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Accountant in Vietnam 

Accountant in Vietnam 

The techniques for bookkeeping, financial reporting, audit, and financial statement preparation are provided by the Vietnam Accounting Standards (VAS). If you want your company’s accounting to comply with the regulations of VAS, you can get in touch with our CPA in Vietnam.

Why do investors need to hire an accountant in Vietnam?

Taxes and other payments to government authorities are among the most crucial cost factors for businesses opting to operate in other countries, and Vietnam is no different. In further discussion, you can find out why you need the services of our accountants in Vietnam.

 Quick Facts  
Definition of a CPA in Vietnam  CPA in Vietnam stands for “Chứng chỉ Kế toán viên Chính quy” which translates to Certified Public Accountant 

 Activities of a CPA

 In Vietnam, a CPA is expected to keep financial records, prepare financial statements, and ensure financial transactions are accurately documented

 Law regulating accounting procedures in Vietnam 

 Law on Accounting No. 88/2015/QH13, which took effect on January 1, 2016

 The main regulator of accounting procedures  Ministry of Finance (MOF)
Accounting Principles in Vietnam 

 The Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS)

 Audit law in Vietnam

 Law on Independent Audit No. 67/2014/QH13

 Thresholds for audit in Vietnam

 The audit threshold in Vietnam is VND 50 billion (approximately USD 2.2 million) for a company’s total assets, revenue, and contributed capital

 Education requirements for a CPA in Vietnam 

 Individuals with a degree in accounting or a related field, like finance or business administration

 Certification of Vietnam CPA required (yes/no)

 Yes, obtain professional certification, such as the Certified Public Accountant (CPA) credential, which is recognized in Vietnam

 Institution to issue certifications  In Vietnam, the institution responsible for issuing CPA certificates is the Ministry of Finance
 Main criteria for corporate reporting in Vietnam

 Compliance with Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS)

 The financial year in Vietnam

 From 1 January to 31 December

Reporting periods in Vietnam  

 In Vietnam, you can choose from four fiscal year periods if you run a foreign entity: January 1 to December 31, April 1 to March 31, July 1 to June 30, October 1 to September 30

Main financial reports and documents required in Vietnam

Profit and loss statement, balance sheet, cash-flow statement, tax return, and aging reports, etc 

 Entities that should use the services of a CPA   Individuals or businesses who require professional accounting, auditing, tax consulting, or financial advisory services

Understanding the rules governing accounting and bookkeeping can greatly aid in the creation of a cost-effective business strategy that ensures compliance.

You should hire a CPA in Vietnam if as an investor, you are planning to start your business in this country.

  • Vietnamese Accounting Standards (VAS) are a uniform set of accounting and bookkeeping guidelines;
  • Investors should take into account costs when understanding accounting and bookkeeping requirements; our CPA in Vietnam can provide you with complete details; 
  • Investors ought to get ready for the future as Vietnam plans to adopt IFRS, the most widely used accounting language worldwide, by 2025.

Not only to keep up with future plans but also to understand Vietnam’s current accounting standards, you can get in touch with our accountants in Vietnam. They will provide you with detailed accounting services in the country.

Furthermore, if you are planning to form a company, our agents can also help you regarding company incorporation in Vietnam.

Why hire us as your accountants in Vietnam?

In Vietnam, accountants play a critical role in the financial management of businesses and organizations. They are responsible for maintaining financial records, preparing financial statements, and ensuring that financial transactions are properly recorded and accounted for. Accountants may work for companies of all sizes, as well as government agencies, non-profit organizations, and other types of businesses.

The list of the accounting services in Vietnam offered by our team is shown below:

  • You can evaluate your company’s performance across a number of operational processes by using our accountant’s financial reporting and systematic analysis services;
  • Our accounting firm in Vietnam also offers reliable bookkeeping, payroll, and audit services;
  • Accounts payable and receivable services are in charge of managing the financial flow of your company. Our CPA in Vietnam handles and streamlines both operations for organizations resulting in increased income;
  • You may minimize your tax rate and become tax compliant in Vietnam with the help of our knowledgeable tax staff in this country;
  • After your firm’s budgets have been set, our accountants can make adjustments every month to assist the company in properly managing its budget by utilizing cash flow forecasting;
  • By offering online and cloud accounting services, our certified management accountants can help small and large firms keep up with the latest information on digital services while also minimizing the price of cutting-edge technical solutions;
  • Our accountant in Vietnam would provide the firm with technological advantages. Modern digital technology is used by our team of accountants to improve a range of corporate activities;
  • With the aid of our accountants, you may spot any shady transactions that might indicate fraud, typographical errors, or other issues.

You can speak with our CPA in Vietnam if you require any more accounting services. They can give you advice regarding our extra services. Furthermore, our company formation agents in Vietnam can also help you if you require trademark registration.

Bookkeeping, payroll, and tax registration services offered by our accountants

Bookkeeping, payroll, and tax registration are all important components of managing the financial operations of a business or organization. Bookkeeping is essential for maintaining accurate financial records, tracking income and expenses, and preparing financial statements such as balance sheets and income statements. Payroll includes calculating deductions for taxes, Social Security, and other payroll taxes, as well as providing employee benefits. Tax registration refers to the process of obtaining the necessary permits and identification numbers.

Effective bookkeeping, payroll, and tax registration practices are essential for businesses to maintain compliance with tax laws and regulations. You are welcome to interact with our agents regarding these services.

Furthermore, our specialists can also offer you step by step guide regarding how to open a bank account in Vietnam.

Accounting regulations in Vietnam

In Vietnam, accounting regulations are set by the Ministry of Finance, which is responsible for overseeing the accounting and financial reporting practices of businesses operating in the country. The regulations are designed to ensure that businesses maintain accurate financial records, comply with tax laws, and meet the reporting requirements of regulatory authorities.

Here are some key accounting regulations that businesses in Vietnam need to comply with:

  • Accounting standards: The Ministry of Finance has developed a set of accounting standards. These standards must be met by businesses when preparing their financial statements. These standards cover topics such as revenue recognition, inventory valuation, and depreciation methods;
  • Tax laws: Businesses in Vietnam must comply with the tax laws of the country, including filing tax returns and paying taxes on time. Failure to comply with tax laws can result in penalties and fines;
  • Audit requirements: Businesses in Vietnam are required to have their financial statements audited by a licensed auditor. The auditor is responsible for ensuring that the financial statements are accurate and comply with accounting standards and other regulatory requirements;
  • Record-keeping requirements: Businesses in Vietnam are required to maintain detailed financial records, including receipts, invoices, and other supporting documents. These records must be kept for a specified period and must be available for inspection by regulatory authorities;
  • Reporting requirements: Businesses in Vietnam must submit various financial reports to regulatory authorities, including tax returns, financial statements, and other reports as required by law.

Businesses operating in Vietnam must comply with various accounting regulations, including accounting standards, tax laws, audit requirements, record-keeping requirements, and reporting requirements. You should know that penalties may be imposed if these regulations are not followed. Therefore, businesses need to stay up-to-date on the latest accounting regulations and ensure that they maintain accurate financial records and comply with all relevant laws and regulations. If you need expert accounting services, get in touch with our accountants in Vietnam. 

Besides this, if you are interested in opening a cryptocurrency company in Vietnam, our agents can help you with incorporation.

How to become an accountant in Vietnam?

To become an accountant in Vietnam, individuals typically need to have a degree in accounting or a related field, such as finance or business administration. They may also need to obtain professional certification, such as the Certified Public Accountant (CPA) credential, which is recognized in Vietnam. Additionally, strong analytical skills, attention to detail, and proficiency in using accounting software and other tools are essential for success in this field. All these skills in a person can help an investor to hire.

Overall, the demand for accountants in Vietnam is likely to continue to be strong in the coming years, as businesses and organizations seek to maintain accurate financial records and comply with regulatory requirements. In summary, to work as an accountant in Vietnam, you must have a bachelor’s degree in accounting or a related field, obtain professional certification, have proficiency in the Vietnamese language, possess some accounting or finance experience, and have strong analytical and problem-solving skills, communication skills, and proficiency in using accounting software and other tools.

If you are interested in opening a branch or a representative office in Vietnam, get in touch with our agents.

Accounting record timeline in Vietnam

Our CPA in Vietnam can guide you about the accounting timeline. However, every month, every quarter, or once a year, businesses that are subject to the Accounting Law are required to compile their accounting records according to the accounting period described below:

  • Period of yearly accounting: The calendar year is used for yearly accounting (from January 1st to December 31st);
  • Period of quarterly accounting: three months (from the 1st of the first month of the quarter to the last day of the last month of the quarter);
  • Period of monthly accounting: one month (from the 1st of the month to the last of the month).

Even though the International Financial Reporting Standards (IFRS) and the Vietnam Accounting Standards (VAS) share a lot of similarities, there are some significant variations between the two that foreign investors should be aware of before starting a business in Vietnam. It is advisable to request the services offered by a team of accountants in Vietnam, such as our specialists, to avoid any problems. Contact our CPA in Vietnam for more details. A business entity that receives an enterprise registration certificate is mandated by the existing laws to establish and maintain an accounting system that complies with Vietnamese Accounting Standards. With the following scope of work, our CPA in Vietnam can help the company set up its initial accounting in this regard: create a chart of accounts in line with your unique requirements and the VAS standards, and set up the company file in an acceptable accounting program. 

The main taxes to pay in Vietnam

The Vietnamese taxation system is made of several levies. Natural persons must pay the personal income tax, which is 2024 is levied at the following progressive rates:

  • a 5% rate on an annual income ranging up to VND 60 million;
  • a 10% rate on an annual income ranging from VND 60 to 120 million;
  • a 15% rate on a yearly income ranging from VND 120 to 216 million;
  • a 20% rate on an annual income ranging from VND 216 to 384 million;
  • a 25% rate on a yearly income of VND 384 to 624 million;
  • a 30% rate on an annual income from VND 624 to 960 million;
  • a 35% rate on a yearly income of more than VND 960 million.

Companies, on the other hand, must pay the corporate tax, which is 2024 is levied at a fixed rate of 20%. Businesses in the oil and gas industry must pay a tax ranging from 32 to 50%.

Additionally, if you are also looking for help to get an appropriate virtual office package, you can rely on our agents. They can offer you different packages and you can select any that meets your business needs.