Vietnamese lawmaker calls for stronger financial statement checks to curb dual bookkeeping
Vietnam’s National Assembly reviewed draft amendments to the Accounting Law and Independent Audit Law on November 13. A lawmaker said some companies submit financial statements with different figures to tax authorities and banks, and proposed a verification system requiring company consent, along with clearer accountability for signatories and accounting software suppliers.
On the morning of November 13, Vietnam’s 16th National Assembly discussed draft amendments to the Accounting Law and Independent Audit Law at its second session. Ho Chi Minh City delegate Phạm Trọng Nhân said some companies keep two sets of books: statements submitted to tax authorities show financial difficulties or even losses, while those submitted to banks show a stronger financial position to help secure loans.
National Assembly delegate Phạm Trọng Nhân of Ho Chi Minh City speaks at the session.（VietVance）
Phạm Trọng Nhân said current rules already prohibit providing financial statements with inconsistent figures for the same accounting period, while the draft amendments would also prohibit accounting service providers from colluding with clients to certify false figures. However, there is still no effective mechanism for comparing statements received by different organizations. He said tax authorities continued to find companies operating two sets of books in the first quarter of 2026 and asked software suppliers to provide customer lists for review.
He proposed creating a database of submitted annual financial statements that banks could search and compare with a company’s consent. He also suggested putting signatories’ professional certificate numbers on statements to make accountability traceable. In addition, he proposed banning the production and sale of accounting software that can alter recorded figures without leaving a trace or allows two sets of books to be maintained for the same accounting period.
Nghệ An delegate Thái Thị An Chung called for a further review of whether the draft aligns with the Investment Law and the direction of business condition reforms. She also urged a clear distinction between cross-border accounting services, internal accounting within corporate groups and technical support activities.
National Assembly delegate Thái Thị An Chung of Nghệ An speaks at the session.（VietVance）
Finance Minister Ngô Văn Tuấn said Vietnam currently has about 800,000 operating businesses, of which about 12,500 hire accounting services. About 2,500 accountants hold practice certificates, but just over 500 actually provide services. Of the 129 companies registered to provide accounting services, 118 are operating. The drafting agency will continue to clarify the rights and obligations of practitioners and service providers and study rules for managing conflicts of interest.
Finance Minister Ngô Văn Tuấn responds to comments on the draft amendments.（VietVance）
Source: VietVance
