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Accounting in Vietnam: Principles and best practices for foreign investors.

Episode 39

Despite seeming straightforward, accounting compliance in Vietnam presents significant challenges for international investors. Vietnam’s accounting standards, known as Vietnamese Accounting Standards (VAS), differ greatly from International Financial Reporting Standards (IFRS). With a strong emphasis on documentation and tax compliance, VAS can be difficult for foreign investors to navigate.

In this episode named “Accounting in Vietnam: Principles and best practices for foreign investors”, Vlad Savin, Partner at Acclime Vietnam sat down with Matthew Lourey, Founder and Acclime Ambassador to discuss the intricacies of accounting practices tailored to the Vietnamese market, offering invaluable insights for investors navigating the financial landscape. Whether you’re a seasoned investor or exploring new opportunities, this podcast is your comprehensive guide to understanding the essentials of Accounting in Vietnam.

Key insights:

  • Documentation is a key principle in Vietnamese accounting standards, with transactions needing official VAT invoices as the basis for existence.
  • The voluntary introduction of a Vietnamese version of IFRS by 2025 should bridge the gap and make it far easier for foreign investors to run one set of accounts and be globally compliant.
  • The reliance on an individual Chief Accountant without oversight can lead to significant risks and problems, especially if that person has the power to destroy documents.

Tune in to gain a comprehensive understanding of the Accounting principles and practices in Vietnam. Don’t miss out on this episode on our Youtube channel!

Get more our Advance in Vietnam podcast episodes here because we have offered in-depth business insights to address a gap in the market for quality, practical and expert business insights for Vietnamese investors and business operators.