The legal system for accounting in Vietnam is facing a crucial turning point. Instead of enacting a completely new law, the National Assembly has chosen to amend and supplement the 2015 Accounting Law through Law No. 56/2024/QH15 and Law No. 108/2025/QH15.
This change aims to achieve the following goals: International integration – Digital transformation – Protection of workers in the profession.
From July 1st, 2026, businesses and accounting units in Vietnam will be required to comply with new regulations integrated into the Accounting Law No. 88/2015/QH13. Early understanding of these changes is essential to ensure legal compliance and optimize the operation of the financial system.
| Download summary file |
A groundbreaking new feature.
According to Article 51 of Law No. 108/2025/QH15 (Law on Tax Administration 2025), a new "green zone" has been opened for organizations providing tax procedure services (Tax Agents):
- Add Article 70a: Allow tax agents to provide accounting services to micro-enterprises, household businesses, and individual business owners.
- Mandatory requirement: The organization must have at least one staff member holding an Certified Public Accountant (CPA) certificate.
- Impact: This solution alleviates cost burdens for micro-enterprises while enabling tax authorities to manage financial data more synchronously and transparently, right from the accounting stage.
Key changes in Law No. 56/2024/QH15
Below is a detailed analysis of the changes compared to the current Accounting Law of 2015:
Standardizing Financial Statements
To ensure that accounting data accurately reflects the financial situation of an entity and complies with the highest legal standards, the new law has made significant adjustments to the way reports are presented:
- Old regulation: Only required preparation according to the accounting system's prescribed forms.
- New regulation: Emphasizes that financial statements must be prepared and presented in accordance with both Accounting Standards and the Accounting System.
- Objective: To improve the accuracy, integrity, and consistency of financial data across a wide range of sectors.
Roadmap for adopting International Financial Reporting Standards (IFRS)
To realize the goal of bringing Vietnamese accounting closer to global financial practices, Law No. 56/2024/QH15 has specified the Government's authority in managing this roadmap:
- Amendment to Clause 2, Article 2: The Government will issue detailed guidance on the subjects, scope, procedures, and roadmap for applying international accounting standards.
- Significance: This serves as a "guideline" for large corporations and listed companies preparing for the adoption of IFRS, helping Vietnam upgrade its stock market and attract FDI.
Reform of electronic documents and signatures
In the context of strong digital transformation, Law No. 56/2024/QH15 has made significant strides in streamlining processes and diversifying forms of electronic transaction authentication for businesses:
- Signing documents: In addition to electronic signatures, the new law allows the use of “other forms of confirmation by electronic means.” This aligns with the development of Blockchain technology, Smart Contracts, and biometric security methods.
- Eliminating cumbersome information: The mandatory requirement to include the "name and address of the recipient of the document" on internal documents (point d, clause 1, Article 16) has been abolished. This simplifies procedures for businesses.
Flexibility in accounting periods and languages
In order to resolve practical operational difficulties and reduce the compliance burden for foreign-owned enterprises, Law No. 56/2024/QH15 has adjusted the regulations on reporting periods and translation procedures as follows:
- Accounting period: The regulations now clearly state that the first or last accounting period should not exceed three consecutive monthly periods, instead of the previous 90-day period. This creates consistency in monthly/quarterly reporting times.
- Document translation: Foreign language documents only need to be translated into Vietnamese when requested by competent government agencies, helping multinational corporations significantly reduce recurring operating costs.
Mechanisms for protecting accountants
This is the most humane and progressive change in this amendment (Clause 7, Article 2 of Law No. 56/2024/QH15):
- Independence: Accountants have the right to professional and technical independence.
- Right to reserve an opinion: When disagreeing with the decision-maker (business owner/director), the accountant has the right to reserve their opinion in writing.
- Right to report violations: When discovering violations of financial laws, accountants must report them in writing to management.
- Disclaimer: If an incorrect decision must still be implemented after reporting it, the accountant will not be held liable for the consequences of such implementation.
Orientation of State Management in the Banking Sector
The new law expands the powers of the State Bank of Vietnam:
- Responsible for issuing accounting regulations or accounting legal documents applicable specifically to credit institutions and branches of foreign banks.
- This ensures that these organizations comply with general standards while also meeting the stringent specific requirements of risk management in the banking industry.
The combination of the amended Accounting Law 2024 and the Tax Administration Law 2025 creates a more transparent financial ecosystem. The shift towards international standards and the recognition of diverse electronic forms demonstrate the Government's efforts in building a digital government and digital economy.
Contact information MAN – Master Accountant Network
- Address: No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City
- Mobile/Zalo: 0903 963 163 – 0903 428 622
- Email: man@man.net.vn
Content production by: Mr. Le Hoang Tuyen – Founder & CEO MAN – Master Accountant Network, Vietnamese CPA Auditor with over 30 years of experience in Accounting, Auditing and Financial Consulting.
MAN Editorial Board – Master Accountant Network
