Divestment should business asset appraisal

To determine the enterprise value for equitization and divestment of state capital in state-owned enterprises, according to Circular No. 122/2017 / TT-BTC dated November 15, 2017 and other relevant standards Recently, the Ministry of Finance has issued guiding documents.

Recently, there have been many changes in regulations related to selling state capital. Based on a number of recently issued legal documents such as: Decree No. 147/2017 / ND-CP of the Government amending Decree No. 151/2013 / ND-CP on functions, tasks and SCICs operating regulations and Decree No. 148/2017 / ND-CP of the Government on the Charter of SCICs organization and operation dated December 25, 2017.

In addition, Decree No. 32/2018 / ND-CP, practical requirements on the calculation of the value of land use rights and intellectual property rights when selling SCICs shares in enterprises as well as review and evaluation. State-of-the-art international practices in similar operations set out for the amendment of the SCICs Corporate Share Sale Regulations.
One of the important amendments to Decree 32/2018 / ND-CP is on the principle of transferring state capital and capital of state-owned enterprises in other enterprises.

In which, a series of principles are outlined such as: capital transfer must comply with the criteria to classify state-owned enterprises, state-owned enterprises and the list of State-owned enterprises arranged by the period issued by the Prime Minister onions; not falling within the branches or domains in which the State has additional capital investment in order to maintain the ratio of the States shares and contributed capital.

To determine the starting price when transferring, the State enterprise chooses to sign a contract to hire an organization with function of price appraisal to determine and ensure compliance with the law on appraisal of prices ...
According to the provisions of Decree 32/2018 / ND-CP, when determining the starting price of selling shares, it is necessary to hire an organization with the function of price appraisal to determine and ensure compliance with the law on appraisal. price.

Valuation units will conduct enterprise valuation based on the provisions in Valuation Standard No. 12 on Enterprise Valuation issued by the Ministry of Finance together with Circular No. 122/2017 / TT -BTC dated November 15, 2017 and other relevant standards.

Recently, to determine the value of enterprises for equitization and divestment of state capital in state-owned enterprises in particular; The Ministry of Finance guides the implementation as follows:

Determine the value of an enterprise to equitize state-owned enterprises

Strictly comply with the provisions of specialized law on enterprise valuation in the equitization of state-owned enterprises specified in the Governments Decree No. 126/2017 / ND-CP dated November 16, 2017 on converting state-owned enterprises and one-member limited liability companies with 100% of their charter capital invested by state-owned enterprises into joint-stock companies and guiding documents.

In the process of valuing the enterprise for equitization, in addition to applying the asset method specified in Decree No. 126/2017 / ND-CP dated November 16, 2017 above, the units The consultant needs to apply other methods specified in Vietnam Valuation Standard No. 12 on enterprise valuation issued together with the Circular No. 122/2017 / TT-BTC dated November 15, 2017 to ensuring the correct determination of the market value of the SOE value for equitization.

Determining the value of an enterprise to divest state capital in state-owned enterprises

Comply with legal documents on determination of the value of state capital for the purpose of state capital transfer (Decree No. 91/2015 / ND-CP dated October 13, 2015 of the Government). Government on state capital investment in enterprises and management and use of capital and assets in enterprises; Decree No. 32/2018 / ND-CP dated March 8, 2018 of the Government on amending and supplementing a the number of articles of the Governments Decree No. 91/2015 / ND-CP dated October 13, 2015 on the investment of state capital in enterprises and management and use of capital and assets in enterprises; and guiding documents instruction etc ...

At the same time, during the implementation process, the consulting units need to re-determine the value of the enterprise, apply the Vietnam Valuation Standard No. 12 on enterprise valuation issued together with Circular No. 122 / 2017 / TT-BTC dated November 15, 2017 to ensure accurate determination of the market value of the enterprise value. On that basis, the market value of the States capital contribution in the enterprise is determined.

Valuation of enterprises without state capital

Enterprise valuation consulting units comply with Vietnam Valuation Standard No. 12 on enterprise valuation issued together with Circular No. 122/2017 / TT-BTC dated November 15, 2017 to ensure the correct market value of the enterprise value is determined.

At the same time, it is necessary to apply the methods and approaches in Vietnams valuation standards: Circular No. 158/2014 / TT-BTC dated October 27, 2014 of the Ministry of Finance promulgating Vietnams valuation standards. numbers 01, 02, 03 and 04; Circular No. 28/2015 / TT-BTC dated March 6, 2015 of the Ministry of Finance promulgating Vietnamese Valuation Standards No. 05, 06 and 07; Circular No. 126/2015 / TT-BTC dated 20/8/2015 of the Ministry of Finance issued together with Vietnam Valuation Standards No. 08, 09 and 10; Circular No. 145/2016 / TT-BTC dated October 6, 2016 issuing Vietnam Valuation Standard No. 11: Circular No. 06/2014 / TT-BTC dated January 7, 2014 on Valuation Standards number 13./

INA is a company specializing in enterprise valuation for the purposes of mergers, acquisitions, loans, joint ventures, equitization, divestment ... We are proud has a team of professional experts who are PhDs, Masters of economics, construction engineers, mechanical engineers, lawyers ... Qualified, dynamic and have a high sense of responsibility. The staff attended the continuous professional training courses organized by the Ministry of Finance and the Valuation Association.