Vietnam Association of Accountants and Auditors

The Ministry of Finance is responsible for establishing and supervising the quality assurance review system for auditors and audit firms in Vietnam. The audit service quality control framework is set out in Circular No. 157/2014/TT-BTC, as consolidated in 2025, and remains based on the Vietnamese Standard on Quality Control 1 rather than the International Standards on Quality Management.

The Vietnam Association of Accountants and Auditors has no direct responsibility for administering quality assurance reviews. However, VAA supports implementation through professional training, continuing professional development, and dissemination activities for accountants and auditors. VAA is accredited by the Ministry of Finance to provide professional training and continuing professional development, and recent activities include the launch of training programs on International Financial Reporting Standards with support from international partners, demonstrating its continued role in strengthening professional competence and implementation readiness.

Given its no-direct-responsibility role, VAA has demonstrated active support for quality-related implementation through member training and broader capacity-building activities.

VAA is encouraged to continue using its best endeavors to promote alignment of the national quality assurance framework with Statement of Membership Obligations 1, including transition from quality control to quality management standards, and to further tailor training for members based on quality assurance findings and regulatory developments.

Current Status: Execute

The Ministry of Finance is responsible for establishing initial professional development and continuing professional development requirements for professional accountants in Vietnam. The International Education Standards have not been formally adopted into the national education framework.

The Vietnam Association of Accountants and Auditors has no direct authority to adopt education requirements but supports implementation through training, continuing professional development, and professional capacity-building activities. VAA is accredited to provide training for accountants and other professionals and continues to support members through technical seminars, professional development programs, and cooperation with universities and international partners.

Recent activities demonstrate a more active implementation role. In 2024, VAA launched an International Financial Reporting Standards training program in cooperation with PwC Vietnam and the Institute of Chartered Accountants in England and Wales, following the Ministry of Finance roadmap for IFRS application in Vietnam. The program is intended to strengthen the capacity of accounting, auditing, finance, investment, and analysis professionals during the national transition toward IFRS application. VAA also hosted the 24th ASEAN Federation of Accountants Conference in 2025, focused on green accounting and finance, reflecting its continued engagement in emerging professional education priorities.

Given VAA’s active delivery of professional development, member training, and collaboration with international partners, the fulfillment rating is assessed as Execute.

VAA is encouraged to continue using its best endeavors to promote alignment of national education requirements with the current International Education Standards and to further map its continuing professional development programs to learning outcomes, practical experience, assessment, and competence requirements under SMO 2.

Current Status: Execute

The Ministry of Finance is responsible for issuing auditing standards in Vietnam. The current Vietnam Standards on Auditing were issued under Circular No. 214/2012/TT-BTC and are based on the 2009 clarified International Standards on Auditing platform, including Vietnam Standard on Quality Control 1. The current ISA in effect as of the time of the assessment have not yet been adopted.

The Vietnam Association of Accountants and Auditors (VAA) has no direct responsibility for adopting auditing standards but supports implementation through professional development, dissemination of technical updates, and broader capacity-building activities for members working in accounting, auditing, finance, and related areas. VAA also contributes to the development of the profession through consultation, training, and cooperation with domestic and international stakeholders.

Since the previous assessment, VAA’s recent professional development activities have focused more visibly on financial reporting and sustainability-related topics than on auditing standards. Given its mandate and continued support for member education and technical capacity-building, the fulfillment rating is assessed as Execute.

VAA is encouraged to continue using its best endeavors to promote the timely adoption of the current ISA, including quality management-related standards, and to strengthen member training on new and revised International Auditing and Assurance Standards Board pronouncements.

Current Status: Execute

The Ministry of Finance is responsible for establishing ethical requirements for professional accountants in Vietnam. The national Code of Ethics for professional accountants and auditors was issued through Circular No. 70/2015/TT-BTC, effective January 1, 2016, and is based on the 2014 International Code of Ethics for Professional Accountants.

The Vietnam Association of Accountants and Auditors has no direct authority to issue ethical requirements but supports implementation through professional training, continuing professional development, and dissemination of professional standards issued by the Ministry of Finance. VAA also supports professional conduct through its member advisory and support activities and its broader role in strengthening professional competence and ethical awareness among accountants and auditors.

Since the national Code has not been updated to reflect the current International Ethics Standards Board for Accountants Code, VAA’s role remains focused on implementation support and advocacy.

VAA is encouraged to continue using its best endeavors to promote adoption of the current International Code of Ethics for Professional Accountants, including International Independence Standards, and to provide members with training on recent revisions, including non-assurance services, fees, technology-related revisions, and responding to non-compliance with laws and regulations.

Current Status: Execute

The Ministry of Finance is responsible for setting public sector accounting standards in Vietnam. In 2021, the Ministry of Finance began issuing Vietnamese Public Sector Accounting Standards as part of a phased roadmap toward accrual, IPSAS-based public sector accounting standards, with 21 standards planned for issuance during 2021–2024.

The Vietnam Association of Accountants and Auditors (VAA) has no direct responsibility for adopting public sector accounting standards but represents professionals working across business, public sector institutions, and academia. VAA supports implementation through professional training, technical dissemination, participation in policy discussions, and cooperation with domestic and regional stakeholders.

Since the previous assessment, VAA has continued to support public sector and sustainability-related professional development, including through regional engagement as host of the 24th ASEAN Federation of Accountants Conference in 2025 on green accounting and finance. This reflects an ongoing role in building professional capacity on public interest reporting, sustainability, and public financial management issues relevant to SMO 5.

Given VAA’s no-direct-responsibility role, sustained engagement in professional development, and continued support for Vietnam’s public sector accounting reform environment, the fulfillment rating is assessed as Sustain.

Current Status: Sustain

The Ministry of Finance is responsible for the investigation and disciplinary framework for accountants, auditors, and audit firms in Vietnam. Decree No. 41/2018/NÐ-CP establishes administrative violations, penalties, remedial measures, and sanctioning authority in the fields of accounting and independent audit. Recent legislative developments, including Law No. 56/2024/QH15, have further amended the legal framework for accounting and independent audit.

The Vietnam Association of Accountants and Auditors (VAA) does not have direct authority over the Ministry of Finance’s enforcement system. However, VAA supports member compliance through continuing professional development, ethics-related training, and monitoring of member compliance with professional requirements. Where non-compliance relates to licensing or statutory practice requirements, matters may be referred to the Ministry of Finance for follow-up action.

Given VAA’s no-direct-responsibility role, its internal member monitoring activities and support for compliance, the fulfillment rating is assessed as Execute.

VAA is encouraged to continue strengthening its internal disciplinary processes, including appeals, independent review of complaints, public interest safeguards, and coordination with the Ministry of Finance on enforcement outcomes and related member training.

Current Status: Execute

The Ministry of Finance is responsible for setting accounting standards in Vietnam. Under Decision No. 345/QÐ-BTC, the Ministry approved a roadmap for the application of International Financial Reporting Standards, including voluntary application by specified enterprises and future compulsory application for selected entities to be determined by the Ministry.

The Vietnam Association of Accountants and Auditors (VAA) has no direct responsibility for adopting IFRS Standards but has maintained an active role in supporting implementation and technical readiness. In 2024, VAA launched an IFRS training program with PwC Vietnam and the Institute of Chartered Accountants in England and Wales to support professionals in accounting, auditing, finance, investment, analysis, and portfolio management during Vietnam’s transition toward IFRS application.

VAA also continues to support broader corporate reporting developments through regional engagement and member capacity building. In 2025, VAA co-hosted the 24th ASEAN Federation of Accountants Conference on green accounting and finance, which addressed sustainable accounting and reporting, green finance, and digital transformation.

Given VAA’s no-direct-responsibility role, sustained training activities, support for IFRS implementation, and continued engagement in emerging corporate reporting developments, the fulfillment rating is assessed as Sustain.

Current Status: Sustain