Vietnam Association of Certified Public Accountants

Under the Law on Independent Audit No. 67/2011/QH12, the Ministry of Finance is responsible for establishing and operating the quality assurance review system in Vietnam. The current framework is based on Vietnam Standards on Quality Control developed from ISQC 1. International Standards on Quality Management have not yet been promulgated.

Although VACPA does not operate the quality assurance system independently, it plays an active supporting role. VACPA participates in quality assurance activities under the supervision of the Ministry of Finance and contributes to inspection and monitoring processes. VACPA also supports implementation through professional training programs, including continuing professional development courses covering auditing standards and quality control requirements.

In recent years, VACPA has drafted and submitted to the Ministry of Finance updated standards aligned with ISQM 1, ISQM 2, and the revised ISA 220. VACPA has also incorporated new quality management concepts into its training programs to prepare members for transition once the standards are formally issued.

While these activities demonstrate proactive engagement in strengthening the quality framework, the new quality management standards have not yet been adopted or made effective. VACPA is therefore encouraged to continue working with the Ministry of Finance to support timely promulgation of the updated quality management standards and to prepare members for full implementation of the current international quality management framework.

Current Status: Execute

Initial and continuing professional development requirements for professional accountants in Vietnam are established under the Law on Accounting No. 88/2015/QH13 and the Law on Independent Audit No. 67/2011/QH12. The Ministry of Finance determines qualification requirements, administers the CPA examination, and prescribes practical experience and continuing professional development requirements. The International Education Standards have not been formally adopted in the legislative or regulatory framework.

Although VACPA does not have direct authority to establish initial education requirements, it plays an active role in supporting professional development. VACPA coordinates with the Ministry of Finance in organizing CPA examinations and contributes to discussions on updating education requirements. VACPA also delivers continuing professional development programs for members through both in-person and online formats and incorporates updates related to auditing, ethics, and financial reporting standards into its CPD offerings.

VACPA has engaged with universities and other stakeholders to enhance the quality of accountancy education and to promote alignment with international practices. Through translation initiatives and participation in international activities, VACPA promotes awareness of global education benchmarks among its members.

Given that the International Education Standards have not been formally adopted in Vietnam, VACPA is encouraged to continue advocating for closer alignment of national education requirements with the current International Education Standards and to support the Ministry of Finance in embedding international benchmarks into the qualification and CPD framework.

Current Status: Execute

Under the Law on Independent Audit No. 67/2011/QH12 and Decree No. 17/2012/NÐ-CP, the Ministry of Finance is responsible for issuing auditing standards in Vietnam. Vietnam Standards on Auditing currently in force are based on the clarified ISA platform and do not reflect the International Standards on Auditing in effect as of the time of the assessment.

Although VACPA does not have final standard-setting authority, it has a delegated technical role in researching, drafting, and updating Vietnam Standards on Auditing for submission to the Ministry of Finance. Since 2020, VACPA has drafted and submitted to the Ministry of Finance a comprehensive package of updated auditing standards aligned with more recent ISA revisions, including revised ISA 315, ISA 540, and auditor reporting standards. VACPA has also translated and submitted draft standards aligned with ISQM 1, ISQM 2, and the revised ISA 220 as part of the broader modernization of the auditing framework.

In addition to drafting activities, VACPA supports members through continuing professional development programs that incorporate ISA updates and new audit methodologies. VACPA has translated relevant international materials, developed audit manuals, and organized seminars and technical sessions to prepare practitioners for future alignment with updated standards.

While the updated standards have not yet been promulgated and the ISA Handbook in effect as of the time of the assessment has not been adopted in its entirety, VACPA has demonstrated active engagement in supporting convergence and preparing its members for transition.

VACPA is encouraged to continue working with the Ministry of Finance to facilitate timely promulgation of the updated auditing and quality management standards and to ensure alignment with the most current ISA framework.

Current Status: Execute

Under the Law on Accounting No. 88/2015/QH13, the Ministry of Finance is responsible for establishing ethical requirements applicable to professional accountants in Vietnam. The Ministry of Finance adopted the 2014 International Code of Ethics for Professional Accountants through Circular No. 70/2015/TT-BTC. The Code has not been updated since 2015 and therefore does not reflect the International Code of Ethics in effect as of the time of the assessment.

Although VACPA does not have authority to promulgate ethical requirements, it plays an active supporting role. VACPA has translated more recent editions of the International Code of Ethics, including the 2018 restructured Code and subsequent updates, and has submitted a revised Vietnamese Code of Ethics to the Ministry of Finance for review and promulgation. Promulgation of the updated Code is anticipated following regulatory approval.

VACPA also incorporates ethics into mandatory continuing professional development programs for members and conducts seminars and dissemination activities to raise awareness of new ethical requirements, including independence standards and other recent revisions.

VACPA has demonstrated proactive engagement in promoting alignment with the updated International Code of Ethics. VACPA is encouraged to continue working with the Ministry of Finance to support timely promulgation of the revised Code and to ensure alignment with the most current ethical requirements in effect internationally.

Current Status: Execute

Public sector accounting standards in Vietnam are established by the Ministry of Finance under the Law on Accounting No. 88/2015/QH13. The Ministry of Finance is responsible for issuing Vietnamese Public Sector Accounting Standards and leading the roadmap toward accrual-based public sector accounting reform. IPSAS in their entirety have not been adopted for application by all public sector entities.

Although VACPA does not have authority to establish public sector accounting standards, it supports the reform process through professional development and technical activities. VACPA has organized seminars, conferences, and continuing professional development programs to raise awareness of IPSAS and public sector accounting reform initiatives. VACPA also participates in consultations and provides technical input to the Ministry of Finance during the development of Vietnamese Public Sector Accounting Standards.

Through its international engagement and cooperation with regional and global professional bodies, VACPA promotes awareness of international public sector accounting developments among its members and stakeholders.

While IPSAS have not been adopted in their entirety in Vietnam, VACPA has demonstrated active engagement in supporting the reform agenda.

VACPA is encouraged to continue working with the Ministry of Finance to promote alignment with accrual-basis IPSAS in effect as of the time of the assessment and to support capacity building among public sector practitioners.

Current Status: Review & Improve

The investigation and disciplinary framework applicable to professional accountants and audit firms in Vietnam is established under the Law on Independent Audit No. 67/2011/QH12 and related implementing regulations issued by the Ministry of Finance. The Ministry of Finance is responsible for oversight, investigations, and the imposition of administrative sanctions. Recent legislative developments, including Law No. 56/2024/QH15 and Decree No. 228/2025/NÐ-CP, have strengthened enforcement mechanisms and expanded sanctioning authority.

VACPA participates in the investigation and disciplinary framework under the supervision of the Ministry of Finance. VACPA cooperates with the Ministry in reviewing quality assurance findings and compliance matters and contributes to disciplinary processes in accordance with delegated responsibilities. VACPA also promotes awareness of professional obligations through continuing professional development programs and ethical guidance to members.

The strengthened legal framework demonstrates progress in enhancing enforcement capacity and sanctioning mechanisms. However, continued efforts are needed to ensure that the investigation and disciplinary system fully incorporates all detailed requirements of SMO 6, including transparency, independence safeguards, and public interest considerations.

VACPA is encouraged to continue supporting alignment of the national framework with SMO 6 requirements and to strengthen coordination between quality assurance outcomes and disciplinary processes.

Current Status: Execute

Accounting standards in Vietnam are established under the Law on Accounting No. 88/2015/QH13. The Ministry of Finance approved a roadmap for the application of International Financial Reporting Standards under Decision No. 345/QÐ-BTC dated March 16, 2020. The roadmap provides for a voluntary adoption phase for certain parent companies and foreign invested entities, with future mandatory application subject to further determination. IFRS Standards in their entirety are not required for all publicly accountable entities.

Although VACPA does not have authority to mandate accounting standards, it plays an active role in supporting the IFRS roadmap. VACPA has organized continuing professional development programs, seminars, and technical forums to enhance member awareness and understanding of IFRS requirements. VACPA has also translated IFRS materials and collaborated with the Ministry of Finance and other stakeholders to support capacity building during the voluntary adoption phase.

Through engagement with international organizations and participation in regional professional activities, VACPA promotes alignment with global financial reporting developments and prepares members for broader application of IFRS.

While IFRS are currently permitted on a voluntary basis and not mandated for all publicly accountable entities, VACPA has demonstrated active support for the national transition roadmap.

VACPA is encouraged to continue working with the Ministry of Finance to promote broader adoption of IFRS in effect as of the time of the assessment and to strengthen technical readiness among practitioners.

Current Status: Review & Improve