Circular 55/2012/TT-BTC, issued by the Ministry of Finance on April 27, 2012, provides methodology for valuing coffee and tea gardens that are attached to processing establishments (xuong che bien) when state-owned enterprises undergo equitization. The Circular applies to state-owned enterprises preparing for equitization that possess coffee or tea gardens linked to their processing facilities, and to appraisal organizations, valuation specialists, and competent authorities involved in the equity conversion process. It takes effect on June 12, 2012 and replaces prior guidance to the extent of inconsistency. The Circular stipulates that valuation of attached coffee and tea gardens must follow the income approach (discounted future economic benefits), with supporting use of cost and comparative approaches where appropriate. Appraisers must determine the productive…