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According to financial experts at an accounting seminar held in Hanoi in May 2018, Vietnam is expected to adopt IFRS (International Financial Reporting Standards) to replace the current accounting standards in Vietnam (VAS). This process is expected to be completed by 2020 in order to improve the transparency.

Value Added Tax (VAT) is somewhat similar to goods and services tax (GST) in some countries. It is an indirect tax which ultimately make consumers responsible for paying the cost. All most all transactions regarding good supply, services provision and imports will be subject to VAT.

It is undoubtedly time-consuming and head-aching to perform the task of accounting and bookkeeping in Vietnam market due to the constantly changes in the area of compliance. Even for long-established global organization and well-versed investment within the country, it is not easy to find competent human resources to handle accounting and bookkeeping tasks. The shifts in regulations, changes in current legislation while converging with international norms had led to many obstacles, arising significant costs for business owners.

Payroll administration is referred to as all the tasks required for the organization of employees’ compensation for their working time. This involves keeping track of total hours worked by staff, payment rate and managing of employees’ payment. Due to the widespread of commission system to boost business performance and productivity, a dedicated payroll administrator is necessary to insure precise payroll management service for all staff.

Value added tax or VAT is an indirect tax levied on the amount of money which is added in every stage of production or distribution of products or services, this will be submitted to the Tax authorities in accordance to the consumption of goods and services.