Do all businesses have to have chief accountants in Vietnam?
Do all businesses have to have chief accountants in Vietnam? Do chief accountants have to have university degrees in Vietnam?
Hi, I just started a business, I'm looking for someone to work as an accountant, I want to know is it mandatory to appoint a chief accountant for the business? Please advise.
Do all businesses have to have chief accountants in Vietnam?
According to Clause 1, Clause 2, Article 20 of Decree 174/2016/ND-CP has the following provisions:
1. An accounting unit must have a chief accountant, except for those specified in Clause 2 of this Article. In the cases where a unit is not able to appoint a chief accountant at the time, it may appoint an acting chief accountant or outsource chief accountant works. An acting chief accountant will hold the position for up to 12 months, after which a chief accountant shall be appointed.
2. Acting chief accountant:
a) An accounting unit that has only one accountant or part-time accountant, budget accounting and finance units of communes shall appoint only acting chief accountants, not chief accountants.
b) Extra-small enterprises defined by the law on provision of assistance for small and medium enterprises may appoint acting chief accountants without having to appoint chief accountants.
Thus, according to the above provisions, unless your business is a extra-small enterprise, you must appoint the position of chief accountant for your business in Vietnam.
Do chief accountants have to have university degrees in Vietnam?
Pursuant to Clause 2, Article 21 of Decree No. 174/2016/ND-CP, the chief accountants and acting chief accountants of the following accounting units must have at least bachelor's degrees in accounting:
a) State budget authorities;
b) Ministries, ministerial agencies, Governmental agencies, agencies affiliated to the National Assembly, other central authorities and accounting units affiliated thereto;
c) Public service agencies of Ministries, ministerial agencies, Governmental agencies, other central authorities and the People’s Committees of provinces;
d) Specialized agencies affiliated to the People’s Committees of provinces and equivalent authorities; regulatory bodies affiliated thereto;
dd) Vertically organized central authorities in provinces;
e) Central and provincial political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations funded by state budget;
g) Management boards of Group A projects and projects of national importance or that have their own accounting apparatus and are funded by state budget;
h) Level 1 state-funded unit of districts;
i) Enterprises established and operating within Vietnam’s law, except for those specified in Clause 3g of this Article;
k) Cooperatives, cooperative associations whose charter capital is at least 10 billion dongs;
l) Branches in Vietnam of foreign enterprises.
According to this Article, only in the above cases, the person holding the position of chief accountant must have at least bachelor's degree in Vietnam.
Best Regards!