Vietnam Association of Certified Public Accountants

The Ministry of Finance is responsible for establishing and supervising the quality assurance review system for auditors and audit firms in Vietnam. The current audit service quality control framework is set out in Circular No. 157/2014/TT-BTC and remains based on the Vietnamese Standard on Quality Control 1, which was issued under Circular No. 214/2012/TT-BTC and developed from International Standard on Quality Control 1. International Standard on Quality Management 1 and International Standard on Quality Management 2 have not yet been promulgated in Vietnam.

Although the Vietnam Association of Certified Public Accountants (VACPA) does not independently operate the quality assurance system, it has a delegated and active supporting role under the supervision of the Ministry of Finance. VACPA participates in quality assurance activities, supports inspection and monitoring processes, and provides member training through continuing professional development, practical audit training, and quality-related programs.

Since the previous assessment, VACPA has continued to support transition toward the quality management framework by drafting and submitting standards aligned with ISQM 1, ISQM 2, and revised International Standard on Auditing 220 to the Ministry of Finance. VACPA has also incorporated quality management concepts into training to prepare members for implementation once the standards are formally issued.

VACPA is encouraged to continue working with the Ministry of Finance to support timely promulgation of the quality management standards and to prepare members for implementation of the current international quality management framework.

Current Status: Execute

The Ministry of Finance is responsible for establishing qualification, examination, practical experience, and continuing professional development requirements for auditors in Vietnam. Circular No. 150/2012/TT-BTC, as amended, establishes annual knowledge update requirements for registered auditors, while the International Education Standards have not been formally adopted in the national regulatory framework.

The Vietnam Association of Certified Public Accountants (VACPA) does not have direct authority to establish initial professional development requirements but plays an active role in supporting professional education. VACPA coordinates with the Ministry of Finance in relation to Certified Public Accountant examinations, supports continuing professional development for members, and provides training on auditing, ethics, financial reporting, International Financial Reporting Standards, and related professional topics.

Recent activities indicate continued investment in professional development and modernization of training delivery, including increased use of online formats, updated technical content, and training activities responding to digital transformation, International Financial Reporting Standards implementation, and evolving audit practice needs.

VACPA is encouraged to continue working with the Ministry of Finance and education stakeholders to promote closer alignment of Vietnam’s qualification and continuing professional development framework with the current International Education Standards.

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. The current ISA in effect as of the time of the assessment, including post-2018 revisions and quality management-related standards, have not yet been promulgated in Vietnam.

The Vietnam Association of Certified Public Accountants (VACPA) does not have final standard-setting authority but has a delegated technical role in researching, drafting, and updating VSA for submission to the Ministry. VACPA has drafted and submitted updated standards aligned with more recent ISA revisions, including revised ISA 315, ISA 540, auditor reporting standards, International Standard on Quality Management 1, International Standard on Quality Management 2, and revised ISA 220.

VACPA also supports implementation through continuing professional development, technical seminars, audit guidance, translation of international materials, and training on updated audit methodologies and quality management concepts to prepare members for future adoption.

VACPA is encouraged to continue working with the Ministry to support timely promulgation of the updated auditing and quality management standards and to prepare members for implementation of the current International Auditing and Assurance Standards Board framework.

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 Code has not yet been updated to reflect the current International Ethics Standards Board for Accountants Code.

The Vietnam Association of Certified Public Accountants (VACPA) does not have authority to promulgate ethical requirements but plays an active supporting role. VACPA has translated the 2018 International Code of Ethics for Professional Accountants, including International Independence Standards, and has submitted an updated Vietnamese Code to the Ministry of Finance for review.

VACPA also supports implementation through continuing professional development, technical guidance, and member training on ethics, independence, and professional obligations.

VACPA is encouraged to continue working with the Ministry of Finance to support timely promulgation of the updated Code and to provide members with training on current ethical requirements, including independence, non-assurance services, fees, technology-related revisions, and responding to non-compliance with laws and regulations.

Current Status: Execute

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

The Vietnam Association of Certified Public Accountants (VACPA) has no direct responsibility for adopting public sector accounting standards but supports implementation through seminars, conferences, continuing professional development, consultations, and technical activities to raise awareness of IPSAS and public sector accounting reform.

Given VACPA’s no-direct-responsibility role, ongoing technical engagement, and sustained support for capacity building on public sector accounting reform, the fulfillment rating is assessed as Sustain.

Current Status: Sustain

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, the Law on Accounting No. 88/2015/QH13, and implementing regulations issued by the Ministry of Finance. Decree No. 41/2018/NÐ-CP sets out administrative violations, sanctions, remedial measures, and the authority to impose penalties in the fields of accounting and independent audit.

The Vietnam Association of Certified Public Accountants (VACPA) participates in the enforcement framework under the supervision of the Ministry of Finance, including through quality assurance and compliance monitoring activities that may inform follow-up actions. VACPA also supports member compliance through continuing professional development, ethical guidance, and training on professional and regulatory obligations.

Recent legislative amendments, including Law No. 56/2024/QH15, have strengthened the legal framework applicable to accounting and independent audit, including enforcement and sanctions. VACPA’s role remains supportive rather than independent, and further evidence is needed to confirm that the national investigation and disciplinary system fully incorporates all SMO 6 requirements.

VACPA is encouraged to continue supporting alignment of the national framework with SMO 6 requirements, including transparency, independence safeguards, appeals arrangements, public interest considerations, and stronger linkage between quality assurance findings and disciplinary outcomes.

Current Status: Execute

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

The Vietnam Association of Certified Public Accountants (VACPA) has no authority to mandate IFRS Standards but plays an active and sustained role in supporting implementation readiness. VACPA supports the roadmap through continuing professional development, technical training, translation and dissemination activities, and cooperation with the Ministry and international partners to build member capacity. Recent training developments include expanded IFRS-related content and digital delivery approaches, and the ACCA-VACPA Vietnamese Certificate in International Financial Reporting supports broader access to IFRS training in Vietnam.

Given VACPA’s no-direct-responsibility role, sustained implementation support, and continued contribution to technical readiness for Vietnam’s IFRS roadmap, the fulfillment rating is assessed as Sustain.

Current Status: Sustain