Viet Nam’s Accounting Law, which went into effect in 2004, is based upon international accounting standards and takes into account specific conditions in Viet Nam.

In January 2005, the Ministry of Finance (MOF) released six auditing standards that apply to the independent review of financial reports by private audit firms. The Government expects Viet Nam to reach international accounting standards by 2010.

The Vietnam Association of Accountants and Auditors (VAA) is a member of the ASEAN Federation of Accountants (AFA).

The Bankruptcy Law of 2004, which replaced the Law on Business Bankruptcy of 1994, governs all bankruptcy procedures, including the rights of creditors. The Bankruptcy Law applies to foreign-invested enterprises and most domestic enterprises.

The World Bank’s Doing Business Survey assesses data on business closures in various countries. The results for Viet Nam can be found by following the link below.

The Asia-Pacific Restructuring and Insolvency Guide 2006 outlines the restructuring and insolvency procedures applicable to enterprises and cooperatives covered by the Bankruptcy Law.

The Government is taking steps to institute principles of transparency and disclosure into its regulatory and supervisory frameworks.

A survey conducted by the International Finance Corporation (IFC) of state-owned and private enterprises examined corporate governance practices in Viet Nam. The results of the survey are available on the IFC website, which is linked below.

The State Securities Commission (SSC) sets out rules on information disclosure for securities trading centers, issuing organizations, listed companies, securities companies, and investment fund management companies. The SSC rules can be found by following the link provided below.

Viet Nam’s Civil Code is the principal basis for the law on civil obligations and contracts. A revised code was enacted in June 2005 and enforced beginning in January 2006. The Civil Procedure Code covers procedures on the settlement of labor, economic, family, and other disputes. The World Bank's Doing Business Survey assesses data on contract enforcement in various countries. The results for Viet Nam can be found by following the link provided below.