1. Statutory requirements

A newly established company is required to appoint a chief accountant, who meets the qualifications prescribed under the Accounting Law, within the first fiscal year. During this period, a qualified accountant appointed by the FIE shall be responsible over all accounting activities. All Fies operating in Vietnam are required to apply the Vietnamese Accounting Standards and System (VAS) as statutory financial reporting framework. Provided the VAS is applied without modifications, the registration for the use of VAS with the MoF is not required.