Accounting & Tax, Lasted News

Why Startups Need the Best Accounting Firms in Vietnam?

Posted on 28/11/202515/04/2026 by ASS

1. The Early Challenge: Why Accounting Is a Common Pain Point for Startups

Full-service accounting plays a crucial role in supporting the growth of foreign-invested enterprises. In recent years, Vietnam has not only attracted large corporations but also increasingly attracted startups from Japan, Korea, India, Singapore, the US, Taiwan and Australia. With the level of FDI capital continuously increasing, according to the report of the Foreign Investment Agency, in the first six months of 2025 alone, Vietnam attracted more than 21.5 billion USD of FDI capital, reaching a record in the past 15 years, it is clear that the FDI startup environment in Vietnam is more vibrant than ever.

However, foreign-invested startups face more challenges than domestic startups, especially in setting up accounting processes and tax compliance. FDI enterprises are subject to higher supervision in preparing financial reports according to Vietnamese standards, while still having to summarize data for their headquarters abroad.

Therefore, choosing a reputable comprehensive accounting firm is an important strategy for FDI startups. A quality accounting unit not only keeps books but also supports tax compliance, prepares financial statements, manages cash flow and prepares for audits, helping founders focus on product development, market expansion and capital mobilization.

2. Full-Service Accounting: What It Really Means for Startups

Full-service accounting offers a complete suite of financial services, including:

Bookkeeping: Record and organize all financial transactions accurately, ensuring the company’s accounting data is up-to-date and reliable.
Financial Reporting: Prepare regular financial statements, enabling startups to track performance, assess cash flow, and support investor or management decisions.
Tax Filing: Handle all tax declarations (VAT, PIT, CIT, FCT) and submissions on time, ensuring compliance with local regulations and minimizing risk of penalties.
Payroll Management: Calculate and process employee salaries, social insurance, and personal income tax accurately, for both full-time and part-time staff.
Legal Compliance Consulting: Advise on accounting and financial regulations, helping startups follow laws, avoid errors, and standardize processes from the start.

Full-services also support startups to standardize internal processes, from invoice reconciliation, cost management, revenue tracking to management reporting. This helps businesses be ready to present accurate data to investors, prepare for audits, and build future expansion plans. Startups do not have to worry about reporting errors or violating the law while still controlling cash flow effectively.

3. Streamlining Accounting Procedures for Growth

One of the important factors for sustainable startup development is to establish a systematic accounting process. Professional accounting services help businesses build a system from recording transactions, managing costs, reconciling invoices, to preparing periodic financial reports.

The “lean accounting” method is applied to small startups to minimize accounting errors, save on personnel costs and increase transparency. Thanks to this process, startups can clearly understand the cash flow situation, forecast budgets, evaluate operational efficiency and prepare for fundraising rounds. The standardized process also helps businesses easily expand when growing in scale or developing new products.

BUILD A SYSTEMATIC ACCOUNTING PROCESS NOW

4. Outsourcing vs. In-house: What’s Smarter for a Startup Budget?

With limited budgets, many startups have difficulty recruiting, training, and managing internal accounting staff. Compared to building an in-house team, outsourcing accounting services offers many benefits:

Save on recruitment costs, salaries, and benefits for accounting staff.
Receive in-depth expertise from experienced experts handling complex and diverse business operations.
Flexibly expand or narrow services according to actual needs without long-term constraints.
Ensure accounting standards and tax compliance are maintained.

Many FDI startups in Vietnam choose to outsource right from the company’s establishment to focus resources on product and market development, instead of worrying about daily accounting operations.

Criteria	In-house	Outsourcing Accounting Services
Cost	High (salaries, benefits, training, insurance, office)	Lower, pay flexibly based on service package
Expertise	Limited to staff capabilities	Experienced specialists across multiple areas
Flexibility	Hard to adjust team size	Easy to scale services up or down
Legal Compliance	Depends on staff, prone to errors	Standardized, tax-compliant
Implementation Time	Time-consuming recruitment & training	Immediate, no waiting time

With limited budget and diverse business processing needs, outsourcing accounting is an effective solution to help startups save costs while ensuring accounting and tax standards.

5. How Vina TPT Supports Startups with Scalable Accounting Solutions

Vina TPT Accounting Service supports startups with a comprehensive accounting system:

Building a bookkeeping system, managing cash flow and preparing periodic tax reports.
Designing flexible processes for each stage of business development.
Ensuring all accounting data is transparent, accurate and easy to control.
Consulting on financial strategies: controlling costs, optimizing cash flow, preparing for fundraising.
Helping startups focus on products and expanding the market without worrying about accounting – tax – compliance issues.

Contact Vina TPT for free consultation and to build a professional accounting system, helping startups manage finances effectively and comply with the law right from the first steps.

BOOK A FREE CONSULTATION

Accounting & Tax, Lasted News

Essential Tax Preparation Services Checklist for Year-End in Vietnam

Posted on 25/11/202515/04/2026 by ASS

1. Year-End Tax Pressure: Why Many Companies Struggle in Vietnam

Tax preparation services play a crucial role during the end-of-year period, which is always the peak time for businesses in Vietnam, especially in tax work. Many businesses are overloaded when having to suddenly process data, constantly update changes in tax policies, and at the same time prepare decision documents. The lack of specialized personnel or the asynchronous accounting system makes it easy for businesses to complete, lightly or completely fulfill tax obligations.

The system is often discovered to be accessed, fined for administrative violations or increased risks in tax payments and audits. Therefore, using Vietnamese tax consultants to support early preparation and control helps businesses significantly reduce pressure at the end of the year.

2. Core Tax Preparation Tasks Every Company Must Complete

Before entering the year-end settlement stage, every business in Vietnam must complete a number of mandatory tax tasks. These are fundamental tasks that directly affect financial reports, tax obligations and compliance throughout the fiscal year. Complete and correct implementation from the beginning helps businesses minimize errors, avoid the risk of being overcharged or fined, and ensure consistent data between the accounting system and the tax authority.

2.1. Consolidation and reconciliation of value added tax (VAT)

Businesses using tax preparation services must also review all electronic invoices issued and received throughout the year, including both output and input invoices. The reconciliation process must ensure that each invoice is valid, contains complete information in compliance with regulations, and is recorded in the correct accounting period. Simultaneously, businesses need to calculate deductible VAT, VAT payable, and prepare accurate reports in the prescribed format.

2.2. Personal Income Tax (PIT) Finalization

At the end of the year, businesses must summarize all employee income, including salaries, Tet bonuses, allowances, benefits and other payments. This is accompanied by checking tax codes, residence status, family deductions and comparing all insurance payment data. This is a mandatory step to ensure accurate PIT finalization records and avoid additional tax obligations for employees.

2.3. Calculating and preparing corporate income tax (CIT) declarations

Businesses need to compile all revenue in the year, classify valid and invalid expenses according to tax regulations. Items such as depreciation, loan interest, hospitality expenses, management expenses from parent companies, associated service fees, etc., must be carefully reviewed to avoid exclusion during tax inspections. After reviewing, businesses determine taxable profits and prepare annual CIT declarations.

2.4. Review import tax and import VAT (if any)

For businesses with import activities, it is necessary to check HS code, customs value, customs declaration and tax paid during the year. This review helps ensure data is consistent with the customs system and avoid tax arrears or incorrect declaration of product codes leading to additional collection.

2.5. Compare accounting data with all tax declarations during the year

Before the end of the fiscal year, businesses must compare data between accounting books and submitted tax declarations. Any discrepancies between revenue, expenses, VAT, PIT or CIT need to be adjusted immediately to avoid risks when preparing financial statements or when tax authorities inspect.

3. Common Errors Companies Make at Year-End

Many businesses make the same mistakes every year due to subjectivity or lack of experience in processing tax data. One of the most common mistakes is under- or over-reporting revenue because the data between internal accounting and sales software is not fully reconciled. Some businesses also miss expense documents or use invalid invoices, leading to disqualification when finalizing.

Late submission of declarations is also a serious problem because businesses can be fined by the day and have to pay late payment fees. Many units also make mistakes in classifying deductible and non-deductible expenses, leading to large discrepancies when calculating corporate income tax.

If not prepared early, these mistakes will put businesses at risk in the following year, especially when the tax authority conducts an in-depth inspection.

AVOID YEAR-END TAX MISTAKES – BOOK EXPERT SUPPORT

4. How Vina TPT Tax Consulting Ensures Accurate and Compliant Year-End Filing

To help businesses finalize taxes accurately and on schedule, Vina TPT applies an optimized and highly compliant year-end tax process. Our approach minimizes risks, shortens processing time, and ensures all documents meet Vietnamese tax regulations.

Here is what we can offer you:

Optimized workflow for completing year-end tax records quickly and in full compliance.
Direct expert consultation to understand the business model, assess tax risks, and propose the right compliance plan.
Free initial advisory session so businesses clearly understand all fiscal-year obligations.
Detailed document checklist to guide businesses in preparing required paperwork.
Secure document collection system that reduces time spent compiling files.
Error-prevention support, helping avoid missing invoices, incorrect payment methods, or non-deductible expenses.

Contact Vina TPT for free consultation and complete year-end tax reports accurately.

BOOK A FREE CONSULTATION

Accounting & Tax, Lasted News

Corporate Income Tax Finalization in Vietnam 2025: What Companies Should Prepare

Posted on 25/11/202501/12/2025 by ASS

1. 2025 Tax Policy Updates: What Foreign Investors Need to Know

In 2025, there will be many important updates to corporate income tax policies in Vietnam, especially affecting FDI enterprises. The General Department of Taxation will tighten post-audit regulations, strengthen document review and check the reasonableness of deductible expenses.

Foreign investors need to pay attention to cost classification, update tax incentives regulations, and ensure financial statements are in accordance with Vietnamese standards. Failure to comply with the new regulations may lead to administrative fines, tax arrears and affect the transfer of profits abroad.

2. Key Corporate Income Tax (CIT) Obligations for FDI Companies

.FDI enterprises in Vietnam are required to declare and pay corporate income tax both quarterly (provisional) and annually (finalization). Deductible expenses include production and business costs, salaries, insurance, and other legally supported expenses. Some enterprises may also benefit from sector-specific or local tax incentives.

2.1 Provisional Quarterly CIT Payment

Enterprises must estimate and pay CIT every quarter based on actual or expected revenue.
Deadline: within 30 days after the end of each quarter.
Proper documentation for deductible expenses and provisional calculations helps reduce errors and avoid fines.

2.2 Annual CIT Finalization

At the end of the fiscal year, enterprises must finalize CIT by reconciling provisional payments with actual taxable income.
Required documents: financial statements, accounting books, expense receipts, and relevant contracts.
Deadline: usually within 90 days after the fiscal year-end.
Preparing complete and accurate documents ensures compliance, minimizes risk of fines, and facilitates smooth interaction with tax authorities.

3. Common Mistakes in CIT Finalization

FDI enterprises in Vietnam often face issues in corporate income tax (CIT) reporting due to common mistakes that can lead to fines or tax adjustments. Key mistakes include:

3.1 Inaccurate Cost Accounting

Recording expenses that are not eligible for deduction or entering incorrect accounting items.
Leads to differences between accounting profit and taxable profit, affecting CIT calculation.
Impacts overall financial statements and auditing.
Enterprises should review all expenses, including personnel costs, office rentals, and fixed asset depreciation, to ensure reasonableness and legality.

3.2 Missing or Invalid Documents

Failing to provide valid invoices, international payment documents, or complete contracts.
Causes tax authorities to refuse deduction of expenses, increasing tax obligations and potential late payment penalties.
Proper scientific storage and management of documents is essential for smooth tax settlement.

3.3 Discrepancies Between Internal Accounting and Tax Declarations

Occurs when companies apply Vietnamese Accounting Standards (VAS) for tax reporting but maintain international or headquarters accounting standards.
Leads to discrepancies that require time-consuming adjustments.
Increases risk of inquiries, explanations, or administrative fines from tax authorities.

4. Steps to Ensure Smooth CIT Filing

To ensure a smooth corporate income tax (CIT) settlement and minimize risks of errors or penalties, FDI enterprises should follow a structured approach:

4.1 Step 1: Standardize Accounting Books

Check all accounts and review records of expenses and revenues.
Compare invoices and supporting documents.
Identify legally deductible items to minimize errors and create a reliable basis for financial statements.

4.2 Step 2: Review and Classify Valid Expense

Clearly identify which expenses are eligible for tax deductions.
Exclude invalid or non-deductible expenses.
Prepare detailed expense reports for each item to optimize tax obligations and reduce risk of post-submission adjustments by tax authorities.

4.3 Step 3: Collaborate with Auditors and Professional Tax Consultants

Auditors review data, detect potential errors, and ensure CIT reports comply with Vietnamese law.
Tax consultants assist with document preparation, timely report submission, and communication with tax authorities.
Helps minimize penalties and allows businesses to focus on growth and development.

5. How Vina TPT Tax Preparation Service Supports FDI Businesses

Vina TPT provides a complete tax preparation service for FDI enterprises, from consulting on corporate income tax settlement, preparing and declaring documents, to representing and working directly with tax authorities. A team of experienced experts helps to review books, standardize documents and ensure all expenses are valid, reducing the risk of errors and administrative fines.

In addition, Vina TPT supports the optimization of tax costs by properly applying legal incentives and exemptions, while helping enterprises comply with all the latest regulations of the General Department of Taxation. As a result, FDI enterprises can focus on operating and developing their businesses, while all tax-related issues are handled professionally and effectively.

Partner with Vina TPT to simplify CIT finalization, stay compliant, and focus on growing your business.

BOOK A FREE CONSULTATION

Accounting & Tax, Lasted News

Understanding Value Added Tax (VAT) in Vietnam: Registration, Invoicing, and Filing Procedures

Posted on 25/11/202501/12/2025 by ASS

VAT refund process for foreign investors in Vietnam

1. Understanding VAT in Vietnam

Value Added Tax (VAT) is an indirect tax applied to the added value of goods and services at each stage of production and distribution. In Vietnam, VAT is applied to most goods and services and is subject to the management of the tax authorities.

The common tax rate is 10% for most goods and services, while some essential or exported goods may apply 0% or 5%. Enterprises with revenue above the prescribed level or providing goods and services subject to VAT must register and declare VAT periodically. Understanding the tax calculation mechanism, taxable objects and how to prepare invoices is a basic step to ensure compliance and avoid the risk of penalties.

2. VAT Registration and Compliance Requirements

To operate legally in Vietnam, businesses need to register for VAT in Vietnam with the tax authorities. The registration dossier includes business information, business lines, tax codes and types of goods and services provided. After registration, businesses need to declare and pay taxes periodically on a monthly or quarterly basis, depending on revenue and business type.

Electronic invoices are mandatory for most businesses, helping to manage and control transparent invoice issuance, limiting the risk of errors. Businesses need to ensure that invoices record correct information, amounts, tax rates and are stored according to regulations. Full compliance with regulations on invoices and declarations helps businesses avoid administrative fines and increase transparency in business operations.

ENSURE ACCURATE VAT DECLARATIONS TODAY

3. VAT Refunds and Recovery for Foreign Investors

Foreign enterprises investing in Vietnam can request a VAT refund if the goods and services are exported or meet other tax refund conditions. The tax refund process includes preparing valid documents and invoices, declaring VAT in Vietnam and submitting a tax refund application to the tax authority.

Foreign investors in Vietnam can apply for VAT refunds, but understanding the requirements is crucial.

Tax refund conditions include valid VAT invoices, international payment documents, and proof that the goods or services were exported or used for the correct purpose.
Processing time usually takes several months.
Preparing complete and accurate documents is essential to help foreign investors receive refunds faster.

Read more about VAT refund conditions and eligible cases in our full guide: VAT Refund in Vietnam 2025: Updated Conditions and Eligible Cases Explained

4. Common VAT Challenges and How to Avoid Them

VAT management in Vietnam is often difficult for many businesses, especially foreign investors or FDI companies, due to constantly changing regulations and strict compliance requirements. Some common challenges include missing or incorrect data declarations, late tax payments, using incorrect invoice formats, and not keeping up to date with tax law changes.

4.1 Missing or Incorrect Data Declarations

Businesses may omit purchase or sale invoices or record incorrect tax rates or total values.
Leads to inaccurate VAT calculations, adjustments by tax authorities, recovery of paid tax amounts, and late payment penalties.

4.2 Late Tax Payments

New businesses or those without strict control processes can miss monthly or quarterly VAT in Vietnam deadlines.
Especially challenging when handling multiple taxes (e.g., corporate income tax, import/export tax).
Violations result in fines, interest charges, and can impact cash flow and business reputation.

4.3 Not Updating Tax Law Changes

Frequent amendments to VAT rates, document requirements, or policies make it easy to make declaration errors.
Businesses failing to track updates risk non-compliance and penalties.

How to Avoid VAT Risks

Build standardized processes for all VAT-related activities:
- Manage input/output documents carefully
- Reconcile invoices periodically
- Store data completely and declare on time
Use professional invoice and accounting management software to automate steps, reduce errors, and improve transparency.
Partner with specialized units such as Vina TPT:
- Advice on correct VAT declaration and electronic invoice creation
- Review data and guide document submission
- Monitor tax refund progress if applicable

5. How Vina TPT Supports VAT Compliance and Advisory

Vina TPT offers comprehensive VAT in Vietnam services for foreign investors, including:

Consultancy for VAT registration
Electronic invoicing setup and management
Periodic VAT calculation and filing
Support for export tax refunds
Data review and standardization for smooth audits

Our services ensure timely declarations, minimize the risk of penalties, and guarantee full compliance with Vietnamese regulations. With expert guidance from day one, Vina TPT helps foreign enterprises save time, optimize cash flow, and operate confidently in Vietnam.

Contact Vina TPT to receive VAT in Vietnam advisory and implement an effective tax management system for foreign enterprises in Vietnam.

BOOK A FREE CONSULTATION

Accounting & Tax, Business Knowledge

Trading Companies: Streamlined HCM Bookkeeping Services

Posted on 24/11/202528/11/2025 by ASS

Bookkeeping services for trading companies in Ho Chi Minh City by Vina TPT

1. The Complexity of Bookkeeping in HCM’s Trading Sector

Bookkeeping services play a crucial role in helping trading companies control their financial data accurately. Trading companies in Ho Chi Minh City often have to manage many different types of transactions from import, export to domestic and online retail. Each transaction generates invoices, documents and requires timely tax declaration according to the regulations of the Vietnamese tax authorities.

The process of declaring VAT, CIT and import-export tax is constantly changing, making it difficult for businesses to update, calculate and store documents correctly. In addition, comparing invoices between branches or with foreign suppliers increases the possibility of errors if the business does not have a systematic accounting system.

If processed manually, businesses will spend a lot of time, easily make mistakes and fall into a situation of late tax payment, lack of valid documents or incomplete declaration, leading to administrative fines and affecting cash flow.

2. Challenges Small Trading Companies Face in Daily Accounting

Small trading companies often face common problems such as managing paper documents, reconciling invoices, calculating VAT, CIT and import taxes. Consolidating financial statements from multiple branches or separate business units is also difficult, especially when data is not standardized.

Many businesses lack professional accounting staff and have to rely on people who are not experienced in handling complex operations. This leads to the risk of declaring incorrect tax figures, not submitting reports on time or having problems in auditing. Common errors can be incorrect invoices, mismatching import documents with tax declarations, or missing deductible expenses.

3. Outsourced Bookkeeping as a Solution for Efficiency

Hiring outsourced bookkeeping services is an effective solution to help trading companies save on personnel costs, reduce the risk of errors and increase productivity. Vina TPT provides a complete service from collecting documents, entering data, preparing periodic reports to checking data, ensuring all figures are accurate and in accordance with Vietnamese tax laws.

With a team of experts who understand the regulations for trading businesses, Vina TPT can handle complex operations such as calculating VAT for imported goods, calculating corporate income tax, comparing invoices between branches and standardizing data to easily consolidate reports. This helps businesses reduce management pressure, save time and focus on business development.

BOOST YOUR BUSINESS WITH OUTSOURCED BOOKKEEPING

4. Ensuring Accuracy and Compliance Through Streamlined Processes

Vina TPT applies standardized accounting processes, ensuring accurate and audit-ready data, while complying with Vietnamese laws. This system helps track cash flow, manage costs and control invoices effectively. All VAT, CIT and financial reports are prepared and thoroughly checked before submitting to the tax authorities, minimizing the risk of fines and errors.

In addition, applying an online system allows businesses to track documents and reports anytime, anywhere, increasing transparency and internal control. Businesses using professional services like Vina TPT can confidently expand operations and develop markets without worrying about compliance.

5. Tailored Bookkeeping Solutions by Vina TPT for Trading Companies

Vina TPT provides accounting and bookkeeping services customized to the needs of each trading company. Services include:

Preparing and managing complete accounting books
Preparing periodic financial reports and VAT, CIT, and import tax reports
Auditing support and preparing audit-ready documents
Setting up an online document management system, allowing businesses to track all transactions, minimizing the risk of errors

Vina TPT’s team of experts has many years of experience in bookkeeping in the trading field in Ho Chi Minh City, understanding the complex operations and legal requirements of tax authorities. Thanks to that, businesses not only save costs and time but also ensure compliance with the law, accurate and transparent data.

Ready to take control of your bookkeeping with confidence? Contact Vina TPT today for a complete outsourced bookkeeping service tailored to trading companies in Vietnam.

BOOK A FREE CONSULTATION

Accounting & Tax, Lasted News

How Tax Preparation Services Ensure VAT Compliance

Posted on 24/11/202515/04/2026 by ASS

1. VAT Compliance Challenges for Foreign Investors in Vietnam

Tax preparation services play an essential role in helping businesses stay compliant with Vietnam’s VAT regulations. Value added tax is one of the most frequently audited taxes in Vietnam and is also the area where FDI enterprises are most likely to make mistakes. Many foreign investors say they have difficulty tracking policy changes, applying e-invoice regulations, determining the correct tax rate of 0, 5 or 10 percent and how to deduct input VAT for each tax period.

The e-invoice system requires synchronization between accounting software, voucher data and tax authority regulations. Even a small discrepancy in invoice date, product code or customer information can lead to invalid VAT records. These errors not only waste time editing but also create risks when being inspected or fined.

2. High-Risk Areas in VAT Filing That Can Affect Businesses

During the VAT declaration process, some potentially high-risk areas often appear. Inconsistencies between invoices, accounting books and banks are common errors. If input invoices are not in the correct format or lack required information, businesses will lose their right to deduct or be subject to tax collection.

Failure to update new policies in a timely manner is also the reason why many FDI enterprises make errors in tax declarations. Regulations on electronic invoices and input deductions frequently change, requiring businesses to always closely monitor and adjust their records immediately. In addition, late VAT payments also cause businesses to incur late payment penalties and be classified by tax authorities as high-risk.

3. How Outsourced Tax Preparation Services Mitigate VAT Risks

Outsourcing tax preparation services is an effective solution to ensure VAT compliance. Professional units such as Vina TPT review all invoices and VAT records before making declarations, helping to eliminate data errors, duplicate invoices or invalid documents.

Vina TPT experts also promptly update new tax policies and apply them correctly according to each industry. This helps businesses avoid declaring incorrect tax rates, recording incorrect invoice timings or declaring incorrect tax periods. The service also supports VAT optimization by accurately classifying preferential transactions or applying a 0 percent rate for exports, an area where many self-employed businesses often make mistakes.

OPTIMIZE YOUR VAT FILING

4. Streamlining VAT Processes with Automation and Expertise

Vina TPT combines technology and expertise to help businesses process VAT quickly and accurately. Electronic invoice management tools and automatic reconciliation software ensure data is always synchronized between invoices, documents and books. Multi-layered checking processes help detect errors early and make timely adjustments.

Tax experts continuously monitor changes in VAT policies and notify businesses, ensuring all records are always updated and ready for inspection or audit. This makes the VAT process smoother and businesses don’t have to worry about errors or violations of the law.

5. Maximizing Compliance While Reducing Operational Burden

Using tax preparation services not only helps businesses comply with VAT but also significantly reduces operational burden. Businesses don’t have to worry about recruiting or training internal tax staff. The entire process, from checking invoices, making declarations, submitting documents to explaining to tax authorities, is handled professionally by experts.

When VAT records are standardized and maintained in an audit-ready state, businesses can focus resources on business operations, market development and optimizing cash flow without worrying about the risk of violating the law.

In addition, tax preparation services give businesses access to updated regulations and expert insights that internal teams often lack. Consultants constantly monitor changes in VAT policies, e-invoice requirements, and deduction rules, ensuring that every declaration is accurate and compliant. This proactive approach helps businesses avoid common errors such as incorrect tax rates, invalid invoices, late submissions, or mismatched data between books and tax filings. By having a dedicated team oversee compliance risks in advance, businesses gain greater peace of mind and maintain a stronger, more transparent financial reporting system.

Contact Vina TPT for free consultation and ensure VAT compliance accurately, quickly and effectively.

Contact Vina TPT now for consultation on opening a business bank account

accounting service Vietnam for FDI company vtpt

Accounting & Tax, Business Knowledge, Company Formation, Finance & Accounting Knowledge, Lasted News

Financial statement preparation and compliance in 2025 for Japanese firms

Posted on 05/11/202510/11/2025 by ASS

1. Why 2025 Brings New Financial Reporting Challenges for Japanese Companies in Vietnam

2025 is considered an important milestone for Japanese enterprises operating in Vietnam. The constant change in tax and accounting policies, especially the regulations on Value Added Tax (VAT) and Corporate Income Tax (CIT), makes the preparation of financial statements more complicated and requires higher accuracy than ever.

For foreign-invested enterprises (FDI), especially Japanese enterprises, annual financial statements must be independently audited before being submitted to the tax authorities. This process requires early preparation, data must be complete, clear and can be easily compared with the accounting system at the headquarters in Japan. Compared to domestic enterprises, Japanese companies often spend more time on the comparison, consolidation and review stages, especially when there are differences between Vietnamese and Japanese accounting standards.

2. Key Financial Reports Every Japanese Firm Must Prepare

In Vietnam, all enterprises, especially foreign-invested enterprises (FDI), must prepare a complete set of financial statements according to Vietnamese Accounting Standards (VAS). This set of reports is not only a legal requirement to submit to tax authorities and independent auditors, but also a basis for Japanese enterprises to consolidate financial data with their headquarters in Japan.

The three core reports include: Balance Sheet, Income Statement, and Cash Flow Statement.

Compared to J-GAAP (Japanese Generally Accepted Accounting Principles), VAS has some important differences that Japanese enterprises should note. For example, VAS requires depreciation of fixed assets according to the fixed time frame of the Ministry of Finance of Vietnam, while J-GAAP allows more flexibility based on the actual economic life of the asset. In addition, VAS recognizes revenue when ownership is transferred, not when invoices are issued as in some cases in Japan. Regarding consolidated reporting, VAS applies a different calculation method for minority interests and exchange rate differences than the Japanese standard, so if not adjusted in time, the data when consolidated to the parent company can be significantly different.

Therefore, during the financial statement preparation stage, Japanese companies often have to maintain two sets of data in parallel, one according to VAS standards to serve legal obligations in Vietnam, and one according to J-GAAP to serve the consolidated reporting to the head office. Handling this dual standard requires great care, in-depth understanding of both accounting systems, and close coordination between the internal accounting team, auditors, and consulting units such as Vina TPT Accounting service.

3. Common Pitfalls in Year-End Financial Reporting

When it comes to preparing and submitting financial statements, many Japanese companies in Vietnam often encounter systematic errors that affect the auditing and tax compliance process.

3.1. Consolidation Differences Between Vietnam and Japan

One of the most common issues is the difference in financial statement consolidation between the branch in Vietnam and the headquarters in Japan. Vietnamese Accounting Standards (VAS) have many differences compared to J-GAAP, especially in handling exchange rate differences, classifying fixed assets and recording prepaid expenses.

According to i-Glocal’s analysis (2024), many Japanese FDI enterprises often have to prepare separate financial statements and consolidated reports in parallel, making the data reconciliation process complicated and prone to errors.

3.2. Lack of Valid Expense Documentation

Another common error is the lack of valid documents for deductible expenses. The 2023 report of the General Department of Taxation of Vietnam shows that more than 30% of tax inspection reports of FDI enterprises are related to invalid invoices, documents or incorrect accounting of deductible expenses.

These errors often lead to adjustments to taxable profits, collection of corporate income tax (CIT) and late payment penalties, directly affecting the reputation and financial planning of the parent company.

3.3. Exchange Rate Handling Issues

The handling of exchange rates is also a cause of discrepancies in financial statements. According to Circular 200/2014/TT-BTC, enterprises must use the actual exchange rate at the time of the transaction and prepare financial statements in Vietnamese Dong (VND).

However, many Japanese companies still use internal exchange rates according to Japanese accounting standards, leading to discrepancies when preparing reports to send to Vietnamese tax authorities, especially in the handling of foreign currency revenue and expenses.

3.4. Late Audit Submission and Transparency Requirements

Some Japanese enterprises in Vietnam also have problems submitting audit reports on time or not meeting financial transparency requirements. According to Vietnam Briefing (2024), all FDI enterprises must complete independent audits and submit financial reports within 90 days of the end of the fiscal year.

If the report is submitted late or does not meet standards, the enterprise may be subject to administrative fines, restricted from repatriating profits and face difficulties in renewing its investment license.

These risks not only increase compliance costs, but also directly affect the reputation and progress of consolidated reporting in Japan. Therefore, Japanese enterprises need to focus on controlling documents, complying with VAS and preparing financial records from the beginning to avoid being passive during the audit period.

In summary, full compliance with Vietnamese Accounting Standards (VAS) and financial statement regulations not only helps Japanese enterprises ensure financial transparency and accuracy, but also minimizes tax and audit risks. Proactively reviewing periodically and coordinating with professional accounting units in Vietnam is an important step to maintain stability in financial management and strengthen trust with Japanese management agencies and partners.

EXPERT YEAR-END FINANCIAL REPORTING SUPPORT

4. Outsourced Bookkeeping: The Smart Way to Stay Compliant

Faced with a large volume of accounting work and strict compliance requirements, more and more Japanese enterprises in Vietnam choose outsourced bookkeeping instead of maintaining an in-house accounting team. This solution helps save on personnel costs, ensures accuracy in reporting, and easily coordinates with auditors and tax authorities. Vina TPT Accounting service provides a complete outsourced bookkeeping service exclusively for Japanese enterprises, including: bookkeeping, preparing bilingual financial statements (English – Japanese – Vietnamese), and reviewing data before auditing. Vina TPT’s outstanding strength is its team of experts who can communicate fluently in Japanese, understand Japanese accounting standards (J-GAAP) and Vietnamese regulations (VAS), helping customers easily exchange, compare and consolidate financial data.

5. How Vina TPT Supports Japanese Firms for 2025 Compliance

Entering 2025, when the demand for financial transparency is increasing, Japanese enterprises need a partner who not only does accounting but also accompanies them throughout the entire compliance process.

Vina TPT Accounting service provides comprehensive solutions including:

Preparing and reviewing bilingual financial statements (Japanese – Vietnamese): ensuring easy to understand, accurate and ready for audit.
Consulting on consolidated reports for Japanese corporations: supporting data conversion from VAS to J-GAAP or IFRS.
Consulting and coordinating audits: working directly with independent auditors, helping to reduce review time and limit post-audit adjustment risks.
Monitoring and updating the latest tax – accounting policies: ensuring reports are always in compliance with the regulations of the Ministry of Finance of Vietnam.

With a team of experienced accountants and auditors fluent in three languages (Japanese, English, Vietnamese), Vina TPT helps Japanese enterprises in Vietnam maintain a transparent accounting system, comply with and optimize operating costs in accordance with international standards and Vietnamese law.

For comprehensive advice on financial statement preparation, auditing and tax compliance solutions in 2025, contact VinaTPT.

BOOK A FREE CONSULTATION

Accounting & Tax, Lasted News, Tax Knowledge

VAT and import tax solutions for e-commerce businesses

Posted on 03/11/202515/04/2026 by ASS

Vina TPT Tax Service - professional tax preparation services for e-commerce businesses in Vietnam

1. Navigating Complex Tax Requirements in Vietnam’s E-commerce Market

A professional tax preparation services is essential as the boom of e-commerce in Vietnam brings great growth opportunities, but also makes the tax system more complicated than ever. Online businesses, especially those doing business across borders, have to deal with declaring, paying, and refunding value added tax (VAT), and handling import duties when goods are imported into Vietnam.

In this context, the need for tax services is increasing, not only to comply with regulations, but also to optimize costs, avoid administrative fines and ensure transparent financial operations. Understanding the current e-commerce tax policy is the first step for businesses to develop sustainably on the digital platform.

2. Understanding VAT Obligations for Online Sellers

According to the Law on Value Added Tax, all organizations and individuals doing business in Vietnam, including through e-commerce platforms must declare and pay value added tax (VAT).

For domestic enterprises, the common VAT rate is 10% on revenue, except for some goods and services that enjoy preferential tax rates of 0% or 5%. Enterprises must issue electronic invoices for each transaction, including online orders. For e-commerce platforms or international sales platforms, tax authorities require registration and VAT declaration on behalf of foreign sellers when transactions arise in Vietnam.

E-commerce businesses also need to note: determining the location of tax generation, the time of revenue recognition, and the deduction method are important factors for accurate declaration, avoiding late payment or incorrect declaration of value added tobligations. This is one of the reasons why e-commerce companies should use a tax consultant specializing in VAT for guidance on declaration and risk control.

3. Managing Import Duty for Cross-Border E-commerce

For businesses importing goods for online sales, import duty is an indispensable financial obligation. The tax rate depends on the HS code of the product, the origin of the goods, and the trade agreement that Vietnam has signed (such as CPTPP, RCEP, or AJCEP).

Goods imported into Vietnam are not only subject to import duty, but also have to pay value added tax calculated on the total value of imported goods (CIF price + import tax). In addition, some items may also be subject to special consumption tax or environmental fees if they are on the controlled list.

For e-commerce businesses with a cross-border logistics model, managing customs documents, declared goods value, and tax refund procedures when returning or exchanging goods is very important. Small errors in import declarations can lead to tax arrears, late payment penalties, or delays at the port. Therefore, cooperating with a Vietnam tax consultant with experience in the field of import duty will help businesses minimize risks and control costs better.

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4. Common Tax Challenges for E-commerce Companies

E-commerce activities have high transaction speeds, large order volumes and many different sources of goods, leading to common tax errors. Some common problems include:

Incorrect declaration of HS code, leading to incorrect calculation of import tax rates.
Incorrect customs declaration value, changing the tax basis and being collected after inspection.
Incorrect VAT declaration, causing businesses to be fined for late payment or not eligible for deductions.
Lack of customs documents or electronic invoices, making it difficult to prove valid expenses and tax refunds.

These errors not only affect reputation but also increase operating costs. Using tax services helps e-commerce businesses review the entire tax process, minimize risks and optimize financial obligations.

5. Smart Tax Preparation & Compliance Solutions from Vina TPT

Vina TPT Tax Service provides professional solutions specifically for e-commerce businesses in Vietnam. With a team of experts with more than 20 years of experience in the field of tax consulting, accounting and compliance, Vina TPT provides comprehensive tax preparation including:

Consulting and declaring value added tax (VAT) in accordance with legal regulations.
Checking and confirming import duty for imported goods, optimizing valid HS codes.
Reviewing the system of accounting and customs documents, ensuring the validity of tax refunds and VAT deductions.
Building an e-commerce tax management strategy suitable for the scale and business model.

Vina TPT’s experts are not only knowledgeable about Vietnamese regulations but also proficient in international standards, helping Japanese, Korean, Singaporean or European businesses operating in the e-commerce field easily adapt to the Vietnamese tax system.

6. Why Professional Tax Consultants Make a Difference

Working with an experienced Vietnam tax consultant like Vina TPT helps businesses save a significant amount of time and compliance costs. Businesses no longer have to worry about periodic tax audits, newly issued regulations or incorrect Tax declarations. In addition, a professional tax consultant helps optimize cash flow, accurately determine deductible expenses, and support businesses in quick tax refund procedures. This allows the management team to focus resources on core activities such as developing online platforms, products and business strategies.

Contact Vina TPT Tax Service now to receive free consultation from our team of experts on tax services for e-commerce businesses.

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Accounting & Tax, Lasted News

Vietnam Tax Policies and Financial Support for Korean Logistics Companies

Posted on 03/11/202515/04/2026 by ASS

1. Expanding Logistics Networks, Expanding Tax Challenges

In recent years, a growing number of Korean logistics companies have opened branches, transit warehouses or distribution centers in Vietnam. This is a strategic move, as Vietnam is becoming the new logistics hub of Southeast Asia, with its favorable location and rapidly developing port and airport system.

However, along with the opportunity to expand its operating network comes a series of new challenges in tax planning. When a business operates in both countries, cash flow, contracts, and operating costs all need to be carefully calculated to comply with Vietnamese law while optimizing the overall profit of the group.

Lack of appropriate tax planning can lead to double taxation, loss of investment incentives or tax arrears due to incorrect declarations. Therefore, tax planning is not just the job of the accounting department, but a core financial strategy in cross-border operations.

2. Overview of Vietnam’s Tax Policies for Logistics Companies

Vietnam’s tax system for the logistics industry is highly specific, reflecting the diversity of activities in this sector.

First, businesses must comply with corporate income tax (CIT) usually at 20%. However, if the business operates in an industrial park or an encouraged economic zone, it may enjoy a lower preferential tax rate.

Next is value-added tax (VAT) on transportation services. Depending on the type of service – domestic, international or transit, the applicable VAT rate may vary, and determining the correct rate is important to avoid audit risks.

Companies that have contracts to hire contractors or use services from abroad should pay attention to Foreign Contractor Tax, which is often applied to service fees, software or outsourcing from the Korean headquarters. In addition, import duties on transport vehicles or specialized equipment (container trucks, forklifts, refrigeration systems, etc.) are also significant costs that need to be managed in the overall tax plan.

Understanding these policies in detail is essential for Korean logistics companies to operate efficiently and compliantly in Vietnam’s regulatory landscape.

3. Available Tax Incentives and Financial Support

In addition to tax obligations, Vietnam also offers many tax incentives and financial support to encourage foreign investment.

Korean logistics companies can enjoy corporate income tax exemptions or reductions when setting up facilities in industrial parks, high-tech parks, or border economic zones. For projects focusing on digital transformation, logistics process automation, or green investments (e.g., using electric vehicles, renewable energy), businesses can receive additional incentives on accelerated depreciation and tax exemptions for a certain period of time.

In addition, the Vietnamese government is implementing many financial support programs, including preferential credit packages for businesses applying smart technology in logistics operations, and a temporary VAT reduction policy to stimulate consumption and circulation of goods.

Taking advantage of tax incentives not only helps businesses reduce short-term costs but also enhances long-term competitiveness in the regional market.

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4. Key Tax Planning Strategies for Korean Investors

An effective tax planning strategy is not only based on correct declarations, but also needs to be linked to actual business operations. For Korean investors, this involves many layers of strategy.

First is optimizing the contract structure between the Korean headquarters and the Vietnam branch. Clearly defining the nature of the transaction, for example, a service contract, asset leasing or goods distribution, helps avoid the risk of being taxed in the wrong group.

Second, businesses need to manage outsourcing costs transparently. Outsourcing payments from the parent company or international suppliers must have records proving the value of the service, to avoid being adjusted under anti-transfer pricing regulations.

Third is controlling international cash flows, ensuring that payment flows between Korea and Vietnam are made at the right time, in the right currency, and with a clear legal basis.

Finally, Korean companies should take advantage of the double taxation agreement (DTA) between Korea and Vietnam. This agreement helps businesses avoid double taxation on the same income, while also providing a solid legal basis for cross-border operations.

These strategies are only effective when implemented under the guidance of tax advisory experts who understand both legal systems of Korea and Vietnam.

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5. How Vina TPT Tax Service Ensures Compliance and Optimization

In that context, Vina TPT Tax Service has become a trusted partner for Korean logistics companies operating in Vietnam. With in-depth expertise in Vietnam tax service for Korean logistics companies, Vina TPT not only helps businesses comply but also supports the optimization of tax strategies.

Vina TPT’s team of experts has practical experience in the logistics industry – from maritime transport, warehousing, to supply chain services. They not only advise on documents but also directly support businesses in the process of preparing reports, declaring taxes, working with tax authorities and conducting periodic reviews.

Vina TPT’s special feature is the “advisory and execution” model – meaning both strategic consulting and practical implementation. Thanks to that, Korean companies do not need to worry about the lack of personnel who understand Vietnamese regulations, while still ensuring the tax system operates accurately and effectively.

With the philosophy of “Transparency – Accuracy – Optimization”, Vina TPT helps foreign enterprises turn tax compliance into a sustainable competitive advantage.

Contact Vina TPT Tax Service now for free consultation on tax planning and tax incentives specifically for Korean logistics businesses in Vietnam – optimize costs, comply with the law and develop sustainably with leading experts.

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Accounting & Tax

Tax Services for Japanese Manufacturing Companies in Vietnam

Posted on 03/11/202514/04/2026 by ASS

1. The Precision of Japanese Manufacturing Meets Vietnam’s Tax Reality

Japanese companies are globally renowned for their “Kaizen” spirit – precision and continuous improvement in production. When expanding their investment to Vietnam, especially in the mechanical engineering and machine manufacturing sector, they bring with them strict standards of quality and efficiency.

However, the tax system in Vietnam has its own characteristics. Regulations on import tax, value-added tax (VAT), or corporate income tax (CIT) all have different calculation methods and declaration deadlines than in Japan. This difference makes tax management and compliance a big challenge, especially when businesses have to simultaneously handle contracts for purchasing components, technology transfer, warranty – maintenance, and research and development (R&D) costs.

Therefore, many Japanese companies have sought specialized tax services in Vietnam to ensure that all financial activities are legal, transparent, and cost-optimized.

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2. The Tax Landscape for Mechanical Manufacturers

The mechanical engineering and machinery manufacturing industry is directly affected by many different taxes. Each transaction and each contract has potential risks if not handled properly.

First of all, import tax on components is an important factor, especially for factories importing spare parts from Japan. If the HS code (commodity code) is declared incorrectly, the enterprise may be subject to additional tax or administrative fines. In addition, VAT for industrial products has a rather complicated tax refund and deduction mechanism, requiring accurate accounting for each shipment.

In addition, depreciation of machinery and equipment must comply with the time limit and depreciation method prescribed in Vietnamese accounting standards. For mechanical enterprises, the value of fixed assets is often very large; therefore, even a small error in recording depreciation can affect financial statements and corporate income tax.

Technology transfer, maintenance and warranty costs also need to be recorded at the right time and have valid documents. These are areas where tax advisory services with mechanical expertise can save businesses hundreds of thousands of dollars each year.

Download Vietnam Tax Handbook - Japanese Edition

3. Typical Compliance Risks

In fact, many Japanese enterprises in Vietnam face common tax risks that are difficult to detect early. One of the biggest risks is inaccurate transfer pricing. When a Vietnamese branch purchases components, equipment or technical services from its parent company in Japan, incorrect pricing can be considered by tax authorities as an act of transferring profits abroad.

Another risk is invalid maintenance and warranty costs due to a lack of clear contracts or insufficient payment documents. In addition, incorrect recording of fixed assets – for example, including leased machinery in the ownership list – also leads to improper tax deductions.

In addition, VAT deduction errors are common in enterprises with many input and output invoices, especially in import and export transactions. These errors can cause enterprises to be subject to tax arrears, late payment penalties, and even affect their reputation with authorities.

This is why mechanical manufacturing companies need specialized tax advisory services to help them identify risks, review accounting processes and ensure compliance with Vietnamese laws.

4. International Tax Services: Bridging Japan and Vietnam

One of the biggest challenges for Japanese businesses in Vietnam is the difference between the two accounting systems. Japan applies J-GAAP or IFRS accounting standards, while Vietnam follows VAS (Vietnamese Accounting Standards).

Therefore, international tax services act as a bridge between the two countries. This service not only helps businesses adjust accounting items to comply with regulations in Vietnam, but also supports reviewing internal contracts with parent companies, ensuring that R&D costs, royalties or technical service fees are recorded reasonably and have transparent documents.

A synchronous accounting system helps Japanese businesses report accurately to both markets, avoiding the situation of “one number, two reports” – both tax risks and loss of reputation with partners.

Thanks to international tax services, Japanese companies can operate in Vietnam with peace of mind while maintaining the same accuracy, transparency and efficiency as when operating at home.

5. Vina TPT’s Role in End-to-End Compliance

In Vietnam, Vina TPT Tax Service is one of the prestigious partners specializing in providing comprehensive solutions from Vietnam tax accounting to processing periodic reports and tax settlement.

The difference of Vina TPT lies in its deep understanding of the mechanical manufacturing industry and Japanese corporate culture. Their consulting team is not only good at tax expertise but also has a “Kaizen mindset” – a spirit of continuous improvement to help businesses operate more effectively every day.

Vina TPT supports businesses at every stage: from setting up the initial accounting system, preparing VAT and corporate income tax reports, to representing them in working with tax authorities when explanations are needed. The close coordination between the two teams – Japanese and Vietnamese – helps businesses not only comply with regulations but also optimize legal profits.

6. From Compliance to Competitiveness

Tax compliance is not only a legal obligation, but also the foundation of competitiveness. When the accounting and tax systems are managed transparently, businesses can easily calculate actual costs, control profits, and make more accurate investment decisions.

In the long term, a solid tax compliance strategy will help Japanese businesses in Vietnam not only avoid legal risks but also build a trustworthy image in the eyes of partners and management agencies.

With the support of Vina TPT Tax Service, that process becomes easier and more effective than ever.

Contact Vina TPT Tax Service now for free consultation on comprehensive tax management solutions.

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