For the practical operation of the accounting services provision, the draft Decree guiding the implementation of a number of articles of Accounting Law 2015 (“the Draft Decree”) gives new and detailed regulations on providing crossborder accounting services of overseas accounting services enterprises in Section 4, such as the definition of regulated entities, methods, responsibilities and conditions to provide inbound crossborder accounting services.

The Draft Decree introduces the definition of regulated entities providing cross-border accounting services to enterprises operating in Vietnam, which is: “Aaccounting services enterprise whose nationality is either a member of the World Trade Organisation or has international agreement with Vietnam on providing cross border accounting services”.

Section 4 of the Draft Decree regulates the detailed conditions for overseas accounting services enterprises that want to provide accounting services in Vietnam. In order to provide inbound crossborder accounting services, the overseas accounting services enterprises need to satisfy two important conditions amongst the five required conditions: (1) the overseas accounting services enterprises must be allowed to provide accounting services in accordance with the law of the home country where the overseas business accounting enterprises’ headquarters are located and (2) the overseas accounting services enterprises must have at least two (02) members who are accounting practitioners certified by the Vietnamese Ministry of Finance (“MoF”), of which one must be the legal representative.

These new requirements do have significant impacts on the accounting functions of enterprises in Vietnam, especially those multi-national companies operating in Vietnam and using accounting outsourced services from Head Office, Group fellow companies or from thirdparty services providers outside Vietnam.

Accordingly, we have noted three practical scenarios in relation to the cross-border accounting services as below that need further clarification and consideration from the MoF Accounting Policy Department.

For more information, click PwC Vietnam Newsbrief_ Draft Decree guiding Accounting Law 2015 (EN) and PwC Vietnam Newsbrief_ Draft Decree guiding Accounting Law 2015 (VN)


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