
Viet Nam
Head of State :
Nguyen Phu Trong
Head of Government :
Prime Minister Nguyen Xuan Phuc
Capital :
Ha Noi
Language(s) :
Vietnamese
Currency :
Dong
Profile of the Country
- possessing professional ethics, being honest, incorruptible, having the sense of law observance; and being other than those persons banned from practicing accountancy as per Clause 1 and Clause 2 Article 51 of the Law on Accounting, such as person banned due to legal implications;
- having professional financial and accounting qualifications of university or higher degree and having actually performed financial and accounting work for five years or more;
- passing recruitment exams organised by competent State bodies.
- being an auditor;
- having conducted auditing work for a full thirty-six (36) months or more;
- fully participates in the program to update knowledge.
A certificate of registration of auditing practice shall only be valid when the person issued with the certificate has a labour contract to work all of the time for auditing enterprise [or] one branch of a foreign auditing enterprise in Viet Nam.
To be granted the accountancy practice certificates, foreigners must satisfy the following criteria and conditions;
- being permitted to reside in Viet Nam;
- having the accountancy specialist’s certificates or accountancy certificates granted by foreign or international organisations and recognised be the Vietnamese Ministry of Finance;
- passing the test on the finance and accounting legislation of Viet Nam, organised be competent State bodies.
The Ministry of Finance shall prescribe the training programs, examination councils, procedures and competence for granting and revoking the accountancy practice certificates according to the provisions of this Law and other relevant law provision.
- Multiple member limited liability companies;
- Partnerships;
- Private enterprises.
- have a business registration certificate, enterprise registration certificate or investment certificate in accordance with law;
- have at least five (5) practising auditors including a minimum of two capital contributing members who are practising auditors;
- the legal representative and director or general director of the company must be practising auditors;
- ensure it has the full amount of legal capital required by Government regulations;
- the capital contribution portion of a member being an organisation must not exceed the limit stipulated in Government regulations. The representative of a member being an organisation must be a practising auditor.
- the member being an organisation are entitled to contribute at maximum 35% of the charter capital of the audit limit liability company with two or more members. In case there are many organisations contributing in capital, the total capital contributed by these organisations shall be at maximum 35% of the charter capital of the limited liability company with two or more members.
- the member being an organisation shall appoint one person as its representative in the Members’ Council. The representative of member being an organisation must be an auditor and register for auditing practice in the audit firm to which the organisation contributes its capital.
- a practicing auditor who is representative of member being an organisation shall not permitted to contribute capital to such audit firm with individual status.
A partnership must satisfy all the following conditions when applying for issuance of an SC Certificate:
- have a business registration certificate, enterprise registration certificate or investment certificate in accordance with law;
- have at least five (5) practising auditors including a minimum of two partners who are practising auditors;
- the legal representative and director or general director of the partnership must be practising auditors.
- have a business registration certificate, enterprise registration certificate or investment certificate in accordance with law;
- have at least five (5) practising auditors including the owner of the enterprise who is a practising auditor;
- the owner of the enterprise is concurrently the director of the enterprise.
- the foreign auditing enterprise must be permitted to provide independent auditing services pursuant to the law of the country where such enterprise has its headquarters;
- having at least two practising auditors, including the director or general director of the branch who is a practising auditor;
- the director or general director of the branch of the foreign auditing enterprise must not hold a position as manager or executive of another enterprise in Viet Nam;
- the foreign auditing enterprise must forward a letter to the Ministry of Finance undertaking to accept liability for all obligations and undertakings of the branch of the foreign auditing enterprise in Viet Nam;
- the foreign auditing enterprise must ensure it maintains its level of legal capital at no less than the level stipulated by Government regulations.
- the foreign audit firm which requesting for granting of the Certificate of satisfaction of auditing business conditions to its branches in Viet Nam must have the equity in balance sheet being at least equal to 500,000 (five hundred thousand) US dollars at the time point of ending the fiscal year nearest time point of requesting.
- allocated capital of the branch of foreign audit firms in Viet Nam must not be less than the legal capital applicable to the limited liability company.
- during its operation, the foreign audit firm must keep the equity in the balance sheet and the allocated capital of its branch in Viet Nam not less than the capital stipulated. The foreign audit firm, branches of the foreign audit firm must supplement their capital if their equity in balance sheet is lower than the capital levels stipulated in the period of 03 (three) month as from the end date of the fiscal year.
Regulated Accounting Services
NAB Membership and/or PRA Registration
NAB Requirement:
No.
PRA Requirement :
All applicants will be approved by PRA (MOF) for practicing when Laws on Accounting No. 88/2015/QH13 with effect from 1/1/2017.
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
NAB Requirement:
No.
PRA Requirement :
1. To Get Certificate
-
Agrees to be bound by code of professional conduct and ethics.
-
completed an accredited or recognised accountancy degree or program majored in finance, accounting, auditing; or program majored in another areas but having number of period in finance, accounting, auditing, financial and tax analysis account for minimum 7%; or getting university degree and having certificated granted by accounting and auditing international professional organizations according to regulations in Article 9, Circular 91/2017/TT-BTC.
-
having working experience in finance, accounting and auditing at least 36 months, from the month graduating which shows in university degree (or postgraduate) up to the time to register. The practical working period in auditing include auditing assistant at auditing enterprise, internal auditing, auditing at State Audit Agencies;
-
Submitting sufficient documents and fees as regulated;
-
pass examination with four subjects including: Economic Law & Law on Enterprise; Advanced Finance & Financial Management; Advanced Tax and Tax Administration; Advanced Management Accounting & Financial Accounting.
The applicant having accounting or auditing certificate is allowed to registered as accounting service practicing via accounting enterprises or accounting business according to Internal Auditing law with the following conditions:
-
- having civil act capacity;
- having working experiences in finance, accounting and auditing from at least 36 months since graduation.
- Having CPD hours. (At least 40 hours/year).
Citizenship Requirement
No
Remarks
Eligibility requirement, where applicable (ASEAN CPA/RFPA)
Non-Regulated Accounting Services
NAB Requirement:
No.
PRA Requirement :
No.
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
NAB Requirement:
No.
PRA Requirement :
No.
Citizenship Requirement
No.
Remarks
PAIB or any accountancy services other than auditing services are not regulated in Vietnam.
Eligibility requirement, where applicable (ASEAN CPA/RFPA)
open for ASEAN CPA / RFPA.
All About Registered Foreign Professional Accountant (RFPA)
