The accounting/audit firm’s question: what does it take to open an audit practice in Vietnam? Accounting and auditing are conditional businesses — “people” (certificates) matter as much as capital.
Practice conditions: certificates are the key
Audit firms must meet legal capital requirements and employ enough practicing auditors — individuals need auditor certificates issued by the Ministry of Finance (or recognized foreign certificates with additional conditions). Accounting services likewise require certified accountants. Vietnam committed to open accounting and auditing services under the WTO — foreign firms may establish a presence and supply cross-border services per commitments.
Presence vehicles and quality control
Foreign audit firms typically operate via branches or subsidiaries in Vietnam under the Law on Independent Audit: audit reports must be signed by practicing auditors; audit firms face periodic quality-control inspections by the Ministry of Finance. Ethical or quality breaches bring heavy penalties, suspension or license revocation — reputation is the biggest asset. Tax and finance advisory alongside audit expands revenue.
Strategy for firms
(1) People before offices: recruit enough Vietnam-certified auditors before expanding; (2) global brand leverage: Big4/international brands win FDI clients; (3) absolute compliance: audit quality is scrutinized — one case can cost the license; (4) one-stop services: audit + tax + advisory — FDI clients want a single door.
Frequently asked questions
Does an audit firm need legal capital?
Yes — audit enterprises must meet statutory legal capital.
Are foreign certificates recognized?
Recognized with additional conditions per Ministry of Finance rules.
What did the WTO commit on auditing?
Opening of accounting and auditing services per Vietnam’s commitments.
Who signs audit reports?
Practicing auditors — personally professionally liable.
FLAT Law Firm advises on establishing audit and accounting firms in Vietnam — licensing and compliance.
