KTC online
When preparing the statutory financial statements, is there a required format to follow?


Yes, the preparation of VAS financial statements according to formats prescribed by the MOF is compulsory. The formats are available in Decision 15 or Decision 48. 

Are financial statements required to be audited?


The Decree 105 on independent auditing requires that annual financial statements of FDI Enterprises must be audited by an independent auditing firm.

Do FDI Enterprises need chief accountants?


An FDI Enterprise may employ a full-time chief accountant or hire an accounting service organisation operating independently and legally in Vietnam.

In respect of a FDI Enterprise with full-time accounting staff, the Chief Accountant of the FDI Enterprises shall be selected and appointed in writing by the board of management (in respect of a joint venture enterprise) or the general director or authorized representative residing permanently in Vietnam (in respect of an enterprise with one hundred per cent foreign owned capital).

In cases where an independent accounting service organisation operating legally in Vietnam is hired to carry out accounting work on the basis of an economic contract, the accounting services provided must be in compliance with the provisions on accounting work as in the case of enterprises doing their accounting work.


Page 9 of 11