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.
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 | |
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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.
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.
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 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 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.
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:
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.
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.
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:
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.
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.