What types of accounting documents that have to be retained in Vietnam? What is the duration of the retention period for accounting documents in Vietnam?

What types of accounting documents that have to be retained in Vietnam? What is the duration of the retention period for accounting documents in Vietnam? (Internet image)

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

1. What types of 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. What is the duration of the retention period for accounting documents in Vietnam?

The duration of the retention period for accounting documents in Vietnam is as follows:

2.1. Accounting documents to be retained for at least 5 years

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

- Accounting documents that are not directly used to record accounting books and prepare financial reports such as receipts, payments, warehouse receipts, and warehouse delivery notes are not kept in the accounting documents of the accounting department.

- Accounting documents used for management and operations of the accounting unit do not directly record accounting books and prepare financial reports.

- In cases where accounting documents specified above are required by other laws to be archived for more than 5 years, they shall be archived according to that regulation.

(Article 12 of Decree 174/2016/ND-CP)

2.2. Accounting documents to be retained for at least 10 years

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 above.

(Article 13 of Decree 174/2016/ND-CP)

2.3. Accounting documents to be permanently retained

Accounting documents to be permanently retained include:

-  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)

Nguyen Ngoc Que Anh

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