According to Vietnam Valuation Standard No.13, an intangible asset is defined as follows:
Intangible asset does not have a physical form and is likely to create economic rights and benefits – Vietnam Valuation Standard No. 13
Intangible asset is the entity subject to the asset valuation when it can meet all of the following requirements:
- Have no physical form
- Be recognizable and supported by visible evidence for its existence, such as contract, protection deed, certificate, computer software, list of clients and other documentary evidences;
- Be able to provide profits for the asset owner;
- Be able to measure the value of the intangible asset.
Intangible assets shall include main categories such as:
- Intellectual asset;
- Intellectual property rights stipulated by the law on intellectual property, such as authors’ rights, industrial property rights, etc.
- Right to offer economic benefits to parties as defined in the civil contract under the provision of laws, such as mineral extraction right, trading right, and transferable emission right;
- Non – contract relationships that offer economic benefits to parties, or relationships with clients, suppliers or other legal entities, such as a list of clients and database
- Other intangible assets.
Source: Vietnam Valuation Standards