According to the Ministry of Finance, the development of the Circular aims to fully institutionalize the policies and orientations identified in the resolutions and documents of the Party and the State; at the same time, remove difficulties and obstacles in practice; ensure the synchronization and unity of the legal system; and be consistent with international practices on accounting and financial reporting.
In the first phase, Vietnam will apply a voluntary mechanism for IFRS. Only enterprises and organizations with sufficient capacity, resources and needs will be selected to apply. After a period of pilot implementation, the Ministry of Finance will summarize and assess the impact to consider expanding the scope and roadmap for mandatory application.
According to the draft, from 2027, two groups of subjects will be selected to apply IFRS, including: Group 1 - Enterprises and economic organizations that are members of the International Financial Center in Vietnam (according to Resolution 222/2025/QH15). These are foreign-invested entities or entities with many international transactions, in line with integration requirements.
Group 2 - Enterprises with FDI capital, especially subsidiaries of multinational corporations that are applying global IFRS. This will help reduce costs and time for converting financial statements from VAS to IFRS, while facilitating the attraction of FDI capital flows.
The Ministry of Finance expects this policy to enhance the transparency and international integration of the Vietnamese accounting system, while supporting enterprises to enhance their management capacity and competitiveness in the context of globalization.
Specifically, the draft Circular is structured with 3 chapters and 6 articles, covering the main contents, including: Chapter I - General provisions: Clearly stating the subjects, scope of application and explaining related terms; Chapter II - Specific provisions: Guidance on the application of IFRS, reporting period, deadline for submission and place of receipt of financial statements; Chapter III - Implementation provisions: Regulations on responsibilities of enterprises and organizations applying IFRS and principles of implementation.
The Vietnam Banking Association requests that member credit institutions study and comment on this draft.
Please send your written comments (including word files) to the Vietnam Banking Association at the email address: lehoanghiep1511@gmail.com before October 8, 2025 for synthesis (Phone: 0961.654.596 - Mr. Hoang Hiep).
VNBA looks forward to receiving the attention and cooperation of member credit institutions.
by VNBA News
