Accounting in Vietnam is not complicated as long as you know the legislation, however, most people choose to use specialized services of professional accountants in Vietnam. Living and running a business in Vietnam also implies paying taxes. These depend on the type of income obtained and is usually linked to following specific accounting requirements, meaning filing tax returns, financial statements, and other relevant documents.
In this article, you will read about our accounting services in Vietnam. For expats, we also offer services relate to immigration to Vietnam.
| Quick Facts | |
|---|---|
| Tax registration support (YES/NO) | We provide tax registration services for companies in Vietnam. |
|
VAT registration services (YES/NO) |
Yes, our accountants in Vietnam offer VAT registration services to foreign and local companies. |
|
Payroll and HR assistance (YES/NO) |
We provide payroll manangement, HR, employment and other Labor Law related matters support. |
| Audit services (YES/NO) | Yes, we have auditors specialized in offering various types of audits in Vietnam. |
| Bookkeeping services (YES/NO) | Bookkeeping is one of the main services provided by our specialists. |
| Financial statement filing services (YES/NO) | Yes, we are at your service with timely filing services associated with financial statements and other accounting documents as requested by the law. |
| Accounting services for foreign companies in Vietnam (YES/NO) |
Yes, our accountants are at the services of foreign companies operating through branches and subsidiaries in Vietnam. |
| Accreditted accountants availability (YES/NO) |
Yes, our accountants are members of the Association of Certified Public Accountants in Vietnam. |
| Personal income tax rate | Personal income tax is levied at progressive rates ranging from 5% to 35%. |
| Corporate tax rate | The standard rate is levied at 20%, however, companies in the oil and gas sector are imposed the tax at rates ranging from 32% to 50%, while companies operating in the mineral resources extraction sector are taxed at rates from 40% to 50%. |
| VAT rate |
The standard rate is 10%; there is also a reduced 5% rate available for certain foods and imported and exported goods. |
| Taxation of foreign employees |
Foreign employees are subject to a flat tax of 20% for their employment income. |
| Access to double tax treaties (YES/NO) |
Yes, Vietnam has approximately 80 double tax treaties. |
| Tax advice and planning services (YES/NO) | Yes, we are at the disposal of companies needing tax advice and planning solutions. |
| Other services | Our accountants in Vietnam also offer assistance in accessing various tax incentives and grants for companies, taliored accounting services for small enterprises. |
Table of Contents
What are the main services provided by an accounting firm in Vietnam?
The services provided by accountants in Vietnam can be simple or complex, depending on the clients’ needs. Among them, here are the most often requested:
- tax and VAT registration for companies are some of the most solicited accounting services in Vietnam;
- bookkeeping and accounting services are also requested by business owners;
- payroll and HR services are complex tasks that can be handled by our accountants in Vietnam;
- tax consulting and planning solution in order to make mid-term and long-term projections and to calculate investments are also in demand;
- audit services, as companies must respect various standards related to accounting in Vietnam;
- preparing and filing financial statements, including VAT returns for Vietnamese companies are also on the list of services provided by our specialists.
Our accountants in Vietnam are at your disposal with tailored packages, meaning that you can choose the service or services you need. Skip the additional costs and administrative burden associated with creating an accounting department, by using external resources.
Vietnam is full of people from all over the world who have settled here on a long term. The low cost of living has attracted a wide range of expats, including foreign employees, multinational executives, entrepreneurs, retirees, and digital nomads are among those who have opted for immigration to Vietnam due to the good living conditions.
If you are a foreign citizen or businessperson and want to move here, our immigration lawyers in Vietnam can help you apply for the appropriate residence or investment permit.
Tax and VAT registration support
When starting a business in Vietnam, the tax and VAT registration procedures are among the formalities that need to be completed alongside the company incorporation process.
The tax and VAT numbers are issued by the General Taxation Department and the procedure can be handled by our accountants in Vietnam.
Since the value added tax is one of the most important taxes in Vietnam, it is worth noting that it applies a standard rate of 10%, however, a 5% reduced rate is available for food, transport services, medical equipment, agricultural-related products and services.
Feel free to address to our accountants in Vietnam for more information on this important tax. Here is an infographic on our accounting services:
Specialized accountants in Vietnam
Accounting in Vietnam has its own particularities, just like in other countries. This means that tax returns must be drafted and filed at specific periods, invoices must be issued and recorded under various conditions, and so on.
You no longer need to worry about such tasks when using the services of accounting firm in Vietnam. Our accountants in Vietnam are here to help.
Here are a few things to consider when it comes to filing tax returns in this country:
- the financial year in Vietnam starts on January 1st and ends on December 31st, thus coinciding with the calendar year;
- there are 2 accounting periods in Vietnam, the monthly one and the quarterly one;
- the corporate tax is set at a standard rate of 20%, however, for oil and gas businesses, the rates range from 32% to 50%;
- annual financial reports must be filed by March 30th of the following year.
An important change to occur by 2025 is for all companies to fall in line with International Financial Reporting Standards.
For more information on accounting in Vietnam and our services, please contact us.
For foreigners planning to stay in this country for a long time, the residence permit is the ideal option. However, under specific conditions and with very few restrictions, foreigners may get permanent residency in Vietnam in accordance with Ordinance No. 24/2000. You can rely on our local specialists for support in obtaining a residence visa.