Proposing two policies to amend and supplement the Accounting Law.

In order to amend and supplement the Accounting Law, the draft proposes two policies, including:

Policy 1: Removing obstacles and contributing to promoting the production and business activities of enterprises.

The main policy objectives are to promote foreign investment, contributing to the upgrading of the stock market and achieving Vietnam's recognition as a market economy; to stabilize the macroeconomy, control inflation, promote growth, and implement the National Assembly's Resolution on combating global tax erosion; to support the development of small, medium, and micro-enterprises; to reduce the time and costs of accounting work for entities; to enhance transparency and compliance with financial reporting for large-scale entities; and to prevent and combat money laundering.

The main policy content includes: Applying International Financial Reporting Standards (IFRS) and developing a legal framework for the application of IFRS in Vietnam.

Amend and supplement regulations on supporting the development of small and medium-sized enterprises by allowing the application of a simplified accounting system, primarily aimed at tax management, to suit the capacity, reduce costs and time for accounting work at the unit, and improve the unit's operational efficiency;

The proposed solution is to amend and supplement Clause 19 of Article 3 to clarify the concept of Accounting Standards, including International Standards and Vietnamese Standards.

To implement IFRS in Vietnam, it is proposed that the Ministry of Finance be tasked with specifying the subjects, scope, roadmap, procedures, and methods for applying international accounting standards.

Allowing entities with the need and ability to adopt IFRS will contribute to achieving the following goals: macroeconomic stability, inflation control, and growth promotion, as IFRS adoption is one of the factors for international institutions to upgrade the stock market and gain international recognition as a market economy;

Taking advantage of the opportunity to attract foreign investment, as large FDI enterprises such as Samsung, LG, Panasonic, and the European and US business associations all wish to adopt IFRS;

This helps Vietnamese businesses like Vinfast and Viettel to easily list on international markets, and allows businesses like PVN and EVN to easily access capital from international financial markets.

Promoting decentralization and delegation of authority in the field of accounting.

Draft Policy Proposal 2. Promote decentralization and delegation of authority, enhance the State management capacity in the field of accounting; increase the accountability of heads of departments; ensure consistency and conformity with other legal regulations.

Accordingly, the draft amendments clarify the functions and responsibilities of the Ministry of Finance in the field of accounting; amend and supplement regulations on decentralization and delegation of authority, clarifying the functions and responsibilities of other ministries and sectors in the field of accounting; amend and supplement regulations on decentralization and delegation of authority and clarify the responsibilities of the State Bank of Vietnam; and amend and supplement regulations on decentralization and delegation of authority, clarifying the functions of state management of provincial People's Committees.

The responsibilities of the head of a public sector unit are supplemented when performing tasks such as: signing accounting books and financial reports, maintaining and archiving accounting documents, and organizing the accounting system within the unit.

Supplementing regulations to protect the legal rights and interests of accounting professionals.

The Ministry of Finance stated that the reason for choosing this policy is to more clearly define the tasks and authority of the Ministry of Finance in issuing professional ethical standards for accounting, accounting regulations, and other legal documents on accounting. In addition, it provides a basis for assigning specialized ministries and agencies the authority to guide accounting regulations, ensuring they are appropriate to their specific operations while still adhering to the standards system prescribed by the Ministry of Finance. This helps to centralize state management while also appropriately decentralizing it, ensuring that general policies are implemented effectively and efficiently.