A new era in Vietnam’s accounting regulations
The Ministry of Finance (MoF) is in the final stages of issuing a new Circular to replace Circular 200/2014/TT-BTC, representing a significant milestone in Vietnam’s accounting framework. Originally introduced in 2023 as an amendment initiative, the project evolved in 2024 into a comprehensive replacement effort to bring Vietnamese Accounting Standards (VAS) closer to IFRS. Following rounds of public consultation and technical workshops, the MoF has refined the draft and is expected to issue the new Circular by late 2025, effective from 1 January 2026.
Vietnam’s IFRS adoption Roadmap
Vietnam’s commitment to IFRS has been reinforced by Decision 345/QD-BTC (2020) and the amended Law on Accounting (2024). A draft Circular on IFRS implementation is under preparation, detailing the scope, subjects, and procedures for adoption, also with an expected effective date of 1 January 2026.
What it means for enterprises in Vietnam
The dual reforms, replacement of Circular 200 and the IFRS roadmap, signal a transformative shift in financial reporting requirements. From 2026, enterprises will need to:
- Update their chart of accounts and align financial statement presentation with new regulatory requirements.
- Enhance disclosures in line with international practices.
- Invest in capabilities - people, processes, and systems - to meet IFRS standards.
Early preparation is essential to ensure smooth compliance, reduce business disruption, and unlock the benefits of globally comparable financial reporting.
How KPMG can help
At KPMG, we help businesses navigate regulatory change with practical insights and hands-on guidance. Our experts can support you in assessing the impact of these changes, designing tailored transition plans, and building internal readiness for IFRS.