Regulations in provision of accounting services in Vietnam 

Vietnam law has regulations on provision of accounting services. Let’s find out this issue with Lawyer X through the following situation: “Dear Lawyer! My company want to use accounting services in Vietnam. So I need to know how to identify a firm qualified to provide accounting services. What are regulations on Registration of accounting practice in Vietnam? What are regulations on Conditions for issuance of the Certificate of eligibility to provide accounting services? Thanks for answering my questions!” 

Legal grounds 

2015 Vietnam Law on accounting 

Regulations on Accountant certificate 

A person must meet the standards below in order to obtain the accountant certificate: 

• Comply with professional ethics, be truthful, integrated, and abide by law. 

• Have a bachelor’s degree or higher in finance, accounting, audit, or another discipline specified by the Ministry of Finance; 

• Pass the examination for the accountant certificate. 

The holder of an accounting expert certificate or accounting practitioner certificate issued by a foreign organization or an international accounting organization that is accredited by the Ministry of Finance of Vietnam shall be granted an accountant certificate if he/she pass the examination in Vietnam’s economics, finance, and accounting laws and meet the standards specified in Point a Clause 1 of this Article. 

The Ministry of Finance shall specify conditions for taking the examination for the accountant certificate, procedures for issuance and revocation of the accountant certificate. 

Regulations on Registration of accounting practice 

The holder of an accountant certificate or auditor certificate according to the Law on Independent audit may register his/her accounting practice through an accounting firm or accounting household if he/she: 

• Has full civil capacity; and 

• Has at least 36 months’ experience of finance, accounting, or audit works since graduation from university; and 

• Has participated in every mandatory refresher course. 

The person who satisfies all conditions in Clause 1 of this Article may register and be granted the Certificate of Accounting Practice Registration The Ministry of Finance shall specify procedures for issuance and revocation of the Certificate of Accounting Practice Registration. 

The Certificate of Accounting Practice Registration is only valid when its holder has a full-time contract with an accounting firm or an accounting household. 

The following people must not register accounting practice: 

• Officials and public employees; professional servicemen and officers; national defense workers and public employees, police officers. 

• People banned from practicing accounting under an effective court’s judgment or decision; people undergoing criminal prosecution; people sentenced to imprisonment or were convicted of economic crimes or other crimes related to finance, accounting and have not had their criminal records expunged; people put on probation, and people forcibly sent to reform schools or rehabilitation centers. 

• People convicted of serious economic crimes and have not had their criminal records expunged. 

• Any person that incurred a penalty for an administrative violation against regulations of law on finance, accounting, audit within the previous 06 months, if the penalty is a warning, or 01 years, if the penalty is other than a warning. 

Regulations on Accounting firms 

An accounting firm may be in established in the form of: 

• A multi-member limited liability company; or 

• A partnership; or 

• A private enterprise. 

The firm may only provide accounting services after all conditions specified in this Law are satisfied and the Certificate of eligibility to provide accounting services is obtained. 

The accounting firm must not contribute capital to establishment of another accounting firm, except for contribution of capital together with a foreign accounting firm to establishment of an accounting firm in Vietnam. 

The foreign accounting firm shall provide accounting services in Vietnam in the following manners: 

• Contributing capital together with an existing accounting firm in Vietnam to establish an accounting firm; 

• Establishing branches of the foreign accounting firm; 

• Provide accounting services across the border as prescribed by the Government. 

Conditions for issuance of the Certificate of eligibility to provide accounting services 

A multi-member limited liability company shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied: 

• The company has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law; 

• At least two capital contributors (members) are accounting practitioners; 

• The legal representative, Director or General Director of the company is an accounting practitioner; 

• The accounting practitioners’ holdings in the enterprise, the holdings of members being organizations are conformable with regulations of the Government. 

A partnership shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied: 

• The partnership has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law; 

• At least two general partners are accounting practitioners; 

• The legal representative, Director or General Director of the partnership is an accounting practitioner. 

A private enterprise shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied: 

• The enterprise has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law; 

• There are at least two accounting practitioners in the enterprise; 

• The owner of the private company, who holds the position of Director, is an accounting practitioner. 

A branch in Vietnam of a foreign accounting firm shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied: 

• The foreign accounting firm is permitted to provide accounting services according to regulations of law of its home country; 

• There are at least two accounting practitioners, including the Director or General Director of the branch; 

• The Director or General Director of the branch does not concurrently hold the position of manager or executive officer of another enterprise in Vietnam; 

• The foreign accounting firm has submitted a document to the Ministry of Finance that it is responsible for every obligations and commitments of the branch in Vietnam. 

Within 06 months from the date of accounting service registration, if the accounting firm or branch of a foreign accounting firm is not granted the Certificate of eligibility to provide accounting services, or the Certificate of eligibility to provide accounting services has been revoked, the accounting firm or branch of a foreign accounting firm must promptly request the business registration authority to remove the phrase “dịch vụ kế toán” (“accounting services”) from its name. 

Application for Certificate of eligibility to provide accounting services 

– An application form for the Certificate of eligibility to provide accounting services. 

– Copies of the Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document. 

– Copies of Certificates of Accounting Practice Registration of accounting practitioners. 

– Employment contracts between the accounting firm and accounting practitioners. 

– Documents proving capital contribution (for limited liability companies). 

– The company’s charter (for partnerships and limited liability companies). 

– A written commitment to take responsibility by the foreign firm; documents proving the foreign firm is permitted to provide accounting services (for branches in Vietnam of foreign accounting firms). 

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