Vietnam Accounting & Tax

MSA’s accounting, bookkeeping and tax services ensure smooth financial operation for your Vietnam entities, while ensuring full compliance with Vietnamese Accounting Standards and tax regulations.

The accounting and tax landscape in Vietnam can be complex, given the evolving regulatory environment and subtle differences between Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards. Businesses must adhere to the specific accounting standards and tax obligations that apply in Vietnam to ensure compliance and optimize financial performance.

Vietnam Accounting & Tax Services

Bookkeeping and Financial Reporting: We provide comprehensive bookkeeping services, including maintaining accurate records of financial transactions, preparing financial statements, and ensuring compliance with Vietnamese Accounting Standards (VAS).
Tax Compliance: We assist with all aspects of tax compliance, including the preparation and filing of tax returns (e.g., corporate income tax, value-added tax, personal income tax), tax registration, and dealing with tax authorities.
Tax Advisory: Our tax experts offer advisory services to help businesses optimize their tax position, minimize tax liabilities, and navigate complex tax regulations.
Payroll Services: We manage payroll processing, including calculating salaries, withholding taxes, social insurance contributions, and issuing pay slips, ensuring compliance with Vietnamese labor laws.
Audit Support: We provide support during audits by tax authorities or independent auditors, including preparing documentation, liaising with auditors, and addressing any queries or issues that may arise.

Benefits of our Vietnam Accounting & Tax Services

Proactive Approach: We take a proactive approach to accounting and tax planning, identifying opportunities to optimize your financial position and minimize tax liabilities.
Dedicated International Account Manager: You will be assigned a dedicated account manager who is fluent in English and possesses extensive knowledge of both local regulations and international accounting practices.
One-Stop Shop: We offer a comprehensive suite of services, including accounting, tax, payroll, and audit support, providing a single point of contact for all your business needs.
Local Support, Global Standards: We combine local expertise with international best practices to deliver high-quality accounting and tax services.

Vietnam Corporate Income Tax (CIT)

Vietnam’s standard corporate income tax (CIT) rate is 20% for most business types. CIT is a direct tax levied on a company’s profits, calculated as gross revenue minus allowable expenses. Allowable expenses are defined by Vietnamese tax law and include most ordinary and necessary business expenditures. Certain expenses, however, may be subject to limitations or may not be deductible at all. It’s crucial for businesses to maintain accurate records and understand the specific rules regarding deductible expenses to ensure compliance and optimize their tax liability.

Vietnam Value Added Tax (VAT)

Value-added tax (VAT) is imposed on the supply of goods and services in Vietnam. There are three VAT rates: 0%, 5%, and 10%, with 10% being the standard rate. The 0% rate applies to exported goods and services, while the 5% rate applies to essential goods and services. VAT is a consumption tax applied to the value added to goods and services at each stage of production, circulation, and consumption. Businesses collect VAT from their customers and remit it to the government, while they can also claim credits for VAT paid on their own purchases of goods and services.

Vietnam Tax Incentives

To encourage development in specific sectors and regions, Vietnam offers tax incentives. These incentives apply to investment projects in designated sectors (e.g., high-tech, renewable energy), areas with difficult socio-economic conditions, and those located in high-tech zones and economic zones. Incentives may include preferential CIT rates (e.g., lower rates for a certain period), tax holidays (e.g., exemption from CIT for a number of years), and exemptions or reductions in import duties. The specific incentives available vary depending on the location, sector, and scale of the investment project.

Engage MSA and Optimize your Vietnam Accounting Processes

Sound financial record-keeping is crucial to ensure your Vietnam operations stay solvent and fully compliant with the local rules. Get in touch with our Vietnam accounting experts to implement robust processes for your local operations.

Join 1,500+ businesses that rely on MSA to Start, Manage, and Grow their business in Vietnam.