Vietnam

The financial reporting framework in Vietnam is established under the Law on Accounting No. 88/2015/QH13, effective January 1, 2017, and the Law on Independent Audit No. 67/2011/QH12. The Ministry of Finance is the statutory authority responsible for regulating accounting and auditing activities, including the issuance of accounting and auditing standards, professional regulations, and implementation guidance.

Vietnamese Accounting Standards are issued by the Ministry of Finance and remain the mandatory financial reporting framework for entities operating in Vietnam. The standards are based on earlier versions of International Financial Reporting Standards and therefore do not fully align with IFRS Accounting Standards in effect as of the time of the assessment. Small and medium-sized entities apply separate accounting regimes issued by the Ministry of Finance rather than the IFRS for SMEs Accounting Standard.

In March 2020, the Ministry of Finance approved Decision No. 345/QÐ-BTC establishing a roadmap for the application of International Financial Reporting Standards in Vietnam. Under the roadmap, specified parent companies, listed entities, and foreign invested enterprises may apply IFRS on a voluntary basis during the implementation phase. Vietnamese Accounting Standards continue to apply for most domestic entities, and IFRS Accounting Standards are not yet required for all publicly accountable entities.

The Law on Independent Audit regulates statutory audit activities, including the rights and obligations of auditors, audit firms, foreign audit firm branches, and audited entities. Statutory audits are required for listed companies, credit institutions, insurance entities, foreign invested enterprises, and other entities prescribed by legislation.

The Ministry of Finance is responsible for issuing Vietnam Standards on Auditing applicable to mandatory audits. Vietnam Standards on Auditing are based on the clarified International Standards on Auditing; however, the standards currently in force are based on a pre-2018 ISA platform and do not yet reflect the most recent International Standards on Auditing in effect as of the time of the assessment. The Ministry of Finance, with technical support from the Vietnamese Association of Certified Public Accountants, has been progressing updates to the national auditing framework, including standards aligned with International Standards on Quality Management.

The accountancy profession in Vietnam operates under a shared regulatory framework led by the Ministry of Finance. The Ministry of Finance is responsible for regulating accounting and auditing activities under the Law on Accounting No. 88/2015/QH13, the Law on Independent Audit No. 67/2011/QH12, and related implementing regulations. Its responsibilities include establishing qualification and examination requirements, issuing practicing certificates, prescribing continuing professional development requirements, establishing ethical requirements, issuing accounting and auditing standards, and overseeing quality assurance and investigative and disciplinary arrangements.

The profession is regulated through separate frameworks for accountants and auditors. Individuals providing accounting services, including Chief Accountants and accounting practitioners, are subject to qualification requirements established under the Law on Accounting. Candidates are generally required to hold a university degree in accounting or finance, complete practical experience requirements, and satisfy training requirements prescribed by the Ministry of Finance. Chief Accountants are additionally required to complete an approved Chief Accountant training program and obtain a Chief Accountant certificate. Individuals holding only a Chief Accountant certificate are not authorized to perform statutory audit services.

The Law on Independent Audit establishes the qualification requirements for statutory auditors. Candidates are required to hold a university degree in a relevant field, complete a minimum of 36 months of practical experience, and successfully pass the Certified Public Accountant examination administered by the Ministry of Finance. Individuals holding foreign professional accountancy qualifications may be required to complete conversion examinations or satisfy additional recognition requirements prescribed by the Ministry of Finance.

Continuing professional development requirements apply to practicing auditors and other regulated professional accountants. The Ministry of Finance approves continuing professional development providers and establishes annual continuing professional development obligations. The Vietnamese Association of Certified Public Accountants and the Vietnam Association of Accountants and Auditors are accredited by the Ministry of Finance to provide and monitor continuing professional development activities for their respective members. Non-compliance with continuing professional development requirements may result in administrative or disciplinary sanctions, including suspension or withdrawal of practicing certificates.

The Vietnam Association of Certified Public Accountants and the Vietnam Association of Accountants and Auditors operate as professional accountancy organizations under the oversight of the Ministry of Finance. Membership in both organizations is voluntary. Both organizations support the Ministry of Finance through participation in professional development activities, translation and dissemination of international standards, consultation on draft legislation and standards, and other activities supporting the development of the accountancy profession in Vietnam.

Vietnam does not have an independent audit oversight authority separate from the Ministry of Finance. Audit oversight is carried out by the Ministry of Finance under the Law on Independent Audit No. 67/2011/QH12 and related implementing regulations. The Law on Independent Audit regulates the principles, conditions, scope, and form of independent audit activities, as well as the rights and obligations of practicing auditors, audit firms, branches of foreign audit firms in Vietnam, and audited entities.

The Ministry of Finance is responsible for regulating audit activities, including licensing and registration of auditors and audit firms, issuing auditing standards, establishing ethical requirements, approving continuing professional development providers, conducting inspections and quality assurance reviews, and imposing administrative sanctions for non-compliance. The Ministry of Finance may involve relevant authorities and the Vietnam Association of Certified Public Accountants in audit quality activities, while retaining overall supervisory authority.

Vietnam is not listed as a member of the International Forum of Independent Audit Regulators.

Vietnam Accounting Association (VAA)

The Vietnam Association of Accountants and Auditors was established in 1994 pursuant to a decision of the Prime Minister of Vietnam and operates under a charter approved by the Ministry of Home Affairs. The organization functions as a voluntary professional accountancy organization representing accountants, auditors, academics, and finance professionals across the public and private sectors in Vietnam.

The objectives of the Vietnam Association of Accountants and Auditors include supporting the development of the accounting and auditing profession, enhancing professional competence, promoting ethical conduct, contributing to accounting and auditing research and policy development, and supporting Vietnam’s integration into the international accountancy profession. The organization provides continuing professional development programs, professional training, technical seminars, and dissemination activities related to accounting, auditing, ethics, and public sector financial management.

The Vietnam Association of Accountants and Auditors participates in consultations on draft legislation and professional standards issued by the Ministry of Finance and supports the translation, dissemination, and implementation of international standards within the jurisdiction. The organization also cooperates with universities, regulators, and international organizations on professional education and capacity-building initiatives.

Membership in the Vietnam Association of Accountants and Auditors is voluntary. The organization is a Member of the International Federation of Accountants and a member of the ASEAN Federation of Accountants.

Vietnam Association of Certified Public Accountants (VACPA)

• The Vietnam Association of Certified Public Accountants was established in 2005 under a decision of the Ministry of Home Affairs as the professional organization representing certified public accountants and audit firms in Vietnam. Initially operating under the umbrella of the Vietnam Association of Accountants and Auditors, the organization subsequently became an independent professional accountancy organization focused on the audit profession.
• The Vietnam Association of Certified Public Accountants operates under the oversight of the Ministry of Finance and supports the regulation and development of the audit profession in Vietnam. Its activities include organizing continuing professional development programs, supporting implementation of auditing and ethical standards, participating in quality assurance review activities delegated by the Ministry of Finance, and contributing technical input on draft legislation, auditing standards, and ethical requirements.
• The organization also supports the translation and dissemination of international standards and professional guidance and works with the Ministry of Finance on activities related to the modernization of the auditing framework in Vietnam, including updates to auditing and quality management standards.

Membership in the Vietnam Association of Certified Public Accountants is voluntary. The organization is a Full Member of the International Federation of Accountants and a member of the Confederation of Asian and Pacific Accountants.

Under the Law on Independent Audit No. 67/2011/QH12, the Ministry of Finance is responsible for establishing and supervising the quality assurance review system for auditors and audit firms in Vietnam. Circular No. 157/2014/TT-BTC, as consolidated in 2025, sets out the audit service quality control framework, including annual self-inspection reports, direct inspections, follow-up of inspection findings, and cooperation with the State Securities Commission and audit-related professional organizations.

The system applies to audit firms, branches of foreign audit firms, and practicing auditors. The Ministry of Finance retains overall responsibility for audit service quality control, while the State Securities Commission oversees audit services provided to public interest entities in the securities sector. Professional organizations, including the Vietnam Association of Certified Public Accountants, may cooperate with the competent authorities in inspections, training of inspection teams, and follow-up activities.

Vietnam has adopted Vietnamese Standard on Quality Control 1 through Circular No. 214/2012/TT-BTC, based on International Standard on Quality Control 1. The framework is operational but has not been confirmed as fully aligned with all SMO 1 requirements.

International Standard on Quality Management 1 and International Standard on Quality Management 2, which replaced International Standard on Quality Control 1 and became effective internationally on December 15, 2022, have not been adopted in Vietnam.

Current Status: Partially Adopted

Initial and continuing professional development requirements for professional accountants in Vietnam are established under the Law on Accounting No. 88/2015/QH13, the Law on Independent Audit No. 67/2011/QH12, and related regulations issued by the Ministry of Finance. The Ministry of Finance is responsible for establishing qualification requirements, administering professional examinations, issuing practicing certificates, and prescribing continuing professional development requirements for auditors and other regulated accountancy professionals.

The qualification framework for auditors includes a university degree in a relevant field, a minimum of 36 months of practical experience, and successful completion of the Certified Public Accountant examination administered by the Ministry of Finance. Continuing professional development requirements for practicing auditors are established under Circular No. 150/2012/TT-BTC and related regulations. Accredited providers of continuing professional development include the Vietnam Association of Certified Public Accountants and the Vietnam Association of Accountants and Auditors. (english.luatvietnam.vn)

Although the national framework establishes education, practical experience, assessment, and continuing professional development requirements, the International Education Standards have not been formally adopted or incorporated into the legislative and regulatory framework. Neither the Ministry of Finance nor the professional accountancy organizations have confirmed alignment of the national requirements with the International Education Standards in effect as of the time of the assessment.

Accordingly, because national educational requirements have not been formally aligned with or demonstrated to meet the International Education Standards in effect as of the time of the assessment, the extent of adoption is assessed as Not Adopted.

Current Status: Not Adopted

Under the Law on Independent Audit No. 67/2011/QH12, the Ministry of Finance is responsible for issuing auditing standards applicable in Vietnam. The current Vietnam Standards on Auditing were issued under Circular No. 214/2012/TT-BTC and apply to audit firms, branches of foreign audit firms, practicing auditors, and relevant organizations and individuals providing independent audit services.

Circular No. 214/2012/TT-BTC promulgated the Vietnam Standards on Auditing based on the clarified International Standards on Auditing platform, including Vietnam Standard on Quality Control 1 and Vietnam Standards on Auditing 200 through 810. The standards are based on the 2009 clarified ISA and do not reflect the International Standards on Auditing in effect as of the time of the assessment, including post-2018 revisions and the quality management-related standards.

ISA for Audits of Financial Statements of Less Complex Entities has also not been adopted in Vietnam.

Current Status: Not Adopted

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 issued the national Code of Ethics for professional accountants and auditors through Circular No. 70/2015/TT-BTC, effective January 1, 2016. The Code replaced the previous ethics requirements issued under Decision No. 87/2005/QÐ-BTC and applies to accounting enterprises, audit enterprises, branches of foreign audit firms, holders of accounting practice certificates, and holders of auditing practice certificates.

The national Code is based on the 2014 International Code of Ethics for Professional Accountants. Accordingly, because Vietnam has adopted a pre-2018 version of the International Code of Ethics for Professional Accountants and the Code in effect as of the time of the assessment has not been adopted, the extent of adoption is assessed as Not Adopted under the 2026 definitions.

Current Status: Not Adopted

Public sector accounting standards in Vietnam are established by the Ministry of Finance under the Law on Accounting No. 88/2015/QH13 and related public financial management regulations. The Ministry of Finance has issued Vietnamese Public Sector Accounting Standards as part of a phased roadmap toward accrual-based public sector accounting reform.

The first set of Vietnamese Public Sector Accounting Standards was issued in 2021, with a roadmap to issue 21 standards between 2021 and 2024. The standards are developed based on International Public Sector Accounting Standards (IPSAS) and adapted to the national context.

Accordingly, because Vietnam has issued accrual-basis national public sector accounting standards with reference to IPSAS, but has not adopted IPSAS in their entirety for all public sector entities, the extent of adoption is assessed as Partially Adopted.

Current Status: Partially Adopted

The investigation and disciplinary framework for 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 related implementing regulations issued by the Ministry of Finance. The Ministry of Finance is responsible for oversight, investigation, and enforcement, including the imposition of administrative sanctions for violations of accounting and independent audit requirements.

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. Recent legislative developments, including Law No. 56/2024/QH15 and Decree No. 228/2025/NÐ-CP, have further strengthened enforcement provisions related to independent audit, including updated sanctions and penalty powers.

The framework provides for sanctions against individuals and firms that fail to comply with professional and regulatory requirements. However, there is no evidence that the system fully incorporates all SMO 6 requirements, including independent investigation and disciplinary structures, public reporting of outcomes, appeals arrangements, and full linkage with quality assurance findings.

Accordingly, because an operational investigation and disciplinary system exists but has not been confirmed as fully aligned with SMO 6, the extent of adoption is assessed as Partially Adopted.

Current Status: Partially Adopted

At the jurisdiction level, IFRS Accounting Standards have not been adopted for mandatory application by all domestic publicly accountable entities in Vietnam. Under Decision No. 345/QÐ-BTC, the Ministry of Finance approved a roadmap for IFRS application, including voluntary application by specified enterprises during the implementation phase and future compulsory application for selected entities to be determined by the Ministry of Finance.

Vietnamese Accounting Standards remain the required reporting framework for most entities. The IFRS Foundation’s jurisdiction profile states that Vietnam has not adopted IFRS Accounting Standards and that entities generally apply Vietnamese Accounting Standards or accounting regimes issued by the Ministry of Finance.

Accordingly, because IFRS Accounting Standards are permitted under a roadmap but are not yet required for all domestic publicly accountable entities in consolidated general purpose financial statements, the extent of adoption is assessed as Partially Adopted.

The IFRS for SMEs Accounting Standard has not been adopted in Vietnam; small and medium-sized entities apply an accounting regime for SMEs developed by the Ministry of Finance.

Current Status: Partially Adopted

Relevant Organizations

ASEAN Federation of Accountants

International Forum of Independent Audit Regulators

Ministry of Finance of Vietnam

Vietnam Association of Accountants and Auditors

Vietnam Association of Certified Public Accountants

Vietnam State Treasury

Relevant Legislation

Circular No. 70/2015/TT-BTC on the Code of Ethics for Professional Accountants and Auditors

Circular No. 150/2012/TT-BTC Guiding the Update of Knowledge for Registered Auditors

Circular No. 214/2012/TT-BTC Promulgating the System of Vietnam Standards on Auditing

Decision No. 345/QÐ-BTC on Approval of the Scheme on Application of Financial Reporting Standards in Vietnam

Decree No. 41/2018/NÐ-CP on Penalties for Administrative Violations in the Fields of Accounting and Independent Audit

Integrated Document No. 15/VBHN-BTC/2025 on Audit Service Quality Control

Law No. 56/2024/QH15 Amending the Law on Securities, Law on Accounting, Law on Independent Audit and Related Laws

Law No. 67/2011/QH12 on Independent Audit

Law on Accounting No. 88/2015/QH13

Relevant Publications

ACCA-VACPA Vietnamese Certificate in International Financial Reporting

AFA and VAA Held 24th AFA Conference – Green Accounting and Finance: Shaping a Sustainable Future

IFRS Foundation Jurisdiction Profile – Vietnam

Innovations in Training Activities and Development Trends of VACPA

Vietnam Issues First-Ever Public Sector Accounting Standards

VAA Launches Training on International Financial Reporting Standards

HYPERLINK "https://cfrr.worldbank.org/sites/default/files/2020-03/09.pdf"World Bank Centre for Financial Reporting Reform, Assessment of the Regulatory and Institutional Framework for Audit in Vietnam