General Background:
Vietnam is a transformed economy, having commenced its economic reform in 1986. Accounting and auditing services were introduced in Vietnam at the end
of the 20th century and were officially recognized by the laws from 2003, when the National Assembly passed the Accounting Law. The Accounting Law
provides the legal framework for accounting, auditing, and corporate reporting in Vietnam. Under the Accounting Law, all companies are required to prepare
and present legal entity financial statements in accordance with Vietnamese Accounting Standards (VAS). The Accounting Law endorses the alignment of
Vietnamese Accounting Standards with international standards for the preparation of corporate financial statements.
The Vietnam Association of Accountants and Auditors (VAA) - an accounting and auditing social & career organization - was established in 1994 as a
voluntary organization for accountants and auditors.
From 2005, the Government (the Ministry of Finance) started to transfer some of their responsibilities to VAA, firstly the registration and management of
accounting and auditing practice, professional training and development for certified practical accountants and auditors and chief accountants. However, the
Ministry of Finance continues to organize examinations and issue career certificates in recognition of both theoretical and practical experience.
Currently, the VAA and its member organizations (namely the Association of Certified Practical Auditors, Club of Chief Accountants, Association of Tax
Accountants and Association of Treasury Accountants) have responsibilities and powers as follows:
• Register all of Vietnam’s individual accountants and auditors;
• Organize the registration of accounting and auditing practices;
• Manage accounting and auditing practices;
• Organize professional training and development for members;
• Organize and issue chief accountant certificates to participants in chief accountant development courses; and
• Manage practice and conduct of its individual members and accounting and auditing practices.
The government is expected to continue to transfer responsibilities to VAA step by step.