Key changes in Vietnamese Accounting System for Enterprises

Đọc bản Tiếng Việt

Effective 1 January 2026

On October 27, 2025, the Ministry of Finance (MOF) issued Circular No. 99/2025/TT-BTC (“Circular 99”), introducing significant updates to the Vietnamese Accounting System for Enterprises. This new circular replaces Circular No. 200/2014/TT-BTC (Circular 200) and is effective for annual accounting periods beginning on or after 1 January 2026. Below is a concise summary of the main changes and requirements introduced by Circular 99.

• Applies to all enterprises, with credit institutions and foreign bank branches following the State Bank regulations.
• Mandates internal governance and robust internal controls for compliance with laws and accounting regimes.

• Clear guidance on changing accounting currency: balances converted at the average buying-selling transfer exchange rate from the enterprise’s primary bank (bank with which the enterprise most frequently conducts transactions).
• Financial statements in foreign currency must be translated into VND for official submissions using clarified translation methods.

• Enterprises can design their own voucher forms and accounting book templates, provided internal regulations are in place.
• Detailed procedural requirements from previous circulars (e.g., ink color, copy number) are removed, aligning with the Law on Accounting.

• Several accounts eliminated (e.g., 161, 441, 611, 631).
• New accounts introduced (e.g., 215 for Biological Assets, 332 for Dividends Payable, 82112 for GMT Top-Up Tax).
• Some accounts renamed for clarity (e.g., 112 now “Demand deposits”).
• Enterprises can supplement accounts or amend names, codes and contents of prescribed accounts to suit their operating characteristics and management purpose, provided internal regulations on the supplementation and amendments are in place.

• “Balance Sheet” renamed “Statement of Financial Position.”
• Mandatory use of prescribed templates; only additional captions may be added, not template modifications.
• Annual statements due within 90 days after period end; interim statements as per other laws.
• Clarified requirements for transitional accounting periods, including disclosure of comparability and reasons for period changes.
• Enhanced classification criteria for current vs. non-current assets and liabilities, with expanded disclosure requirements for items exceeding 12 months.
• Financial statements must be published in accessible formats, and if audited, include the audit report.

• Standard cost method introduced for inventory valuation; concepts of perpetual and periodic inventory methods removed.
• Periodic repair and maintenance costs now amortized; previous provisions for major repairs discontinued.
• New detailed treatment for biological assets, including classification, recognition, and impairment based on historical cost.
• Comprehensive guidance for business cooperation contracts (BCCs), emphasizing substance over form in joint control assessment.
• Allowance for doubtful debts now applies defined aging percentages, with flexibility for alternative methods if justified.
• Clarified accounting for deferred expenses, bond issuance fees, and preference shares classified as liabilities.

• Expanded note disclosures required for significant financial statement items (e.g., cash restrictions, biological assets, BCCs, dividends payable, issued bonds, individual item that accounts for more than 10% of the respective total balances).
• Additional transparency for valuation bases, key assumptions, and uncertainty to estimates.
• New requirements for disclosures related to top-up corporate income tax under the global minimum tax regulations.
• Enhanced reporting obligations for acquisition/disposal of subsidiaries and going concern assessments by the Board of Directors.

• Use of accounting software is subject to strict data integrity and accuracy standards.
• Changes in accounting policies due to Circular 99 shall be applied in accordance with the transitional guidance specified in the Circular. If the Circular does not provide specific guidance, enterprises shall follow the guidance under VAS 29.