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Adoption of IFRS in Vietnam
The Ministry of Finance (MoF) is promoting IFRS adoption in Vietnam. On 23 March 2019, the MoF released the draft IFRS roadmap for public comments before submitting to the Prime Minister for approval. The draft roadmap divides the IFRS implementation into 3 stages:
Stage 1 – IFRS readiness preparation (from 2019 to 2021): The MoF will make necessary preparations for the roadmap implementation in order to support businesses adopting IFRS from 2022 onwards. These preparations include: publishing the Vietnamese translation of IFRS standards, training, building guidelines for IFRS implementation, etc.
Stage 2 – IFRS pilot implementation (from 2022 to 2025): The MoF will select certain companies, i.e. state-owned enterprises, listed companies and large-scale unlisted public companies to put IFRS into practice. FDI companies may adopt IFRS for their separate financial statements on a voluntary basis, provided that they supply all required information and transparent reports to the authorities about their contributions to the State budget.
Stage 3 – IFRS compulsory implementation (from 2025 onwards): IFRS will be compulsory for consolidated financial statements of all SOEs, listed companies and large-scale unlisted public companies. Other businesses that operate as parent companies may create IFRS consolidated financial statements on a voluntary basis. All remaining businesses may adopt IFRS for their separate financial statements on a voluntary basis, provided that they supply all required information and transparent reports to the authorities about their contributions to the State budget.
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