Economic decline tests valuers’ honesty

The ASEAN Valuers Association (AVA) held a pre-congress meeting and valuation seminar in Hoi An city, Quang Nam province, on April 27 for its 16th official congress.

More than 100 delegates from price control agencies and valuation associations in ASEAN countries attended the events entitled ‘ASEAN valuation in the face of the world financial crisis’.

At the meeting, the presidents of the valuation institutes of Thailand, Indonesia, and Singapore reported on issues such as the impact of the World Trade Organization on the real estate market and the role of valuation for investment purposes during the global financial crunch, and in the process of Indonesia’s asset management reforms.

Meanwhile, Vietnamese Deputy Minister of Finance Tran Van Hieu said asset valuation has quickly developed in Vietnam, contributing largely to its effective shift from planned prices to employing market mechanisms.

Nguyen Tien Thoa, Chairman of the Vietnam Valuers Association, said that the economic decline has directly impacted all member economies and necessitated the honesty of each valuer.

Since joining the AVA in 1999, Vietnam has positively contributed to its development.

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