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Vietnam represents an important research case of IFRS acceptance by emerging and
transitional economies. In comparing Vietnam with other developing countries, one can
see a widening economic gap. Vietnam lost several decades of development and
lagged behind its neighbors as a result of the Vietnam War (1945-1975). Recently,
Vietnam has sought to be an increasingly active and successful participant in the global
economy. With a respectable average annual GDP growth of 7.2 per cent in the first
decade of the 21st century Vietnam has made substantial progress in adopting marketorientated
reforms (World Bank 2010)