Circular 39/2024/TT-BTC training, retraining, updating of knowledge, and issuance of certificates of professional valuation training

CIRCULAR

On training, retraining, updating of knowledge, and issuance of certificates of professional valuation training

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Pursuant to Law on Price dated June 19, 2023;

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

At the proposal of the Director General of the Department of Price Management;

The Minister of Finance promulgates the Circular on training, retraining, updating of knowledge, and issuance of certificates of professional valuation training.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular prescribes training, retraining, updating of knowledge, and issuance of certificates of professional valuation training to valuers and persons engaged in the State’s valuation work.

Article 2. Subjects of application

This Circular applies to persons who wish to take the exam to be granted a card of valuer; holders of valuer cards; valuers; the persons engaged in the State’s valuation work; providers of training, retraining, updating of knowledge of valuation; state management agencies in charge of valuation; other agencies, organizations and individuals involved in training, retraining, updating of knowledge of valuation (hereinafter referred to as training, retraining, updating of knowledge).

Article 3. Principles of training, retraining, updating of knowledge

1. The program, content and duration of training, retraining, updating of knowledge must be suitable for participants in training, retraining, updating of knowledge as prescribed in this Circular.

2. The content of training, retraining, updating of knowledge must ensure that it is regularly updated, improve quality, and meet the requirements of participants in courses of training, retraining, updating of knowledge.

3. The training, retraining, updating of knowledge are organized in centralized courses. In case of emergency, incident, disaster, natural disaster, epidemic or other necessary cases, the Ministry of Finance shall notify the switch of training, retraining, updating of knowledge to online mode.

4. The organization of training, retraining, updating of knowledge must comply with the provisions of this Circular.

Article 4. Requirements for providers of training, retraining, updating of knowledge

The providers of training, retraining, updating of knowledge must fully meet the following requirements:

1. The team of lecturers participating in teaching in training, retraining, updating of knowledge must fully meet the following standards:

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

b) Having 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 subjects at training institutions, or individuals who have held state management positions related to prices, valuation, or domestic and foreign valuation experts, valuers with sufficient qualifications and professional prestige appropriate to the teaching subjects of the course specified in this Circular.

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

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

Article 5. Rights and responsibilities of providers of training, retraining, updating of knowledge

1. Rights of providers of training, retraining, updating of knowledge

a) Enrolling students and proactively deliver training, retraining, updating of knowledge to the subjects specified in this Circular;

b) Receiving service fees from students. The fees for training, retraining, updating of knowledge shall be decided by the head of the provider of training, retraining, updating of knowledge. The collection, management, use, and settlement of service fees for training, retraining, updating of knowledge are carried out in accordance with provisions of law;

c) Issuing Certificates of professional valuation training, Certificates of professional training in valuation by the State and certification of completion of updating professional valuation knowledge as prescribed in this Circular.

2. Responsibilities of providers of training, retraining, updating of knowledge

a) Complying with regulations on training, retraining, updating of knowledge; examining evaluating students’ performance, issuing Certificates of professional valuation training, Certificates of professional training in valuation by the State and certification of completion of updating professional valuation knowledge in accordance with this Circular;

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

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

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

dd) Re-issuing the certificate or confirmation of completion of updating professional valuation knowledge due to inaccuracy in student’s information or non-compliance with the certificate form of the Ministry of Finance, or in case of loss or damage at the student’s request;

e) Avoid issuing the certificate or confirmation of completion of updating professional valuation knowledge to individuals not named in the class’ list and individuals who have attended the class but fail to meet the class requirements as specified in this Circular;

g) Maintaining full records related to the delivery of training, retraining, updating of knowledge specified in Article 7 of this Circular;

h) Providing complete, accurate, and timely information, documents, and reports at the request of competent authorities on the delivery of training, retraining, updating of knowledge;

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

Article 6. Reporting regulations on training, retraining, updating of knowledge

1. The providers of training, retraining, updating of knowledge shall make quarterly reports on their delivery of training, retraining, updating of knowledge, with the following contents:

a) Report title: Report on delivery of training, retraining, updating of knowledge, in first/second/third/fourth quarter;

b) Required contents of the report: Decision to open each class; Decision on recognizing satisfaction result for each class; The list of students who meet the requirements of each class and are granted certificates or confirmations of completion of updating professional valuation knowledge according to the form specified in Appendix II promulgated together with this Circular; The class schedule of each class with its content and program;

c) Reporting subjects: Providers of training, retraining, updating of knowledge in valuation;

d) Recipient: 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 [email protected] (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 promulgated together with this Circular.

2. The provider of training, retraining, updating of knowledge shall make annual reports on their delivery of training, retraining, updating of knowledge, with the following contents:

a) Report title: Report on performance and directions for training, retraining, updating of knowledge in the year;

b) Required contents of the report: Delivery of training, retraining, updating of knowledge, in the reporting year;

c) Reporting subjects: Providers of training, retraining, updating of knowledge in valuation;

d) Recipient: 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 [email protected] (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 promulgated together with this Circular.

3. The provider of training, retraining, updating of knowledge shall send ad-hoc reports upon request from competent authorities on their delivery of training, retraining, updating of knowledge.

4. The provider of training, retraining, updating of knowledge 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, retraining, updating of knowledge

1. Documentation on training, retraining, updating of knowledge maintained at the Ministry of Finance includes:

a) Quarterly reports on delivery of training, retraining, updating of knowledge, sent by providers of training, retraining, updating of knowledge to the Ministry of Finance;

b) Annual reports on performance and directions of training, retraining, updating of knowledge, sent by providers of training, retraining, updating of knowledge to the Ministry of Finance;

c) Ad-hoc reports on delivery of training, retraining, updating of knowledge, sent by providers of training, retraining, updating of knowledge to the Ministry of Finance.

2. The following documents on training, retraining, updating of knowledge must be maintained by the provider of training, retraining, updating of knowledge:

a) Documents specified in Article 6 of this Circular;

b) Exams taken by students in valuation training and valuation retraining by the State;

c) Evaluation form for the quality of training, retraining, updating of knowledge;

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 Retraining and continuing professional development documentation. The head of the provider of training, retraining, updating of knowledge in valuation shall manage the maintenance, storage, and disposal of documentation in compliance with applicable archival laws.

Chapter II

PROFESSIONAL TRAINING IN PRICE APPRAISAL OPERATIONS

Article 8. Training subjects

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

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

Article 9. Training providers

Any units 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. Units with the function of training, retraining in valuation under the Ministry of Finance.

3. Professional associations of valuation.

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

1. A professional training class in valuation shall be organized in either a single continuous session or spread across multiple sessions, with a maximum duration of 3 (three) 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) The professional training class on asset valuation includes 05 subjects: Law applied in the field of valuation; Principles of market price formation and Basic principles of valuation; Real estate valuation; Valuation of movable property prices 1 (Valuation of prices of machinery and equipment); Valuation of movable property prices 2 (Valuation of prices of intangible assets and other movable assets);

b) The training course on enterprise valuation includes the subjects specified at Point a of this Clause and 02 subjects: Corporate financial analysis; Enterprise Valuation;

c) The duration for a training class specified at Point a, Clause 2 of this Article is 116 hours, the training class specified at Point b, Clause 2 of this Article is 160 hours, excluding the time for reviewing and examining and evaluating learning results specified in Article 11 of this Circular;

d) Students who have achieved satisfactory results of the training class specified at Point a, Clause 2 of this Article are allowed to take additional classes to complete the program of the training class specified at Point b, Clause 2 of this Article.

3. The number of students in a training class in valuation must not exceed 150.

4. The training provider shall compile training documents on valuation according to the content of the training program framework specified in Appendix V promulgated together 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 students’ performance

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

a) For the training classes specified at 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 students as prescribed at Point d, Clause 2, Article 10 of this Circular, they must take 1 (one) 150-minute written examination for additional subjects.

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

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

4. In cases where a student 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 student must submit a request for postponing the examination and obtain approval from the head of the training provider.

5. Students who have failed examination or those who were unable to attend 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 students, 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 professional valuation training

1. Students 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 professional valuation training or certificate of enterprise valuation training depending on the training program they have enrolled in.

Students who have been granted certificates of professional valuation training are allowed to take additional courses to complete the program of the training class specified at Point b, Clause 2, Article 10 of this Circular to be granted a certificate of enterprise valuation training.

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 professional valuation training. The certificate of professional valuation training shall follow the form in Appendix VI herewith and must bear the student's photo and provider’s seal.

3. The certificate of asset valuation training 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 enterprise 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 enterprise valuation.

The certificate of professional valuation training is also a condition for cadres, civil servants, public employees and employees under the management and use competence of the founder of the valuation council to participate in the valuation council according to the provisions of Article 60 of the Price Law.

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 decision on re-issuance. However, the re-issued certificate must clearly indicate that it is a re-issued one and the training provider shall bear legal responsibility for such re-issuance.

Chapter III

VALUATION RETRAINING BY THE STATE

Article 13. Retraining subjects

1. Person engaged in the State’s valuation work.

2. Other individuals in regulatory agencies and individuals who wish to receive valuation retraining by the State.

Article 14. Retraining providers

Units with the function of training, retraining in valuation under the Ministry of Finance that fully meet the requirements specified in Article 4 of this Circular may provide valuation retraining by the State.

Article 15. Delivery mode, content and program of valuation retraining by the State

1. State valuation training classes shall be held in a single continuous session, with sufficient time for teaching and learning, and adhere to the content and program requirements as prescribed in Clause 2 of this Article.

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

3. A state valuation retraining class shall not exceed 150 students.

4. The state valuation retraining provider shall compile state valuation retraining documents according to the content of the Retraining program framework specified in Appendix V promulgated together 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 students’ performance

1. At the end of the State valuation retraining class, the Retraining provider must administer an examination to evaluate students’ performance. The assessment shall be conducted through one (1) written examination (written essay or multiple choices as decided by the head of the Retraining 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 subjects in the course.

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

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

4. In cases where a student is unable to attend the examination due to special reasons, the student must submit a request for postponing the examination and obtain approval from the head of the Retraining provider.

5. Students who have failed 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 Retraining provider shall determine the schedule for retakes for these students, but the retake must be conducted within no more than 06 (six) months from the completion date of the Retraining class.

Article 17. Certificate of valuation retraining by the State

1. Students 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 valuation retraining.

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

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

4. Holders of certificates of valuation retraining by the State are allowed to participate in the valuation council in accordance with Article 60 of the Law on Price.

Members of the state valuation council are responsible for actively updating professional knowledge 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: 1 conference/year;

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

Chapter IV

UPDATING PROFESSIONAL VALUATION KNOWLEDGE

Article 18. Entities subject to knowledge updating

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

2. Other subjects who wish to update professional knowledge.

Article 19. Updating professional knowledge providers

1. Providers with the function of providing retraining in valuation under the Ministry of Finance and the Professional Association of Valuation that meet the requirements for provide training, retraining, updating of knowledge specified in Article 4 may provide updating professional valuation knowledge.

2. Before opening the first updating professional valuation knowledge class 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 updating professional valuation knowledge

1. The updating professional valuation knowledge class 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 updating professional valuation knowledge orientation of the Ministry of Finance. The maximum class size for updating professional valuation knowledge is 150 students.

2. Updating professional valuation knowledge 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. Updating professional valuation knowledge materials are compiled by the updating professional valuation knowledge provider and must contain basic contents as prescribed in Clause 2 of this Article. The updating professional valuation knowledge providers 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 updating professional valuation knowledge duration is 20 hours/year for the field of asset valuation and 24 hours/year for the field of enterprise valuation. If a student has attended an updating professional valuation knowledge class but has not yet met the required number of hours, they must attend additional updating professional valuation knowledge classes offered by the same updating professional valuation knowledge provider to fulfill the required number of hours. However, the maximum number of additional is two (2) classes per year.

Article 21. Confirmation of completion of updating professional valuation knowledge

1. Students who have attended the full number of updating professional valuation knowledge hours as prescribed in Clause 4, Article 20 of this Circular are certified to have completed updating professional valuation knowledge in the field of asset valuation or enterprise valuation.

The head of the updating professional valuation knowledge provider (or deputy assigned by the head of the updating professional valuation knowledge provider) shall sign and issue confirmation of completion of updating professional valuation knowledge.

2. Confirmation of completion of updating professional valuation knowledge 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 enterprise valuation. This registration period extends from the date of receiving the certificate of completion of updating professional valuation knowledge to December 31 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 updating professional valuation knowledge when registering to practice valuation.

Chapter V

IMPLEMENTATION ORGANIZATION

Article 22. Responsibilities of the Ministry of Finance in managing training, retraining, updating professional valuation knowledge

1. Receiving aggregating data, reports from training, retraining, updating professional valuation knowledge providers.

2. Announcing content orientation for updating professional valuation knowledge 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, retraining, updating professional valuation knowledge providers; take actions against any violations against the law.

Article 23. Transitional provisions

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

2. Certificate of professional valuation training, certificate of retraining in valuation issued in accordance with the Minister of Finance’s Circular No. 204/2014/TT-BTC dated December 23, 2014 on training, retraining in valuation and the Minister of Finance’s Circular No. 11/2019/TT-BTC dated February 20, 2019, amending and supplementing a number of articles of Circular No. 204/2014/TT-BTC, are recognized as certificates of enterprise valuation training and certificates of valuation retraining by the State in accordance with this Circular.

3. Training and retraining courses on valuation for which the decision to open classes before the effective date of this Circular shall continue to be provided with training and retraining and granted training certificates and retraining certificates according to the provisions of the Minister of Finance’s Circular No. 204/2014/TT-BTC dated December 23, 2014, on training, retraining in valuation and the Minister of Finance’s Circular No. 11/2019/TT-BTC dated February 20, 2019, amending and supplementing a number of articles of Circular No. 204/2014/TT-BTC.

Article 24. Effect

1. This Circular takes effect from July 1, 2024.

2. The Minister of Finance’s Circular No. 204/2014/TT-BTC dated December 23, 2014 on training, retraining in valuation and the Minister of Finance’s Circular No. 11/2019/TT-BTC dated February 20, 2019 amending and supplementing a number of articles of Circular No. 204/2014/TT-BTC on training, retraining in valuation shall cease to be effective from the effective date of this Circular.

3. In the course of implementation, if there are any difficulties or matters, it is proposed to promptly report them to the Ministry of Finance for appropriate study, amendment and supplementation./.