Duration of retaining accounting documents in Vietnam

Duration of retaining accounting documents in Vietnam (Internet image)

1. What are accounting documents?

According to Clause 18, Article 3 of the Law on Accounting 2015, accounting documents are accounting records, accounting books, financial statement, administrative accounting reports, audit reports, accounting inspection reports, and other documents relevant to accounting

2. Duration of retaining accounting documents in Vietnam

(1) Accounting documents to be retained for at least 5 years in Vietnam

The following accounting documents have to be retained for at least 5 years:

- Accounting records that are not directly recorded to accounting books and financial statements such as collection notes, payment notes, which are not enclosed with accounting documents.

- Accounting documents serving management of an accounting unit that are not directly recorded in accounting books and financial statements.

- In the cases where other laws prescribe that the documents specified in Clause 1 or Clause 2 of this Article have to be retained for more than 5 years, such law shall apply.

(Article 12 of Decree 174/2016/ND-CP)

(2) Accounting documents to be retained for at least 10 years in Vietnam

The following accounting documents have to be retained for at least 10 years:

- Accounting records directly recorded in accounting books and financial statements, statements, detailed accounting books, general accounting books, monthly, quarterly and annual financial statements, annual statements, internal audit reports, accounting document destruction records and other documents directly recorded in accounting books and financial statements.

- Accounting documents related to liquidation or transfer of fixed assets; reports on stocktaking and asset valuation.

- Accounting documents of investors, including annual accounting documents and terminal statements of completed Group B and Group C projects.

- Accounting documents related to establishment, division, consolidation, merger, conversion of the enterprise, dissolution, bankruptcy, shutdown or termination of a project.

- Relevant documents such as audit documents issued by State Audit Office of Vietnam, inspection documents issued by competent authorities or documents of independent audit organizations.

- Documents other than those specified in Article 12 and Article 14 of Decree 174/2016/ND-CP.

- In the cases where other laws prescribe that the documents specified in Clause 1 through 6 of this Article have to be retained for more than 10 years, such law shall apply.

(Article 13 of Decree 174/2016/ND-CP)

(3) Accounting documents to be permanently retained in Vietnam

- State accounting units shall permanently retain the following documents:

+ Annual state budget statements ratified by state budget, annual local budget statements ratified by the People’s Councils;

+ Documents and financial statements of completed Group A projects and projects of national importance;

+ Historical accounting documents or those of economic, national security, or national defense importance.

The legal representative of the accounting unit or local government shall identify accounting documents to be permanently retained.

- Business accounting units shall permanently retain historical accounting documents or those of economic, national security, or national defense importance.

The head or legal representative of the accounting unit shall identify accounting documents to be permanently retained on a case-by-case basis and transfer them to the accounting department or another department for retention in the form of original copies or other forms.

- Accounting documents to be permanently retained shall be retained for more than 10 years until they are naturally destroyed.

(Article 14 of Decree 174/2016/ND-CP)

Diem My

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