in Appendix IV issued with this Circular.

3. The training, refresher training, CPD provider shall send ad-hoc reports upon request from competent authorities on their delivery of training, refresher training, CPD in valuation.

4. The training, refresher training, CPD provider shall bear responsibility for the accuracy and truthfulness of the reports specified in Clause 1, Clause 2 and Clause 3 of this Article.

Article 7. Maintenance of documentation on training, refresher training, CPD

1. Documentation on training, refresher training, CPD maintained at the Ministry of Finance includes:

a) Quarterly reports on delivery of training, refresher training, CPD in valuation sent by training, refresher training, CPD providers to the Ministry of Finance;

b) Annual reports on performance and directions of training, refresher training, CPD in valuation sent by training, refresher training, CPD providers to the Ministry of Finance;

c) Ad-hoc reports on delivery of training, refresher training, CPD in valuation sent by training, refresher training, CPD providers to the Ministry of Finance.

2. The following documents on training, refresher training, CPD must be maintained by the training, refresher training, CPD provider:

a) Documents specified in Article 6 of this Circular;

b) Exams taken by trainees in valuation training and state valuation refresher training;

c) Evaluation form for the quality of training, refresher training, CPD;

d) Other related documents (if any).

3. Documentation shall be maintained in either physical paper form or electronic format. The maintenance period is 10 (ten) years for training documentation and 5 (five) years for refresher training and CPD documentation. The head of the training, refresher training, CPD provider in valuation shall manage the maintenance, storage, and disposal of documentation in compliance with applicable archival laws.

Chapter II

VALUATION TRAINING

Article 8. Trainees

1. Individuals who wish to take the exam to be granted a valuer card.

2. Other individuals who wish to attend training classes in valuation.

Article 9. Training providers

Any entities that meet the requirements specified in Article 4 of this Circular are eligible to provide valuation training:

1. Higher education institutions that provide bachelor’s disciplines in valuation in accordance with education and training law.

2. Entities with the function of training, refresher training in valuation under the Ministry of Finance.

3. Professional associations of valuation.

Article 10. Delivery mode, content and training program in valuation

1. Valuation training class can be delivered in either a single continuous session or spread across multiple sessions, with a maximum duration of 3 months per class and the training class must provide sufficient time for teaching and learning, and adhere to the content and program requirements outlined in Clause 2 of this Article.

2. Training content and program:

a) Training class in asset valuation includes 5 topics: Laws applied in the field of valuation; Principles of market price formation and Basic principles of valuation; Real estate valuation; Valuation of personal property 1 (Valuation of machinery and equipment); Valuation of personal property 2 (Valuation of intangible assets and other personal property);

b) Training class in business valuation includes the topics specified in point a of this clause and 2 topics below: Corporate financial analysis; Business valuation;

c) The duration for a training class specified in Point a, Clause 2 of this Article is 116 hours, for a training class specified in Point b, Clause 2 of this Article is 160 hours, excluding duration for review and learning outcome assessment specified in Article 11 of this Circular;

d) Trainees who successfully complete the training class outlined in Point a, Clause 2 of this Article are eligible to enroll in additional classes to fulfill the program requirements specified in Point b, Clause 2 of this Article.

3. The maximum class size for valuation training is 150 trainees.

4. The training provider shall compile training documents on valuation according to the content of the training program framework specified in Appendix V issued with this Circular; and also update new content and regulations of the state related to the field of prices and valuation during the teaching process.

Article 11. Examination and assessment of trainees’ performance

1. At the end of the valuation training class, the training provider must administer an examination to evaluate the trainees’ performance.  The content of the examination must demonstrate basic knowledge of the topics in the curriculum:

a) For the training classes specified in Points a and b, Clause 2, Article 10 of this Circular, the assessment shall be conducted through two (2) written examinations; the general knowledge examination shall be 120 minutes long, and the professional knowledge examination shall be 150 minutes long;

b) For trainees as prescribed in Point d, Clause 2, Article 10 of this Circular, they must take 1 (one) 150-minute written examination for additional topics.

2. Examination scores are graded on a scale of 10 (ten).  A score below 5 points on the examination is considered failing.

3. Trainees who do not attend at least 80% of the required class time for each topic will not be allowed to take the examination for that topic and will be required to retake the missing topic.

4. In cases where a trainee is unable to attend the examination due to special reasons such as pregnancy, accident, or illness with a medical certificate from a hospital (hereinafter referred to as "special reasons"), the trainee must submit a request for postponement of the examination and obtain approval from the head of the training provider.

5. Trainees who have failed an examination or those who were unable to attend an examination due to special reasons as specified in Clause 4 of this Article are entitled to retake each examination once. The head of the training provider shall determine the schedule for retakes for these trainees, but the retake must be conducted within no more than 6 (six) months from the completion date of the training class.

Article 12. Certificate of valuation training

1. Trainees who obtain a score of 5 (five) or above on each examination are considered to have met the class requirements and will be granted a certificate of training in asset valuation or certificate of training in business valuation depending on the training program they have enrolled in.

Trainees who have been granted a certificate of training in asset valuation are allowed to take additional classes to complete the program specified in Clause b of Article 10(2) of this Circular to obtain a certificate of training in business valuation.

2. The head of the training provider (or a deputy assigned by the head of the training provider) shall sign and issue the certificate of valuation training. The certificate of valuation training shall follow the form in Appendix VI herewith and must bear the trainee's photo and seal.

3. The certificate of training in asset valuation is one of the prerequisites for registering to take the examination for the issuance of a valuer card in the field of asset valuation.  Certificate of training in business valuation is one of the prerequisites for registering to take the examination for the issuance of a valuer card in the field of asset valuation or for the issuance of a valuer card in the field of business valuation.

The certificate of valuation training is also a prerequisite for officials, public employees, workers under the management and employment of the council establishment entity to participate in valuation councils as stipulated in Article 60 of the Law on Prices.

4. In cases where a certificate is lost or damaged due to natural disasters, war, or other force majeure circumstances, the training provider shall review and make a decision on re-issuance. However, the re-issued certificate must clearly indicate that it is a re-issuance and the training provider shall bear legal responsibility for such re-issuance.

Chapter III

STATE VALUATION REFRESHER TRAINING

Article 13. Trainees

1. State valuers.

2. Other individuals in regulatory agencies and individuals who wish to receive state valuation refresher training.

Article 14. Refresher training providers

Entities with the function of training, refresher training in valuation under the Ministry of Finance that fully meet the requirements specified in Article 4 of this Circular may provide state valuation refresher training.

Article 15. Delivery mode, content and refresher training program in state valuation

1. The refresher training class in state valuation will be delivered in a single continuous session, with sufficient time for teaching and learning, and adhere to the content and program requirements outlined in Clause 2 of this Article.

2. The prescribed duration for a refresher training class is 40 hours, not including review time and examination to evaluate trainees’ performance specified in Article 16 of this Circular.

3. The maximum class size for state valuation refresher training is 150 trainees.

4. The refresher training provider in state valuation shall compile refresher training documents on state valuation according to the content of the refresher training program framework specified in Appendix V issued with this Circular; and also update new content and regulations of the state related to the field of prices and valuation (including state valuation) during the teaching process.

Article 16. Examination and assessment of trainees’ performance

1. At the end of the refresher training class in state valuation, the refresher training provider must administer an examination to evaluate trainees’ performance. The assessment shall be conducted through one (1) written examination (subjective test or objective test as decided by the head of the refresher training provider) for a maximum of 150 minutes for both general knowledge and professional knowledge. The content of the exam must demonstrate basic knowledge of the topics in the curriculum.

2. Examination scores are graded on a scale of 10 (ten).  A score below 5 points on the examination is considered failing.

3. Trainees who do not attend at least 80% of the required class time for each topic will not be allowed to take the examination for that topic and will be required to retake the missing topic.

4. In cases where a trainee is unable to attend the examination due to special reasons, the trainee must submit a request for postponement of the examination and obtain approval from the head of the refresher training provider.

5. Trainees who have failed an examination or those who were unable to attend an examination due to special reasons as specified in Clause 4 of this Article are entitled to retake each examination once. The head of the refresher training provider shall determine the schedule for retakes for these trainees, but the retake must be conducted within no more than 06 (six) months from the completion date of the refresher training class.

Article 17. Certificate of state valuation refresher training

1. Trainees who obtain a score of 5 (five) or above on the examination are considered to have met the class requirements and are eligible to receive a certificate of state valuation refresher training.

2. The head of the refresher training provider (or deputy assigned by the head of the refresher training provider) shall sign and issue the certificate of state valuation refresher training. The certificate of state valuation refresher training shall follow the form in Appendix VI herewith and must bear the trainee's photo and seal.

3. In cases where a certificate is lost, torn, burned, or damaged due to natural disasters, war, or other force majeure circumstances, the refresher training provider shall review and make a decision on re-issuance. However, the re-issued certificate must clearly indicate that it is a re-issuance and the training provider shall bear legal responsibility for such re-issuance.

4. Holders of certificates of state valuation refresher training are allowed to participate in the valuation council in accordance with Article 60 of the Price Law.

Members of the state valuation council are responsible for actively taking continuing professional development in valuation through their official duties and through at least one of the following methods:

a) Attend conferences to disseminate legal documents on valuation or training conferences on valuation held by the Ministry of Finance every year.  Minimum attendance duration: 1 conference/year;

b) Attend refresher training classes in valuation held annually by refresher training providers specified in Article 14 of this Circular.  Minimum attendance duration: 1 class/year.

Chapter IV

CONTINUING PROFESSIONAL DEVELOPMENT IN VALUATION

Article 18. Regulated entities of CPD

1. Valuers, except for those whose valuer cards’ validity period is less than 1 year until the practice registration time.

2. Other entities who wish to take CPD.

Article 19. CPD providers

1. Centers with the function of providing refresher training in valuation under the Ministry of Finance and the Professional Association of Valuation that meet the requirements for provide training, refresher training, CPD specified in Article 4 may provide CPD in valuation.

2. Before opening the first CPD class in valuation in the year, the provider specified in Clause 1 of this Article must send a relevant official dispatch to the Ministry of Finance.

Article 20. Delivery mode, content, documents and duration of CPD in valuation

1. The CPD class in valuation will be delivered in either a single continuous session, with sufficient time for teaching and learning, and adhere to the content and material requirements outlined in Clause 2 and clause 3 of this Article and the annual CPD orientation of the Ministry of Finance. The maximum class size for CPD is 150 trainees.

2. CPD content

a) Regulations on prices, valuation, and other laws related to Vietnamese and international valuation;

b) Valuation skills and experience, valuation situations and professional ethics;

c) Other knowledge and information related to valuation.

3. CPD materials are compiled by the CPD provider and must contain basic contents as prescribed in Clause 2 of this Article.  The CPD provider shall regularly update new contents and regulations of the state related to the field of price and valuation during the teaching process.

4. The minimum annual CPD duration is 20 hours/year for the field of asset valuation and 24 hours/year for the field of business valuation.  If a trainee has attended a CPD class but has not yet met the required number of CPD hours, they must attend additional CPD classes offered by the same CPD provider to fulfill the required number of hours. However, the maximum number of additional classes per year is two (2).

Article 21. Confirmation of completion of CPD in valuation

1. Trainees who have attended the full number of CPD hours as prescribed in Clause 4, Article 20 of this Circular are certified to have completed CPD in valuation in the field of asset valuation or business valuation.

The head of the CPD provider (or deputy assigned by the head of the CPD provider) shall sign and issue confirmation of completion of CPD in valuation.

2. Confirmation of completion of CPD in valuation specified in Clause 1 of this Article is one of the conditions for valuers to register to practice valuation in the field of asset valuation or business valuation. This registration period extends from the date of receiving the certificate of completion of CPD in valuation to December 31st of the following year.

3. In case a practicing valuer attends the ASEAN Valuers Association (AVA) conference, the certificate of conference attendance may replace the confirmation of completion of CPD in valuation when registering to practice valuation.

Chapter V

IMPLEMENTATION

Article 22. Responsibilities of the Ministry of Finance in managing training, refresher training, CPD in valuation

1. Receive, aggregate data, reports from training, refresher training, CPD providers.

2. Announce content orientation for CPD in valuation for the preceding year before December 31 every year.

3. On periodic or ad-hoc basis, the Ministry of Finance (Department of Price Management) shall inspect the operations of the training, refresher training, CPD providers; take actions against any violations against the law.

Article 23. Transitional provisions

1. Certificates of training, refresher training in valuation issued in accordance with Decision No. 87/2008/QD-BTC dated October 22, 2008 of the Minister of Finance are recognized as certificates of training in business valuation in accordance with this Circular.

2. Certificate of valuation training, certificate of refresher training in valuation issued in accordance with Circular No. 204/2014/TT-BTC dated December 23, 2014 of the Minister of Finance and Circular No. 11/2019/TT-BTC dated February 20, 2019 of the Minister of Finance are recognized as certificates of business valuation training and certificates of state valuation refresher training in accordance with this Circular.

3. Training and refresher training classes in valuation that were approved and scheduled to commence before the effective date of this Circular will be allowed to continue as planned, and trainees will be issued with training certificates, refresher training certificates upon successful completion as prescribed in Circular No. 204/2014/TT-BTC dated December 23, 2014 of the Minister of Finance and Circular No. 11/2019/TT-BTC dated February 20, 2019 of the Minister of Finance.

Article 24. Entry in force

1. This Circular comes into force as of July 1, 2024.

2. Circular No. 204/2014/TT-BTC dated December 23, 2014 of the Minister of Finance and Circular No. 11/2019/TT-BTC dated February 20, 2019 of the Minister of Finance cease to be effective from the effective date of this Circular.

3. Difficulties that arise during the implementation of this Circular should be reported to the Ministry of Finance for consideration./.