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In this issue:

• Navigating VAS: A Guide to Vietnamese Accounting Standards
• VAS and the IAASB: Understanding Key Differences
• Expert Advice: Optimizing Bookkeeping in Foreign Investment Projects

Managing accounting and bookkeeping in Vietnam can prove to be a time consuming and constantly changing area of compliance, even for those well-versed in investment within the country. Shifting regulations, changing interpretations of existing legislation, and convergence with international norms all coalesce to form a compliance environment with significant costs.

Although adapting to Vietnam’s accounting framework can be a challenge, those with up-to-date information on the country’s accounting policies and a keen attention to detail will find that the benefits which Vietnam can impart far outweigh its challenges. To ensure that costs are kept to a minimum, it is critical that companies develop a firm understanding of Vietnam’s accounting framework prior to market entry and maintain robust systems of regulatory monitoring during the course of operations within the country.

In this issue of Vietnam Briefing, we outline the basic framework of accounting regulation applied in Vietnam and provide guidance on how to ensure compliance in order to setup and carry out operations within the country in seamless manner. We highlight existing Vietnamese accounting standards, discuss differences between Vietnamese and international accounting standards, and provide expert insight on areas of the compliance process.

Dezan Shira & Associates has a growing team of tax and accounting specialists within Vietnam providing our clients with years of combined experience helping foreign enterprises maintain compliance and to bridge the gap between Vietnamese accounting standards and those in their home markets. For questions on conforming to Vietnamese accounting standards, please contact our offices in Ho Chi Minh City and Hanoi.