Vietnam annual financial statements: filing deadlines

Vietnam annual financial statements are the yearly accounts that a business must prepare and send to the state once its financial year ends. For most companies the year is the calendar year, so the work lands in the first quarter. This guide shows who files, what goes in the package, and the dates to plan around.

Who must prepare annual statements

Under the Law on Accounting (Law No. 88/2015/QH13), every organisation that keeps accounts in Vietnam prepares financial statements at the end of its accounting year. That covers limited liability companies, joint stock companies, and partnerships. It also covers foreign-invested companies, branches, and representative offices that keep books locally.

Leaders should not treat this as a task for the accountant alone. Ask early who owns each step, and read the draft before it goes out.

Source: Law No. 88/2015/QH13 on Accounting; PwC Worldwide Tax Summaries, Vietnam, Corporate, Tax administration.

What goes in the package

A standard set has four parts. The first is the balance sheet, which shows what the company owns and owes on the last day of the year. The second is the income statement, which shows revenue, costs, and profit for the year. The third is the cash flow statement. The fourth is the notes, which explain the numbers and the accounting policies used.

Figures are kept in Vietnamese dong. A company that earns and spends mostly in a foreign currency may choose that currency for its books, but it must tell its tax office. Statements made for use in Vietnam are still converted into dong.

Some companies must have their annual statements audited before they are sent to the state, and the audit report goes in with them. The audit takes time, so book it well before year end if it applies to you.

Source: Law No. 88/2015/QH13 on Accounting; PwC Worldwide Tax Summaries, Vietnam, Corporate, Tax administration.

The year and the deadline

The standard tax year in Vietnam is the calendar year, running from 1 January to 31 December. A company may ask for a different year end, but it needs approval from the authorities first.

The main deadline is tied to the annual corporate income tax return. The return and the audited statements fall due at the end of the month that comes three months after the year end. For a company on the calendar year, that is 31 March. Companies with another year end count three months from their own year end.

In practice, plan to finish everything by the end of March. A company with a different year end should count three months from its own date and work back from there.

Source: PwC Worldwide Tax Summaries, Vietnam, Corporate, Tax administration; Law No. 88/2015/QH13 on Accounting.

Where the statements are sent

The tax authority is the main recipient. The statements go in with the annual tax return, and the tax return is the filing that sets the date. Depending on the type of business, copies may also be due at other state offices. Your adviser can confirm which ones apply.

Rules differ for listed companies, state-owned enterprises, banks, and insurers. Those groups follow extra reporting rules from their own regulators. A company in one of those groups should get the full list of recipients and dates from its adviser.

Keep proof of filing, such as a receipt or stamped copy, as the record that you met the date.

Source: Law No. 88/2015/QH13 on Accounting; Law on Tax Administration (Law No. 38/2019/QH14).

What happens if you are late

Late filing can lead to administrative fines. Accounting breaches carry their own penalty rules, and late tax filings are handled under the Law on Tax Administration. Ask your adviser which rules apply to your case.

One adviser summary notes that penalties have not always been applied in the same way, but that the authorities have taken a tougher stance in recent years. The safe path is to file on time.

A simple calendar helps. Set these checkpoints each year:

November: choose the audit firm and agree the timetable.
December: run a stock count and confirm bank balances.
January: close the books and review the draft statements.
February: complete the audit fieldwork.
Mid March: sign the statements and prepare the tax return.
Before 31 March: file and save the receipt.

Source: Law No. 38/2019/QH14 on Tax Administration; PwC Worldwide Tax Summaries, Vietnam, Corporate, Tax administration.

Sources

PwC Worldwide Tax Summaries, Vietnam, Corporate, Tax administration: https://taxsummaries.pwc.com/vietnam/corporate/tax-administration
Law No. 88/2015/QH13 on Accounting
Law No. 38/2019/QH14 on Tax Administration

General information only, not advice. For your own statements and filing dates, check with a licensed accountant.