Vietnam's Finance Ministry proposes shifting accounting services from prior approval towards subsequent supervision while simplifying independent-audit procedures. Its October 17 report describes amendments presented to the National Assembly by Minister Ngo Van Tuan.
The legislation remains a draft. Removing business-entry conditions does not mean every competence standard or professional responsibility has already disappeared.
Individual service provision
The proposal would allow qualified individuals to provide accounting services in their own name or through an organisation. It would remove registration and fee requirements for prior ministry approval.
However, a professional-capacity certificate would apply to individuals signing clients' financial statements or providing chief-accountant services. Bookkeeping providers who do not sign those statements would not face the same certificate requirement.
The ministry describes this as differentiation according to competence, responsibility and service risk.
Continuing supervision
The proposed system includes ministry cooperation with professional associations on examinations, certificates, revocation and continuing knowledge. Contracts, disclosure, inspection and suspension would remain part of oversight.
For audit services, the draft seeks fewer conditions and documents and shorter processing periods for relevant certificates.
The Economic and Financial Committee broadly supports reform but wants clear responsibility and standards, including for cross-border providers. It recommends maintaining an accountable professional within accounting firms when ownership changes.
For audit applications, reviewers favour removing only documents already available in state databases. The discussion therefore combines simpler access with quality controls. Final rules still depend on parliamentary consideration and passage, rather than the presentation alone making them effective.