New Audit Regulations in Vietnam

The Ministry of Finance approved a new regulation on March 13 – which will be effective from May 1, 2012 – to set new rules with regards to the audit of:

• Enterprises with foreign capital
• All credit institutions (Vietnamese, foreign and mixed)
• All enterprises operating in the financial sector
• All companies listed on the stock market

All of the above mentioned institutions have to submit their financial statement to an annual audit operated by an authorized auditing company.

With regards to such companies, they can either be a Vietnamese or foreign company with a branch operating in Vietnam, and they must be compliant with the following requirements:

• The legal capital has to be higher than VND3 billion (US$143,000) and has to be raised to VND5 billion (US$238,000) by 2015.
• The balance sheet equity cannot be lower than the legal capital
• There must be at least two registered auditors working in the company

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