Issues in managing accounting and compliance in Vietnam for international groups.
In this episode, I’m discussing with Matthew Lourey, Managing Partner at Acclime Vietnam about the issues international groups are facing when undertaking group financial reporting for their worldwide subsidiaries, and how they can integrate their Vietnamese compliance system in their operational control function at the headquarters.
Some of the areas covered in the discussion are:
- Main challenges companies face in regard to their accounting and tax compliance and key requirements for keeping a compliant accounting system for firms operating in Vietnam
- Using Xero/Quickbooks, or a regional software system, with a central headquartered function for reviewing and controlling the financial accounts
- How to streamline international financial reporting to achieve an accurate and efficient reporting model from Vietnam to the headquarters
- Integrating the Chief Accountant function in the regional financial and compliance corporate system
- What can international investors do in order to mitigate or solve part of these complications that often appear in the Vietnamese accounting and compliance system, so they can still have a unified/centralised function which can be monitored.