Vietnam has an accounting and auditing system overseen by the Ministry of Finance. Companies must comply with Vietnam Accounting Standards and file taxes according to the fiscal year. Accounting records must be in Vietnamese currency and language but foreign companies can use foreign currency and language alongside Vietnamese. Vietnam's accounting regime is governed by the Law on Accounting and 27 Vietnam Accounting Standards which cover topics like financial reporting, taxes, and consolidation. Non-compliance can result in tax penalties.

1. Vietnam Accounting Standards and its systems
In Vietnam, the accounting and auditing system is overseen by the Accounting and Auditing Policy
Department, which falls under the supervision of the Ministry of Finance (“MOF”).
Companies operating in Vietnam are required to comply with the Vietnam Accounting System (“VAS”) and
its systems. The tax authorities will treat VAS non-compliance as a basis for tax reassessment and imposition
of penalties, including withdrawal of CIT incentives, disallowance of taxable expense deductions for CIT
purposes and disallowance of input VAT credits/refunds.
The fiscal year is the calendar year. A business has to notify the tax authorities if its fiscal year differs from the
calendar year and in such case, only quarter ended fiscal year is allowed.
Accounting records are generally required to be maintained in Viet Nam currency and language.
Foreign-invested business entities can select a foreign currency to be used for their accounting records and
can be combined with a commonly-used foreign language and Vietnamese language.
The Vietnam Corporate Accounting systems is stipulated by Law on Accounting, below the law regulation for
guidance of law on accounting such as decisions, decrees, circulars, official letters, and Vietnamese
Accounting Standards.
I. Law on Accounting and its guidance
1. Law on Accounting
2. Decree 128/2004/ND-CP guiding the implementation of certain articles of law of accounting;
3. Decree 129/2004/ND-CP guiding the implementation of certain articles of law of accounting;
4. Decree 185/2004/ND-CP on sanctioning of administrative violations in the accounting;
5. Circular 120/2004/TT-BTC guiding the implementation of Decree 185/2004/ND-CP;
II. Vietnam Accounting Standards
1. VAS 01 – Frameworks
2. VAS 02 – Inventories
3. VAS 03 – Tangible Fixed Assets
4. VAS 04 – Intangible Fixed Assets
5. VAS 05 – Investment Properties
6. VAS 06 - Leases
7. VAS 07 – Accounting for Investment in Associates
8. VAS 08 – Financial Reporting of Interest in Joint Ventures
9. VAS 10 – Effects of Changes in Foreign Exchange Rates
10. VAS 11 – Business Combination
11. VAS 14 – Turnover and Other Incomes
12. VAS 15 – Construction Contract
13. VAS 16 – Borrowing costs
14. VAS 17 – Income Taxes
15. VAS 18 – Provisions, Contingent Assets and Liabilities
16. VAS 19 – Insurance Contracts
17. VAS 21 – Presentation of Financial Statements
18. VAS 22 – Disclosures in Financial Statements of Banks and Similar Financial Institutions
19. VAS 23 – Events after Balance Sheet date

2. 20. VAS 24 – Cash flow Statements
21. VAS 25 – Consolidation Financial Statements and Accounting for Investment in Subsidiaries
22. VAS 26 – Related Parties Disclosures
23. VAS 27 – Interim Financial Statements
24. VAS 28 – Segment Reporting
25. VAS 29 – Changes in Accounting Policies, Accounting Estimates and Errors
26. VAS 30 – Earning Per Share
27. Circular 210/2009/TT-BTC – Guiding the application of International Accounting Standards
on Presentation and Disclosures of Financial Statements in Financial Statements
III. Vietnam Corporate Accounting Regime
1. Decision 15/2006/QD-BTC Guiding The Corporate Accounting Regime in Vietnam
2. Circular 244/2009/TT-BTC Amending and Supplementing the Corporate Accounting Regime
For more information, please contacts
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