Accounting documents that have to be retained in Vietnam

Accounting documents that have to be retained in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Accounting documents that have to be retained in Vietnam

According to Article 8 of Decree 174/2016/ND-CP, the following accounting documents have to be retained:

- Accounting records.

- Detailed accounting books and overall accounting books.

- Financial statements; budget statements; consolidated budget statements.

- Other documents related to accounting works, including: contracts; administrative accounting reports; financial statements of completed projects and projects of national importance; reports on stocktaking and asset valuation; documents related to inspection and audit; records on destruction of accounting documents; decisions on addition of capital from profit, contributions to funds from profits; documents related to dissolution, bankruptcy, division, consolidation, merger, shutdown, conversion of the enterprise; documents related to receipt and use of funding or capital; documents related to taxes, fees, charges and other liabilities to the State; other documents.

2. Regulations on sealing, impoundment and confiscation of accounting documents in Vietnam

Regulations on sealing, impoundment and confiscation of accounting documents according to Article 7 of Decree 174/2016/ND-CP are as follows:

- In the cases where a regulatory body issues a decision to seal accounting documents as prescribed by law, the accounting unit and representative of such regulatory body shall issue a sealing record.

The sealing record must specify the reasons for sealing, types of documents, quantity of each type, accounting period and other necessary information about the sealed documents. The sealing record must bear the signatures and seal (if any) of the legal representative of the accounting unit, the legal representative (or authorized representative) of the regulatory body.

- In the cases where accounting documents are impounded or confiscated by a regulatory body, the accounting unit and legal representative of such regulatory body shall issue a document transfer record.

The document transfer record must specify the reasons for sealing, types of documents, quantity of each type, accounting period and other necessary information about the impounded or sealed documents; time for returning accounting documents in case of impoundment.

The document transfer record must bear the signatures and seal (if any) of the legal representative of the accounting unit, the legal representative (or authorized representative) of the regulatory body; the accounting unit must make photocopies of the impounded or confiscated accounting documents.

Photocopies of accounting documents must bear the signature and seal (if any) of the legal representative (or authorized representative) of the regulatory body.

Electronic accounting documents must be printed, signed and stamped in order to be impounded or confiscated.

3. Regulations on accounting document storage location in Vietnam

Regulations on accounting document storage location according to Article 11 of Decree 174/2016/ND-CP are as follows:

- An accounting unit shall store its own accounting documents. Each accounting unit must have adequate equipment to safely store its accounting documents.

It may hire an external organization to store its accounting documents by concluding an archiving contract as prescribed by law.

- Accounting documents of a foreign-invested company, branch or representative office in Vietnam of a foreign enterprise shall be stored by an accounting unit in Vietnam or an external archive in Vietnam over its operating period specified in its certificate of investment, certificate of enterprise registration, certificate of branch or representative office registration. 

When it ceases its operation in Vietnam, its legal representative will decide the place where the accounting documents are stored, unless otherwise prescribed by law.

- Accounting documents of a unit that is dissolved, bankrupt, shut down or a project that is shut down include accounting documents of whose retention period is not expired, accounting documents related to the dissolution, bankruptcy or shutdown shall be stored at a place decided by the legal representative of such accounting units or the authority that decided its shutdown.

- Accounting documents of a unit that is converted include accounting documents of whose retention period is not expired, accounting documents related to the conversion stored by the new accounting units or at a place decided by the authority that decided the conversion.

- Accounting documents of a divided unit may be stored by the new unit or the old unit or at a place decided by the authority that decided such division. Accounting documents related to full division of an accounting unit (the transferor) shall be stored by the new accounting units (the transferees). Accounting documents related to partial division of an accounting unit (the transferor) shall be stored by both the transferor and the transferee.

- Accounting documents whose retention period is not expired and accounting documents related to consolidation or merger of accounting units shall be held by the acquirer or the consolidated unit.

- Accounting documents about national defense and security shall be stored in accordance with relevant regulations of law.

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