August 30, 2018

TMF's monthly update | Vietnam government clarifies penalties for accounting administration failures

April 2018

The Vietnamese government recently issued official notes to clarify administration penalties. Companies and entities operating in the country should be aware of the penalties, and work with a local partner to help ensure compliance.

Decree No. 41/2018/ND-CP, dated 12 March 2018 and replacing Decree No. 105/2013/ND-CP, regulates administration penalties given for accounting issues and fraud. It sets a maximum penalty of VND100 million for organisations and takes effect on 1 May 2018.

Vietnam sets strict requirements for the format of the accounting vouchers, books, charts of accounts, financial statements and company governance, and this decree shows even a minor transgression could result in significant financial penalties, as detailed below.

Accounting vouchers

Issues with the format and content of your accounting vouchers could result in the following penalties:

VND 3-5 million for accounting vouchers not having the required information, or for using a signature stamp

VND 5-10 million for signing accounting vouchers which do not have sufficient information or power of attorney, that have inconsistent signatures, or that are not translated into the Vietnamese language

VND 10-20 million for non-compliance with regulations in wording, numbers, monetary units, and the accounting period

VND 20-30 million for not preparing accounting vouchers when transactions occur; for duplicate accounting vouchers for one transaction; or for payment without sufficient signatures of the authorisors on payment vouchers.

Accounting books

Issues with the format and content of your accounting books could result in the following penalties:

VND 1-2 million for accounting books that don’t state the company name, or which are not signed by the person who prepared them. The books must also have page numbers, an overlap stamp, and other contents regulated by Vietnamese law

VND 5-10 million for accounting books without accounting vouchers, or those that do not tally with the supplied accounting vouchers.

Chart of accounts

Those who use incorrect chart of accounts which was registered with Ministry of Finance will face penalties of VND 5-10 million.

Financial statements 

Those who submit financial statements late, or who don’t have consistent data in their statements, face the following penalties:

VND 5-10 million for submitting financial statements to authorities up to three months late

VND 10-20 million for submitting financial statements to authorities more than three months late

VND 20-30 million if financial statements have inconsistent data in one accounting period, or if data in the financial statements does not tally with the company’s accounting books and vouchers

VND 40-50 million for failing to submit the financial statements to authorities.

Those who do not appoint a chief accountant or person in charge of accounting could face the following penalties:

VND 5-10 million for failure to appoint or for failure to notify the authorities when there is a change in chief accountant / person in charge of accounting

VND 20-30 million for appointing a chief accountant that does not meet legal requirements. 

Vietnam is one of the most complex country in Asia Pacific for Accounting and Tax compliance, according to TMF Group’s Financial Complexity Index 2018; it’s best to work with a local partner who is on the ground and up-to-date. Get in touch with our experts at TMF Vietnam for details on how we can help you navigate the complexity.

More News

See all

March 05, 2023

EuroCham Shared Our Views on Boosting Vietnam’s Business and Tourism on VTV4

Read more

March 02, 2023

Vietnam Business Forum (VBF) 2023 Scheduled for March 17, 19 – Register Now!

Read more

March 02, 2023

Food, Agri and Aqua Business Sector Committee (FAABS) Elected its 2023 Board

Read more

February 27, 2023

[CORPORATE]Vietjet opens new flight routes Ho Chi Minh City – Sydney; Ho Chi Minh City – Melbourne only 0VND

Read more

February 23, 2023

EuroCham and HAWA Sign MOU at HawaExpo 2023 to Boost Industry Cooperation and Trade Activities

Read more

February 22, 2023

[Work @ EuroCham] Sector Committee Coordinator

Read more

February 22, 2023

EuroCham Spoke at a Meeting Between HCMC’s Leaders and Foreign Business Associations

Read more

February 21, 2023

[CORPORATE] Discover the EIS Educational Village – Open Day 25th March 2023

Read more

February 21, 2023

[CORPORATE] EMS Vietnam – Vietnam Post’s High quality International Express Service

Read more

February 21, 2023

EuroCham Vietnam and DOLISA Met to Discuss Work Permit Process Difficulties in HCMC

Read more

February 20, 2023

Vice-Chair Claudia Anselmi Shared Perspectives at Human Rights Due Diligence (HRDD) Forum

Read more

February 13, 2023

[Work @ EuroCham] Head of Office Hanoi cum External Relations Manager

Read more

February 09, 2023

EuroCham Will Unveil Our 2022/2023 Whitebook and GEFE 2022 Report on Feb. 16

Read more

February 06, 2023

Chairman Alain Cany Sat Down for an Interview with Forbes Vietnam

Read more

January 30, 2023

Deutsches Haus Ho Chi Minh City Ushered in the New Year with a Lion Dance

Read more

January 19, 2023

The European Business Organization Worldwide Network’s (EBO WWN) Southeast Asian Network Kicked Off Its First Meeting of 2023

Read more

January 16, 2023

Q4 2022 Business Climate Index Results Released

Read more

October 05, 2022

EuroCham’s GEFE 2022 Press Conference in Hanoi

Read more

September 20, 2022

EuroCham Met with Prime Minister Pham Minh Chinh three times last week

Read more

August 24, 2022

EuroCham and its Nine Affiliated European BAs Held the “GEFE and You – How You Can Get Involved” Webinar

Read more

August 17, 2022

Restricted content

Read more

August 11, 2022

[Corporate] EMS International Services to Japan, Korea, Taiwan with extremely preferential rates in July and August 2022

Read more

August 05, 2022

EuroCham attended program on “Connecting the suppliers in the Mekong Delta of Vietnam with distributors, exporting businesses and trade promotion organizations”

Read more

August 01, 2022

EuroCham attended the Workshop "Evaluation Framework for Business regulation reforms and Data Analysis solutions"

Read more

July 28, 2022

[Corporate] BASF Q2 2022: BASF again with strong earnings despite continued high prices for raw materials and energy

Read more

July 08, 2022

Digital Sector Committee – Newsletter Issue No.3 / 2022

Read more

July 01, 2022

[BCI Q2 2022] European Business Stakeholders’ Confidence in Vietnam’s Business Environment Declined Slightly Following Global Economic Uncertainty

Read more

June 30, 2022

EuroCham Ventured to Vung Tau for a Field Trip

Read more

June 13, 2022

[Business Luncheon] Leveraging Artificial Intelligence: The Future of Banking and Financial Services in Vietnam

Read more

June 10, 2022

EuroCham Participated in the Fourth Vietnam Economic Forum

Read more

Pour une expérience optimale, veuillez tenir votre mobile à la verticale !

Platinum Partners

Gold Premium Partners

Gold Partners

Silver Partners

Premium Service Partners