Accounting currency in Vietnam according to Decree No. 174/2016/NĐ-CP

17:04, 04/01/2017

This is an outstanding content specified in Decree No. 174/2016/NĐ-CP of Vietnam’s Government on elaboration of some Article of the Law on Accounting of Vietnam.

Specifically, according to Decree No. 174/2016/NĐ-CP of Vietnam’s Government, accounting currency is guided as follows:

- The accounting currency is Vietnam dong; its Vietnamese symbol is “đ” and international symbol is "VND”. Where an economic/financial transaction in a foreign currency occurs, the accounting unit must record the foreign currency and VND at the actual exchange rate.

- Unit of products and working time in accounting include tonne, quintal (100 kilograms), kilogram, square meter, cube meter, working day, working hour and other units of measurement defined by measurement laws.

- The abbreviated currency used on the consolidated statement may be 1,000 dong if at least one entry thereon consists of 9 digits or more; 1 million dong if 12 digits or more; 1 billion dong if 15 digits or more.

- When publishing a financial statement or budget statement, the abbreviated currency specified above may be used.

- When using an abbreviated currency, decimals may be rounded up if greater than or equal to 5.

View full text at Decree No. 174/2016/NĐ-CP of Vietnam’s Government, effective from January 01, 2017.

- Thanh Lam -

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