Regulations on the determination of retention period of accounting documents in Vietnam

Regulations on the determination of retention period of accounting documents in Vietnam (Internet image)

Regarding this issue, LawNet responded as follows:

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. Determination of retention period of accounting documents in Vietnam

Specifically, in Article 15 of Decree 174/2016/ND-CP, the determination of retention period of accounting documents is specified as follows:

-  For the documents specified in Article 12, Clause 1, 2, 7 Article 13 and Article 14 of Decree 174/2016/ND-CP, the retention period begins on the ending date of the fiscal year.

- For the documents specified in Clause 3 Article 13 of Decree 174/2016/ND-CP, the retention period begins from the day on which the financial statement of the completed project is approved.

- The retention period for accounting documents related to the unit establishment begins on the establishment date; for accounting documents related to division, consolidation, merger, conversion of an enterprise begins on the date of division, consolidation, merger or conversion;

For accounting documents related to dissolution, bankruptcy, shutdown, termination of a project begins on the day on which the dissolution, bankruptcy, shutdown or termination procedures are completed; for accounting documents related to audit or inspection documents begins on the issuance date of the audit report or inspection report.

3. Duration of retention of accounting documents in Vietnam

According to Clause 5, Article 41 of the Law on Accounting 2015, duration of retention of accounting documents is as follows:

- For accounting documents serving management and operation of the accounting unit, including those not directly used for making accounting books and financial statements: at least 05 years;

- For accounting documents directly used for making accounting books, financial statements, accounting books, and annual financial statements: at least 10 years, unless otherwise prescribed by law;

- For historical accounting documents or those of economic, national security, or national defense importance: permanently.

4. 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.

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