Hãng kiểm toán hàng đầu Việt Nam Hãng kiểm toán hàng đầu Việt Nam

Despite many positive signals, both the global and Vietnamese economies are still facing numerous difficulties and challenges. The responsibility of auditors and independent auditing firms plays an important role in ensuring transparency and reliability, helping to protect the interests of investors and stakeholders, as well as detecting and preventing errors and fraud in financial management.

The Editorial Board would like to excerpt below the interview response of Deputy General Director - Mrs. Do Thi Ngoc Dung from the News Bulletin of People’s Television Channel on July 3, 2024.

Over 27 years of sustainable development, AASC has implemented the auditing, accounting, financial consulting, tax, asset valuation, business revaluation and training services with outstanding results; provided high quality services for all economic sectors, domestic and foreign- invested companies in Vietnam.

Recognizing the contribution and outstanding achievements of AASC’s employees and the Board of Directors in the field of auditing, accounting which make a great contribution to the Construction of Socialism and National Defence, the President and the Prime Minister decided to award a full set of the First, Second and Third-class Labour Medals to the Company, a Second-class and a Third-class Labour Medals to Chairman Ngo Duc Doan, a Third-class Labour Medal and a title" National Emulation Soldier" to General Director Nguyen Thanh Tung, a Third-class Labour Medal to the Auditing Departments No.2, No.3, No. 5, Construction Audit Department and Mr. Do Manh Cuong – Deputy General Director and Mr. Hoang San - Head of General Affair Department, 2 times of “Emulation Flag” and award many Certificates of Merit of the Prime Minister to other teams and individuals, etc.

Recognition in domestic and international market:

• AASC is one of few auditing companies in Vietnam, selected into a short list of World Bank (WB) and Asian Development Bank (ADB) as well as other credit international organizations to audit projects funded by these organizations;

• AASC is the fifth biggest services providers, just following Big4 in the field of auditing and other professional services (according to the statistics of Vietnam Association of Certified Public Accountants).

• AASC is one of few auditing companies in Vietnam, permitted by the State Securities Commission (SSC) to provide auditing services for securities companies and listed companies on the stock exchange.

• In July 2005, AASC officially became a member of International Network of Professional Accountants (INPACT), the organization of prestigious independent auditing and accounting firms all over the world. As other members of INPACT, AASC commits to providing the highest professional quality services to our clients.  

• In 2007, 2009 and 2016, AASC was honored with the “Top Trade Services” by the Ministry of Industry and Commerce to acknowledge the high quality services of AASC in fulfilling commitment with the World Trade Organization (WTO).

• In 2010, AASC was awarded the title "Typical Enterprise 2010" and Thang Long Cup by Hanoi People Committee.

• AASC was awarded “Emulation Flag” in 2009 and 2012 by the Government and in 2010, 2015 and 2016 by Ministry of Finance.

• Since 18th February 2011, AASC was officially a member of HLB International, a world-wide network of independent professional auditing firms and business advisers. This is considered as a new milestone marking a deeper international integration of AASC in the field of auditing, accounting and professional consultancy.

 • In 2011, AASC received a First Class Labor Medal from the President and “The Emulation Flag” of the Government .

• In 2011, AASC achieved over 100 billion VND in revenue. Maintained the leading position in revenue and number of clients among Vietnam’s auditing firms and ranked first in revenue from audit of project settlement report.

• AASC is the first Vietnamese auditing company which provides auditing and consulting professional services to other countries in the region such as: Lao People's Democratic Republic, Campuchia, Thailand, Indonesia, etc.

• In 2013, Auditing and Accounting Financial Consultancy Service Company Limited (AASC) rebranded into AASC Auditing Firm Company Limited. Launching AASC new logo and AASC Consulting and Associates Company Limited (ACG). 

• In 2016, AASC Auditing Firm celebrated the 25th anniversary of the establishment of AASC, which is also known as the establishment of Vietnamese Independent Audit and successfully held HLB International Conference in Vietnam with the theme of Cross-border Investment – Challenges and prospects.

 • In 2017, AASC achieved over 200 billion VND in revenue. Maintained the leading position in revenue among Vietnam’s auditing firms and ranked first in revenue from audit of project settlement report.

• In 2018: Launched AASC Vietnam Valuation Company Ltd (AVV) and celebrated the 5th anniversary of publishment of AASC Logo.

• In 2020, AASC reached the revenue target of over VND 250 billion and successfully organized the meeting to celebrate the 29th anniversary of the start of the first two accounting and auditing firms in Vietnam (21 September 1991 - 21 September 2020).

• In 2021, AASC Auditing Firm Co., Ltd. celebrated the 30th anniversary of the establishment of the Company and also the establishment of the Vietnam Independent Auditing Industry (May 13, 1991 – May 13, 2021); Introduced to the public the book "AASC - 30 years of history and memory (1991 - 2021)".

• In 2022: AASC celebrates 15 years of transforming AASC into a limited liability company with two or more members

AASC has held training courses on business administration, finance, auditing, accounting, investment analysis, securities, tax and insurance, etc. for hundreds of accountants, chief accountants and internal auditors on our own or in cooperation with universities, industries, local authorities and international organizations. With these activities, AASC has contributed to the improvement in the quality of clients’ accounting and internal auditing function. AASC has also helped companies and organizations to employ highly qualified experts in the field of auditing, accounting and financial consultancy. which has been greatly appreciated by clients.

Training, updating knowledge of finance, accounting, auditing and tax

Training on construction investment

Với mong muốn đồng hành cùng doanh nghiệp trong quá trình triển khai thực hiện các quy định mới của luật thuế, Hãng kiểm toán AASC phối hợp cùng CPA Australia đã tổ chức buổi hội thảo “Cập nhật chính sách thuế và giải đáp vướng mắc trong triển khai thực hiện” tại khách sạn Avani Hải Phòng vào ngày 17/12/2020 vừa qua. Tham gia buổi hội thảo có sự góp mặt của đại diện hơn 50 doanh nghiệp có vốn đầu tư nước ngoài tại Hải Phòng.

Buổi hội thảo đã cập nhật các quy định mới về luật quản lý thuế, hóa đơn điện tử, xử phạt vi phạm hành chính trong lĩnh vực thuế và hóa đơn (các Nghị định 123, 125, 126/2020/NĐ-CP) cũng như quy định mới về hoạt động chuyển giá (Nghị định 132/2020/NĐ-CP).
Tại hội thảo, các cán bộ lãnh đạo và kế toán của doanh nghiệp đã được tư vấn cụ thể những thay đổi về quy định của luật thuế ảnh hưởng đến hoạt động kinh doanh, chia sẻ các vướng mắc thường gặp trong quá thanh tra thuế. Các chuyên gia của AASC cũng đồng thời chia sẻ các tình huống thực tế từ kinh nghiệm cung cấp dịch vụ tư vấn xác định giá trị thị trường trong các giao dịch liên kết cho các doanh nghiệp có vốn đầu tư nước ngoài, về quan điểm của cơ quan thuế trong quá trình thanh tra thuế nói chung và thanh tra giá chuyển nhượng nói riêng

Trong thời gian tới, Hãng Kiểm toán AASC sẽ tiếp tục triển khai các hội thảo tương tự tại các tỉnh thành trên toàn quốc để kịp thời cung cấp các thông tin tư vấn chuyên ngành, giúp các doanh nghiệp tuân thủ đầy đủ các yêu cầu của các văn bản pháp luật về thuế.

Để được nhận các thông tin về các chương trình Hội thảo của chúng tôi, vui lòng truy cập website aasc.com.vn hoặc email tới hòm thư This email address is being protected from spambots. You need JavaScript enabled to view it.

Một số hình ảnh tại buổi Hội thảo

On November 24, 2020 at the Headquarters of the State Audit Office, a science workshop was held on evaluating the efficiency of equitization in state-owned enterprises and the role of the State Audit Office. The workshop was attended by more than 150 representatives from Ministry of Finance, Ministry of Labor, Invalids and Social Affairs, Central Internal Affairs Committee, etc., with economic experts, leaders of the Specialised Audit Departments, Regional State Audit Office have contributed to the great success of the event. With long-built reputation in the field of auditing, valuation and recognition of the State Audit Office, AASC Auditing Firm was invited to write an article regarding: "Issues in equitization process” and deliver speech at the workshop. The article of AASC Auditing Firm is one of 24 articles printed in the proceedings of the science workshop, which are highly appreciated for their expertise as well as insights into current equitization issues. This affirms the State Audit Office's trust and appreciation with AASC Auditing Firm, this is also the second time that AASC Auditing Firm has participated in the equitization workshop held by the State Audit Office in the last two years. Along with the success in determining the enterprise value for the equitization of Power Generation Corporation II which was announced by the Commission for the Management of State Capital at Enterprises on Vietnam television on May 19^th, 2020, thus confirming the position of AASC Auditing Firm in the enterprise valuation service for equitization and in Valuation field.

Photos of the event:

On 15 October 2020, official representatives of AASC Auditing Firm joyfully took part in the 15th anniversary of VACPA establishment and the fifth national congress (2020 – 2025).

After the introduction, meaningful repertoire " Ngàn ước mơ Việt Nam", a special gift performed by AASC, a Member of VACPA, and one of the first and local accounting and auditing company to welcome the congress.

Speaking at the event, on behalf of AASC, General Director Nguyen Thanh Tung has emphasized “corporate culture on service quality” as follows:

(1) Service improvement is one of the core values of AASC

(2) Cooperation with Big4, facilitating conditions for employees to obtain international Certificate in order to create advantage with Big4 in several jobs.

(3) In term IV (2015 - 2020), AASC has cooperated closely and effectively with other members, contributing to the development of VACPA.

The Congress elected AASC's General Director Mr. Nguyen Thanh Tung as a member of the Executive Committee, Deputy General Director of Ms. Do Thi Ngoc Dung as a member of the VACPA’s Inspection Committee for the term of 2020 – 2025.

Mr. Ngo Duc Doan - AASC Chairman, member of the Executive Committee of VACPA term IV, suggested to change the name of VACPA to suit the development of accounting and auditing professional.

VACPA's Congress V was a great success. AASC committed to contributing effectively and pioneering in professional development activities of the Association and social activities, being one of the leading units of the Independent Audit Industry of Vietnam

Photos of the event:

From July 22, 2020 to July 20, 2020, AASC's Youth Union Executive Committee sent Mr. Ha Van Phuoc and Trade-Unionist Bui Ngoc Khanh participate in the 2020 Professional Training Program, gratefulness to poor families on the occasion of the 73rd anniversary of War Invalids - Martyrs' Day in Cam Xuyen district, Ha Tinh province organized by the Youth Union of the Ministry of Finance.

At the Dong Loc crossroad, Can Loc, Ha Tinh, the Youth Union of the Ministry of Finance and the Finance Departments of Ha Tinh, Hoa Binh, Son La and Dien Bien offered incense to express their gratitude to heroes, martyrs and female Youth volunteers; presenting ten gifts to families of war invalids, martyrs in especially difficult circumstances and two playgrounds; Visit and incense in the General Secretary Hà Huy Tập memorial site located in Cam Xuyen district, Ha Tinh.

Besides gratitude activities, the Youth Union members attended the Conference on the preliminary work of the Youth Union and the youth movements in 2020; training a number of skills and playing a friendly football match with Ha Tinh Department of Finance.

Through these meaningful activities, the Youth union members have opportunities to learn about the actual historical sites, hardships of Vietnamese Youths who have sacrificed and overcame to win the war and bring peace for the Nation, thereby enhancing and increasing responsibilities for themself, family, organization and society.

Some images of the event:

On the occasion of the 73rd anniversary of War Invalids and Martyrs' Day, on the morning of July 27, 2020, AASC Auditing Firm held a meeting with the staff who are children of martyrs.

Attending the meeting were General Director Mr. Nguyen Thanh Tung, Deputy General Director Mr. Pham Xuan Thai and representatives of AASC’s Party Committee, Trade Union, Youth Union, Members of Veterans Association and leaders of Divisions/Departments.

In an intimate atmosphere, Mr. Nguyen Thanh Tung would like to send to the martyrs' relatives the warmest thanks and deepest gratitude. In recent years, taking care of the lives of staff and workers who are martyrs' children has been placed on top of social activities by the company, spreading the traditional culture of AASC.

Mr. Luu Thanh Nghi - Technician of Construction Audit Department, relatives of martyrs' families thank the attention of the Executive Board, and committed to contributing to the development of the company.

Some images at the meeting:

Legal updates – July 2020

AASC would like to invite the readers to use the Newsletter No. 07 2020 as reference including the following important highlights:

- Tax Policy
+ Changes to personal income tax exemptions
+ Private tax rulings

- Regulations on tax administration for enterprises engaged in transfer pricing
+ Amendments to Decree No. 20/2017/ND-CP prescribing tax administration for enterprises engaged in transfer pricing

- Other regulations
+ Registration fees for domestically manufactured and assembled automobiles until the end of December 31, 2020
+ Regulations on non-stop electronic toll collection
+ Amendment and supplement to requirements for trading of duty-free goods
+ Newly issued consolidated documents

Download attached file: Newsletter No. 07.2020

Bản tin Chính sách Thuế và văn bản pháp luật tháng 06 năm 2020.

Hãng Kiểm toán AASC trân trọng kính mời Quý vị tham khảo Bản tin Văn bản pháp luật số 06 năm 2020 bao gồm các thông tin cập nhật quan trọng sau:

- Chính sách Thuế
+ Các công văn trả lời về thuế.

- Quy định về Kế toán, Kiểm toán
+ Sửa đổi, bổ sung chế độ báo cáo trong lĩnh vực kế toán, kiểm toán độc lập
+ Hướng dẫn chế độ báo cáo trong lĩnh vực kế toán, kiểm toán độc lập

- Quy định về quản lý Nhà nước
+ Quản lý và sử dụng vốn hỗ trợ phát triển chính thức (ODA) và vốn vay ưu đãi của nhà tài trợ nước ngoài
+ Quy định mức đóng bảo hiểm xã hội bắt buộc vào quỹ bảo hiểm tai nạn lao động, bệnh nghề nghiệp

- Quy định về mức thu, quản lý và sử dụng một số loại phí, lệ phí

Download attached file: Newsletter No. 06.2020

Towards the 30th anniversary of AASC establishment (13/5/1991 – 13/5/2021), on 01 July 2020, AASC and State Audit Office – Specialised Audit Department No VI – held a football match at Thanh Dong football field, Hanoi.

Attending the event were Mr. Nguyen Van Lan - Chairman of the State Audit Office’s Union, Deputy Chief Auditor of Specialised Audit Department No VI, Mr. Luu Truong Khang - Deputy Chief Auditor of Specialised Audit Department No VI; Mr. Ngo Duc Doan – AASC’s Chairman, Mr. Vu Xuan Bien - Deputy General Director of AASC and numerous officials and auditors of the two units.

It was an entertaining match between the teams. There were attacks and counter attacks every moment. Both the team made several movements and scoring chances. AASC first took the lead. Excitement spread out among the spectators when the State Audit Office team equalised the score. At the end, after taking good chances, the State Audit Office players won the match with final score 3 - 2.

The friendly match has created a healthy and useful playground, bringing comfortable moments after stressful working hours for officials and auditors of the Audit Sector. Through this event, the two units will take important steps to contribute to the strong development of Vietnam Audit.

Some images of the match:

Welcome the 13^th National Party Congress, the Party Congress of the Ministry of Finance for the term 2020 - 2025, with the approval of the Ministry of Finance’s Party Committee, on June 16, 2020, in Hanoi, the Party Committee of AASC Auditing Firm solemnly organized the Party Congress for the term 2020 - 2025. Attending and directing the meeting was Mr. Nguyen Huu Than - Standing Deputy Secretary of the Party Committee of the Ministry of Finance, Mr. Ngo Duc Doan - Secretary of the Party Committee/Chairman of the Board of Members and all AASC Party members.

Speaking at the Congress, Mr. Ngo Duc Doan - Secretary of AASC Party Committee for the term 2015 - 2020 emphasized “with the honor and responsibility of each Party member, with determination and action on effectively building a clean and strong AASC Party Committee, Congress members should raise their sense of responsibility, pioneering, exemplary, promoting democracy, collective intelligence, actively participating for the success of the Party Congress”.

Accordingly, Ms. Do Thi Ngoc Dung, Deputy Secretary of AASC Party Committee presented the Report on summary of the Party's work for the 2015-2020 term, directions and tasks for the 2020-2025 term and the review report for the term of AASC Party.

After the speeches of the representatives of Party Cells, on behalf of the Party Committee of Ministry of Finance, Mr. Nguyen Huu Than acknowledged and praised the achievements of the AASC Party Committee for the term 2015 - 2020 at the same time assigned the tasks and beleived that AASC's Party Committee will continue to promote strengths, grasp advantages to overcome challenges, coordinate with the Board of Members, Board of Directors of the Company to lead AASC Auditing Firm to develop and maintain its leading position among Vietnamese audit companies, effectively contributing to building a strong independent audit industry.

The Congress elected the Executive Committee of AASC Party for the term 2020 - 2025 including Ms. Do Thi Ngoc Dung was elected as Party Secretary, Nguyen Lan Anh was appointed as Deputy Secretary of the Party Committee for the term 2020 – 2025.

At the end of the Congress, on behalf of the Party Committee, New Secretary Do Thi Ngoc Dung expressed her regards to the Party Committee of the Ministry of Finance, the Board of Members, AASC Executive Board and other professional organizations on guiding, coordinating for the successful of the Company's Party Congress in the term of 2020 – 2025.

Photos of the event:

Decree No. 126/2017/ND-CP dated November 16, 2017 of the Government on transforming state-owned enterprises and one-member limited liability companies with 100% of charter capital invested by state enterprises into joint stock companies requires the compliance with the Law on Prices and Valuation Standards, as well as qualification of appraisers. On May 19, 2020 the State Capital Management Committee's announcement of the Decision on approving the enterprise value of Power Generation Corporation 2, which was conducted by Joint venture of AASC-UHY. With appraisers with high professional qualifications, experience of AASC Auditing Firm, have completed the enterprise valuation, which is highly appreciated by Ministries, Industries and State Audit Office.

The aforementioned result of the business valuation of Power Generation Corporation 2 is a testament to the pioneering role and position of AASC Auditing Firm in the equitization consultancy in general as well as the determination of enterprises value for Enterprises and State Corporations.

Some photos of the event:

BBT

We always understand that the biggest success of AASC is all about of building TRUST with our clients. Trust is built from the foundation of HONESTY - PRESTIGE – TRANSPARENCY, built up over many generations and inherited, promoted in every action and thought of AASC‘s members. We are proud of and confident that, the AASC culture is the foundation for the future success of the Company.

Former Minister of Finance Mr. Ho Te commented: “In order to be recognized as one of the leading auditing firms in Vietnam, considered as an example, a role model in the Finance Industry, AASC has always certified showing the spirit of steadfastness, innovation, creativity and constant upward development..."

AASC would like to invite the readers to use the Newsletter No. 02 2020 as reference including the following important highlights:
- Tax Policy
+ Private tax rulings
- Regulations on Accounting
+ Guidance on accounting instructions for Vietnam Securities Depository
+ Regulations on recognition of fixed assets, tools, supplies and equipment’s of the State bank of Vietnam
- Other Regulations
+ Provisions on collection and recognition of funding to Vietnam Public-Utility Telecommunication Service Fund and transfer of assets formed from such Fund until 2020
+ Regulations on report and administrative procedures applicable to fund management enterprises, securities investment fund or investment company
+ Guidance on foreign exchange management regarding foreign currency funding of microfinance programs and projects of political organizations, socio-political organizations and non-governmental organizations
+ Provision of payment services without checking accounts by public postal service providers
+ Regulations on auto transport business and conditions for auto transport business

Download attached file: Newsletter No. 02.2020

AASC would like to invite the readers to use the Newsletter No. 01 2020 as reference including the following important highlights:
- Tax Policy
+ Private tax rulings
- Regulations on Finance – Accounting
+ Regulations on land price bracket
+ Regulations on the chart of bookkeeping accounts for microfinance institutions
+ Guidance on accounting instructions for public investment project management boards
+ Guidance on determination of starting prices for auction of leasing or definite-term transfer of right to operate road infrastructure assets invested and managed by the State
- Other Regulations
+ Guidance on penalties for administrative violations in the state treasury sector
+ Guidance on management titles at enterprises under Ministry of Defense or owners of enterprises
+ Newly issued consolidated documents
- Documents taking rffect from January 2020

Download attached file: Newsletter No. 01.202020

In the morning of 30 January 2020 (The January 6th of the Lunar New Year), Chairman, Board of General Directors, leaders of Departments and Divisions, auditors, audit assistants, technicians and staff of AASC had the meeting on the occasion of the New Year.

At the beginning of the event, General Director Nguyen Thanh Tung recalled the achievements of AASC in the past year with revenue reached VND 236.64 billion, increased by 6.5% compared to previous year, labor income increased, and he emphasized that 2020 is special year for AASC because this year marks the beginning of a new decade and commences series of events toward the 30th anniversary of AASC establishment and development. Also he sent his greetings to members of AASC the New Year of wellbeing and prosperity.

Next, Chairman of Trade Union Nguyen Lan Anh sent to the Chairman, the Executive Board, and to all officials and employees of AASC a happy new year, wish everyone good health to complete all tasks assigned.
At the end of the event, officials and employees received lucky gifts from the Executive Board and the Company's Trade Union and cheered for the success of the past year and welcome the new year with full of faith and happiness. The meeting closed with warm, and merriment atmosphere of all AASC members.

Images of the event:

File đính kèm: Bản tin Khát vọng Xanh số 13 - Mùa hoa nở

On 20/12/2019, AASC Auditing Firm jubilantly organized the Labor Conference and New Year Eve’s Party 2020. Attending the Conference were all members of the Board of Members, Board of General Directors and AASC employees. The conference was also honored to welcome Mr. Pham Sy Danh – Former Deputy Minister of Ministry of Finance, Chairman of VACPA, Mr. Nguyen Anh Tuan – Director of Price Management Department, Ministry of Finance, Ms. Le Thi Tuyet Nhung – Deputy Director of Department of Accounting and Auditing Regulations, Ministry of Finance.

At the event, General Director Nguyen Thanh Tung summarized the business activities in the fiscal year XII with revenue reached VND 236.64 billion, increased by 6.5% compared to the same period last year. In which revenue from audit of project settlement report rose by 23%; accounting services increased by 21.9% and tax consulting service raised by 11.9%. Cultural and Sporting Activities and corporate culture building activities have several changes, especially the AASC Women’s Football cup was held for the first time which brought huge interest for the audiences and he also suggested that VACPA should organize Women’s Football cup in the future. Then, Chairman of the Trade Union Nguyen Lan Anh presented the report summarizing emulation and reward activities in 2019 and launched the emulation movements in 2020. The Conference also received recommendations from Union group in divisions regarding “Building Green-Clean-Beauty working environment” of Audit Department 6; “Combining cultural exchange activities with professional skills” of Audit Department 1 and “The limitation of waste from plastics and nylon bags – Joining hands for environmental protection” of Valuation Department.

On behalf of VACPA, Mr. Pham Sy Danh - Former Deputy Minister of Finance, Chairman of VACPA was delighted to recognize AASC's contributions to Vietnam's independent auditing industry and share the development orientation of the Association in the future.

The event ended with warm greetings for the new year and the deep gratitude of Mr. Ngo Duc Doan, Secretary of AASC’s Party Committee/ Chairman of the Board of Members to Departments of the Ministry of Finance, professional associations and all AASC staffs.

Photos of the Conference:

With the aim of improving physical abilities and tightening cooperation between enterprises and the Professional Association, on 12 December 2019, AASC Auditing Firm and Vietnam Valuation Association (VVA) organized a friendly football match at No. 3 Le Trong Tan street, Thanh Xuan district, Hanoi.

Attendees of the football match include AASC’s General Director Nguyen Thanh Tung, Deputy General Director Vu Xuan Bien and Member of the Executive Committee, Chief of VVA’s Office To Thi Tuoi as well as all players from AASC and VVA’s football team.

Before the match kick-off, General Director Nguyen Thanh Tung and Chief of VVA’s Office To Thi Tuoi exchanged flags and flowers to captain of each team. The match was undertaken under warm atmosphere but aggressively as well. Their great performance has fascinated all the audiences. At the end, the winning result was VVA’s team.

This special event has brought playful playground for all officers, thus strengthening the cooperation between AASC and VVA.

Images of the event:

AASC would like to invite the readers to use the Newsletter No. 11 2019 as reference including the following important highlights:
- Tax Policy
+ Supplement and amendments to some guidance on e-transactions in taxation
+ Private tax rulings
- Regulations on Finance
+ Guidance on transformation of state-owned enterprises and single-member limited liability enterprises whose charter capital is wholly owned by the State under Ministry of Defense into joint stock companies
+ Guidance on implementation of rights, responsibilities of Representatives of state owners at wholly state-owned enterprises and state capital at enterprises under Ministry of Defense that the representative decides to establish or is authorized to manage
- Regulations on banking - custom
+ Amendment and supplement to number of legal documents on dossier, administrative procedures in foreign exchange management
+ Regulations on the issuance of bills of the State Bank of Vietnam
+ Amendments and supplement to a number of provisions on customs procedures applicable to mails, packages or parcels of goods exported or imported through postal services; goods exported, imported, transited through international express delivery services
+ Amending a number of provisions on customs value of exported goods and imported goods
- Other regulations
+ Guidance on e-invoice
+ List of permissible and banned agrochemicals in Vietnam
+ Consolidated documents

Download attached file: Newsletter No. 11.2019

On 22 November 2019, at AASC’s headquarter, the 13th Board of Members’ meeting was successfully held.
Speaking at the Meeting, Chairman Ngo Duc Doan welcomed, recognized and praised the efforts of members of the Board of Members, Board of General Directors and key leaders as well as all AASC’s employees in XII financial year.

Chairman Ngo Duc Doan summarized the report on the implementation of AASC’s development strategy for the 2009-2019 period; General Director Nguyen Thanh Tung presented the operational reporting for the XII financial year (01/10/2018 – 30/9/2019) and set directions for the XIII financial year (01/10/2019 – 30/9/2020). The Meeting also passed the financial statements for the XII financial year with revenue reached VND 236.64 billion, increasing by 6.5% compared to XI financial year, in which, revenue from audit of project settlement report rose by 23%, from accounting service increased by 21.9%, and tax consulting went up by 11.9%. Report of the Board of Supervision, report on operational efficiency for the XII financial year, budget for XIII financial year, approval of development strategy of AASC branch in Ho Chi Minh, audit service of project settlement report, valuation service and proposal on maintaining voting rights of Mr Vu Quy Cuong – member of the Board of Members/ Head of Construction Audit Department also delivered at the Meeting.

The meeting also agreed on, all members of the Board of Members, will firmly stand together to take more responsibilities and diligence for the sake of the Board of Members and for each AASC member, thus greatly contributing to the sustainable development of AASC.

Some images of the meeting:

From 10 – 11 October 2019 at Central Electric Power College, AASC’s representative Mr. Nguyen Quang Huy – Director of Appraisal Division participated in the “Meeting on training of management and divestment of capital” for corporations under EVN, owner representative of EVN capital in joint stock companies invited by EVN.

Attendees of the Meeting have Leaders of Corporate Finance Department – Ministry of Finance, Cental Institute for Economic Management – Ministry of Planning and Investment and other leaders of EVN.

At the meeting, Mr Nguyen Quang Huy presented the following contents (i) regulations on valuation when conducting divestment and equitization of enterprises; and (ii) related issues during valuation implementation process. With more than 30 years in providing specialized services, AASC representative’s presentation was highly appreciated and close to practical situation of divestment and equitization process of EVN.

Image of the Meeting:

AASC would like to invite the readers to use the Newsletter No. 10 2019 as reference including the following important highlights:
- Tax Policy
+ Private tax rulings
- Regulations on Finance
+ Guidance on lot-type auction for shares and receivables of state enterprises having competence in buying, selling and handling debts
+ Guidance on transferring, receiving, handling debts and excluded assets when transforming ownership of state companies
+ Guidelines for responses to risks of the credit guarantee fund for SMEs
- Other regulations
+ Regulations on penalties for administrative violations against regulations on competition
+ Regulations on amounts, collection, payment, management and use of fees for providing information about enterprises, charges for enterprise registration
+ Guidelines on social insurance, unemployment insurance, health insurance fraud, evading payment of social insurance, health insurance and unemployment insurance for workers of the Criminal Code
+ Newly issued consolidated documents

Download attached file: Newsletter No. 10.2019

Towards the 89th anniversary of Vietnamese Women’ day (20/10/1930 – 20/10/2019), AASC’s cultural day on 10 November 2019 and welcome the 13rd Meeting of the Board of Members (21 – 22/11/2019), on 13 October, at the Minh Kiet Stadium, AASC Auditing Firm organized the AASC’s Women Cup for the first time and Men’s Championship for the 13th time. Chairman Ngo Duc Doan, representatives of the Board of General Directors as well as Leaders of Department/Division and all the teams have gathered in the event.

Speaking at the event, Chairman of AASC’s Trade Union Nguyen Lan Anh expressed her attitude to the Chairman of the Board of Members, Executive Board and AASC’s Youth Union for facilitating and organizing the annual sport event which greatly bring joyfulness and healthiness to all AASC staffs. This is the first time that AASC held a women’s football cup, especially with women's football players' passion, their love of the game, has created a new and exciting atmosphere to all players and supporters.

There are 5 women and 8 men’s football teams divided into 02 groups engaging in the AASC Cup 2019. In the end, AASC will give the trophy for the champion title, silver and bronze medal, golden boot award for the leading goal scorer in league matches as well as golden glove award presented to the goalkeeper who has kept the cleanest sheets. Besides, one of the most highlights of this year event is the series of photos voted for Miss AASC Cup 2019.

The AASC Cup 2019 shall be held from 06/10 to 03/11/2019 which promisingly bring fascinating and beautiful matches to all the players and audiences.

Pictures of the event:

From 16/09/2019 to 20/09/2019, AASC Auditing Firm organized training on legal compliance in finance, accounting, tax services for finance supervisor of Viettel Group at Viettel Academy, village 6, Thach Hoa commune, Thach That district, Hanoi. The training attracted more than 50 officers from Financial Division of Viettel group, other subordinate units and subsidiaries.

The training is aimed to provide profound knowledge of compliance in finance, accounting, tax services; practical experience and requirements on compliance in finance, accounting, tax services. Also, brings the foundation and application in reviewing, assessing the legal compliance requirement for the Group in general as well as its subordinates.

Qualified and experienced lecturers delivered specific cases on checking the compliance in enterprises working in the field of logistic, post and communication, construction, commercial, etc. made the training more useful for attendees who showed great interest in such cases. This is also an occasion for AASC and Viettel Group to build up their tight partnership and look forward to further cooperation between the two.

Images of the training:

On 14 September 2019, in Sydney – Australia, AASC Auditing Firm held a meeting on celebration of 26^th anniversary of AASC Auditor’s day (14/9/1993 - 14/9/2019). In this city, 26 years ago, the former Director of AASC, Dr. Pham Huy Doan received a fax on Notice of the Prime Minister approving the AASC rebranding and admission of audit service for the Accounting Service Company – Ministry of Finance in order to negotiate and cooperate with EY. At the meeting, Chairman Ngo Duc Doan recalled and reminded the Auditor’s day of AASC Auditing Firm, one of the first two accounting and auditing companies established in Vietnam. Since then, AASC has been expanded and actively contributed to the development of the Independent Audit sector in Vietnam. Towards the 13th meeting of the Board of Members, AASC Auditors would be “proud and pride to maintain AASC leading position among Vietnamese auditing companies”.

AASC’s Board of Members believed that under their direction, development strategy of AASC and annual Resolution approved by the General Meeting of the Board of Members would be successfully accomplished.

Photos of the event:

AASC Auditing Firm would like to upload Official Letter No. 1734/VICEM-VP dated 06 September 2019 of Vietnam Cement Industry Corporation submitted to Chief Editor of Tien Phong Newspaper on contents related to the determination of enterprise value when equitizing VICEM

Amendment and supplement to a number of regulations on training in the field of valuation under Circular No. 11/2019/TT-BTC dated February 20, 2019 of the Ministry of Finance
Attached file: Circular No. 11/2019/TT-BTC

From 25/7/2019 to 28/7/2019, Deputy Secretary Ha Van Phuoc and Dao Quang Vinh member of the Youth Union of AASC participated in the campaign to honor the heroic mothers and household in difficult circumstances on the occasion of the 72nd anniversary of War Invalid and Martyrs' Day in Nghe An province held by the Youth Union of Ministry of Finance.

Speaking at the event, Secretary of Youth Union of Ministry of Finance Nguyen Van Co reviewed the Youth Union activities for the first 06 months and provided guidance on Youth maturity ceremony. Next, the Ministry’s Youth Union cadres discussed and collaborated with the Nghe An Department of Finance, Nghe An Custom Department, Nghe An Tax Department, Nghe An State Treasury about the Youth union work and perform cultural and sports exchange. This is a training program organized annually by the Ministry of Finance to improve and promote the Youth Union activities.

In addition, the Youth Union also presented gifts to a number of families of martyrs and war invalids in extremely difficult circumstances in Bong Khe and Mon Son commune of Con Cuong district, visiting and giving gifts to Vietnamese heroic mother Nguyen Thi Nhat and offer incenses to commemorate the Heroes of the Martyrs at the Viet-Lao Cemetery in Anh Son district, Nghe An province. Through these meaningful activities, the Union members further understood the losses and suffering from the war, thereby enhancing the responsibility of each union member for the cause of national construction and defence.

Some images of the event:

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On 17 June 2019, the Opening Ceremony 2019 for new audit assistants was organized at the hall of the 9th floor - AASC Building, No. 1 Le Phung Hieu, Hoan Kiem, Hanoi. Attending the Ceremony were Deputy General Director Ms. Do Thi Ngoc Dung, representative of Quality Control and Training Department with over 70 trainees from Departments/ Divisions/ Branches.

Speaking at the Ceremony, Ms. Dung congratulated and welcomed new audit assistants who officially joined AASC as well as stressed the importance of the training program. During the training period from 17 June 2019 to 28 June 2019, they will be trained the basic audit process of an engagement, advanced communication skills, group management skills and detailed audit for some parts.

Prior to training program, once again, Deputy General Director Ms. Do Thi Ngoc Dung wished the new staff good study, constant knowledge accumulation with interesting experiences, then together with other experienced colleagues to provide quality services to customers and are always ready in an enthusiastic and dynamic environment.

Some pictures of the training class.

On 18/06/2019, the Youth Union of Ministry of Finance in collaboration with National Institute of Hematology and Blood Transfusion held blood-donation campaign. The event is organized towards the World Blood Donor day - 14 June 2019, celebration of the 90th anniversary of Vietnam Trade Union (July 28, 1929 – July 28, 2019) and Traditional Day of Finance sector (28/08/1945 – 28/8/2018).

Being aware of the need for safe blood and blood products, the Youth Union of AASC actively participated in the event, showing its gratitude and responsibilities for the social and community. Specially, in the Blood Donor Month – June, this meaningful gesture would contribute enough blood products to meet patient needs. Each drop of blood they gave would bring more opportunities, happiness for the patients requiring transfusion.

AASC members, although during the training session and completion of audit files, still spend time to donate safety and quality blood products, thus spreading the spirit of “Wherever needed and difficult, young people are available”.

The Ministry of Finance (MOF) and the World Bank (WB) jointly organized the workshop on Preparation and adoption of public sector accounting standards in Vietnam on May 20, 2019 in Hanoi. The workshop was chaired by Vice Minister Do Hoang Anh Tuan and Mr. Fily Sissoko - Manager, Governance Global Practice, East Asia region of the WB.

The workshop was well attended by international consultants from PwC Malaysia, representatives of other ministries and agencies, departments of the MOF as well as more than 100 participants from international organizations, development partners, auditing companies, universities, accounting associations and public sector entities.

Vice Minister Do Hoang Anh Tuan gave opening remarks at the workshop

In his opening remarks, Vice Minister Do Hoang Anh Tuan highly appreciated the efforts made by the WB and international consultants from PwC Malaysia to study international best practices and assess the Vietnamese context in order to put forth recommendations for the roadmap and scenarios for issuing the international public sector accounting standards (IPSAS) in Vietnam.

Vice Minister Do Hoang Anh Tuan stated that, on the basis of the Strategy for Accounting and Auditing towards 2020, with a vision towards 2030 approved by the Prime Minister in 2013, the MOF has implemented the subproject on preparation and adoption of Vietnam public sector accounting standards (VPSASs). Mr. Tuan believed that the adoption of VPSASs will create an important legal framework for public sector accounting, and contribute to better management of State assets at both macro and micro levels.

To form the basis for detailed elaboration of the subproject, Mr. Tuan requested participants actively discuss and provide input to different topics, including scope of application, contents, roadmap for and process of issuing VPSAS in Vietnam. In addition, participants deliberated on the basis of classifying groups and types of standards and their relevance to the Vietnamese context. Subsequently, the MOF will collect and analyze comments and finalize the substance to submit to the Minister for his approval in 2019.

Mr. Fily Sissoko said that the World Bank stand side by side with the MOF on implementing the subproject on preparation and adoption of VPSASs

At the workshop, Mr. Fily Sissoko highly appreciated the excellent collaboration between the MOF and the WB during the preparation of the roadmap report and action plans to enable the issuance of the first ever VPSASs. He stated that, the adoption of the accounting standards in the public sector is conformed to the Strategy for Accounting and Auditing towards 2020, with a vision towards 2030 approved by the Prime Minister in 2013. He also recommended that the Government of Vietnam issue a set of VPSASs, on the basis of IPSAS, possibly with adaptation to local conditions, and in phases.

Going forward, the Standard Setting Body will need to ensure a concrete timebound actions plan to enable the well-sequenced issuance and implementation of VPSASs. “The World Bank stand ready to continue our collaboration on the preparation and adoption of VPSASs. We wish to help increase the Government of Vietnam’s credibility, therefore improve the competitiveness of the economy and further attract private sector investment, both foreign and domestic” – said Mr. Fily Sissoko.

Participants at the workshop

At the workshop, Mr. Vu Duc Chinh, Director General of the Accounting and Auditing Supervisory Department, the MOF and the international consultant from PwC Malaysia delivered presentations on the difference between IPSAS and the current Vietnamese accounting regime, and the roadmap for issuance and implementation of VPSASs. The presentations gave participants basic information to provide useful input.

The subproject on preparation and adoption of VPSASs is part of the Vietnam Public Financial Management (PFM) Analytical and Advisory Assistance (AAA) Program 2016 - 2020. The AAA Program is co-financed by the Swiss State Secretariat for Economic Affairs (SECO) and the Global Affairs Canada (GAC) and entrusted through the WB with the aim to support Vietnam in its PFM reform at both national and subnational levels. The objectives of the Program are to: (i) support strengthening the capacity of executive bodies to make, implement, and monitor policies to improve budget planning and execution in a transparent, accountable, and sustainable manner; and (ii) provide empirical analysis of the effectiveness and efficiency of major public finance reforms at both the central and local levels of government.

Below are several photos of the workshop:

Mr Vu Duc Chinh, Director General of the Accounting and Auditing Supervisory Department presented at the workshop

Representative of PwC Malaysia presented at the workshop

Representative of the Vietnam Accounting Association commented to the Standard Setting Body on the adoption of VPSASs in phases

Representative from Thuyloi University provided input to the Standard Setting Body on scope of application

A representative from the State Treasury agreed with the roadmap for the adoption of VPSASs

Source: Ministry of Finance’s portal

AASC would like to invite the readers to use the Newsletter No. 03 & 4 2019 as reference including the following important highlights:
- Tax Policy
+ Amendments and supplement to some articles of the Law on special excise duty
+ Abolishing some provisions in the field of import and export duties
+ Private tax rulings
- Regulations on accounting - valuation
+ Regulations on accounting instructions for microfinance institutions
+ Regulations on management of assets at enterprises under the Ministry of Defense
+ Regulations on training in the field of valuation
- Regulations on training in the field of valuation
+ Regulations on business conditions under the state management of the State Bank of Vietnam
+ Guidance on opening and maintenance of current accounts at payment service providers
+ Guidance on restricting the use of foreign exchange in the territory of Vietnam
+ Guidance on registration of securities trading on trading system for unlisted securities
- Other Regulations
+ Regulations on science and technology enterprises
+ Guidance on determining value of assets which are results of science and technology mission funded by the State
+ Regulations on licensing of outsource services, deposit payment and list of permissible outsourced jobs
+ Regulations on application of priority policies to customs procedures, customs supervision and inspection of imports and exports
+ Other documents
- Newly issued Consolidated Documents

Download attached file: Newsletter No. 03 and 04.2019

On 24 March 2019, AASC Auditing Firm along with more than 50 enterprises took part in NEU Career Expo 2019 - Decide Your Destination - Towards The Sun. The event attracted attention of many students coming from different majors regarding accounting, audit and finance-banking.

On behalf of the university, Assoc. Prof. Dr. Pham Hong Chuong - NEU Vice President delivered a welcome speech for all enterprises as well as students and stressed that the collaboration between the university and these enterprises will train and enhance professional skills for the student’s career orientation.

At the event, AASC’s booth was largely surrounded and attracted by coming from different majors regarding accounting, audit and finance-banking. This is a great opportunity for students to determine their career path and express their interest to work for AASC in the future.

Pictures at the event:

Mixing the bustling atmosphere of the whole country, in the morning of 12 February 2019 (i.e. 8 January of the Lunar New Year), Chairman of the Board of Members, Board of General Directors, leaders of Departments/Divisions, auditors, appraisers, audit assistants, technicians and staff of AASC in Hanoi had a meeting on the occasion of the New Year.

On behalf of the Board of General Directors, General Director Nguyen Thanh Tung reviewed the Company’s achievements in 2018 with impressive total revenue of over VND 222 billion, up 9.2% versus 2017, stable service quality, increase in employees’ income, and praised for the hard work of AASC ‘s leaders and employees. He then extended wishes to the AASC Board of General Directors, Board of Members and all officials and employees a New Year with full of health, wellbeing and prosperity. The Board of General Directors always wish that employees would have more conditions to improve their income together with the development and sustainable growth of the Company. In fiscal year XII, the Departments/Divisions/Branches should focus on increase of the revenue, strive for total revenue of VND 250 billion and always pay attention to quality of services and build up corporate culture.

Before the end of the program, the Board of Members, Board of General Directors, leaders of Departments/Divisions, auditors, appraisers, audit assistants, technicians and employees of the Company raised the toast and sang the spring songs, towards a new year with many new successes and victories.

On 31/1/2019, AASC Auditing Firm jubilantly organized the Labor Conference and received noble rewards from the President and the Prime Minister. Attending the Conference were all members of the Board of Members, Board of General Directors and AASC employees. The conference was also honored to welcome Mr. Pham Sy Danh – Former Deputy Minister of Ministry of Finance, Chairman of VACPA, Mr. Dang Van Thanh - Former Vice Chairman of the National Assembly's Finance and Budget Committee, Chairman of VAA, Mr. Nguyen Hung Minh - Director of the Emulation and Commendation Department, Mr. Nguyen Anh Tuan – Director of Price Management Department, Mr. Nguyen Tien Thoa – former Director of Price Management Department, Chairman of VVA, Mr. Bui Van Hung – Deputy Head of Propaganda Department of the Ministry of Finance’s Communist Party and Mrs. Bui Thi Cat – former Chief Accountant of AASC.

On behalf of the Board of General Directors, General Director Nguyen Thanh Tung summarized the business activities in the fiscal year XI with revenue generated more than VND 222 billion, increased by 9.2% compared to the same period last year. He also mentioned orientation and development plan which has been approved by the Board of Members for the next financial year. Then, Chairman of the Trade Union Nguyen Lan Anh presented the report summarizing emulation and reward activities in 2018 and launched the emulation movements in 2019.

At the Conference, Mr. Nguyen Hung Minh - Director of the Department of Emulation and Commendation - Ministry of Finance awarded the Third-class Labor Medal to Deputy General Director Cat Thi Ha, awarded the Certificate of Merit from the Prime Minister for Senior Manager of FIS 2 Nguyen Pham Hung and Senior Manager of Audit Department No. 2 Nguyen Tuan Anh. These are noble awards of the Government recognizing outstanding achievements for individuals with excellent performance from 2013 to 2017, contributing to the development of the country.

Next, General Director Nguyen Thanh Tung gave the Certificate of capital contribution to New Member of the Board of Members Ngo Dao Hung - Deputy Senior Manager of FIS2. Also, Mr. Nguyen Thanh Tuan received the Certificate of Merit and flowers for his excellent achievements when finishing the CIA Certificate.

In response to the impressive results of the Financial Year XI and awards from the Government, Mr. Pham Sy Danh - Former Deputy Minister of Finance, Chairman of VACPA was delighted to recognize AASC's contributions to Vietnam's independent auditing industry and hope that the Company will continue to maintain its leading position among Vietnamese auditing companies.

The event ended with warm greetings for the new year and the deep gratitude of Mr. Ngo Duc Doan, Secretary of AASC’s Party Committee/ Chairman of the Board of Members to Departments of the Ministry of Finance, professional associations and all AASC staffs.

Some images at the Conference:

On 30 January 2019, Party Secretary/Chairman of the Board of Members Ngo Duc Doan, General Director Nguyen Thanh Tung, Deputy General Director, Chief Accountant, Secretary of the Youth Union and representatives of the AASC Veterans Association visited and sent the new year greetings to Mr. Pham Huy Doan - Former Director of AASC Auditing Firm on the occasion of Mr. Pham Huy Doan’s 80th birthday.

On behalf of the Party Committee, the Board of Members and the Board of General Directors, Mr. Ngo Duc Doan wished and expressed his gratitude to Mr. Pham Huy Doan - the first Director, who laid the foundation for the development of AASC during the past 28 years (1991 - 2019).

In the joyful atmosphere, Mr. Pham Huy Doan expressed his sincere thanks to AASC Auditing Firm and sent his new year greetings to all AASC staff, his congratulations on the Company’s achievements in the 11th fiscal year and believed that with the consensus, solidarity among members, AASC will achieve more success in the 12th fiscal year and the following years.

Images of the event:

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AASC would like to invite the readers to use the Newsletter No. 01 2019 as reference including the following important highlights:
- Amending, supplementing guidance on the implementation of number of articles of the Law on Environmental Protection Tax
- Private tax rulings
- Other regulations including:
+ Regulations on e-transactions in financial operations
+ Regulations on issuance of corporate bond
+ The program of cutting costs for enterprises
+ Regulations on self-inspection of compliance with the labor law performed by enterprises
+ Guidance on repurchase, swap of the Government’s debt instrument, bonds issued under the Government’s guarantee and issuance of municipal bonds in the domestic market
+ Amending tariff of charges for payment services via the State Bank of Vietnam
+ Guidance on determination of State capital in equitized enterprises regarding credit institutions
+ Guidance on conversion of foreign currency procedures by the State bank for the projects guaranteed or undertaken by the Government.

Download attached file: Newsletter No. 01.2019

On 21/12/2018, at AASC’s Headquarter, AASC organized a meeting toward 74th anniversary of the VPA (22/12/1944-22/12/2018) and the 29th anniversary of National Defense Day (22/12/1989-22/12/2018). Attending the meeting were Chairman of the Board of Members, Board of General Directors, Union and Communist Youth Union as well as members of AASC’s Veterans Association.

On this special occasion, members of AASC’s Veterans Association recalled the national heroic tradition, their achievements and sacrifice during the war contributing to the freedom of the country as well as happiness of other people.

On behalf of the AASC’s Board of General Directors, General Director Nguyen Thanh Tung expressed his gratitude for the great contribution of veterans and soldiers to the development of AASC, also he hope that they continue to spread the national heroic tradition, determination air from Great Uncle Ho’s spirit in the economic field.

At the end of the meeting, Chairman of the Board of Members and AASC’s Veterans Association Ngo Duc Doan sent his sincere thanks to the Company’s Party, Board of Members, Union and Communist Youth Union and hoped that all veterans and soldiers working at AASC will always stand firm, show solid spirit to accomplish the assigned tasks, thus contributing to the growth and prosperity of AASC.

Some images at the meeting:

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On 24 November 2018, at AASC’s headquarter, the 12nd Board of Member’s meeting was successfully held.
Speaking at the Meeting, Chairman Ngo Duc Doan recognized and praised the efforts of members of the Board of Members, Board of General Directors and key leaders as well as all AASC’s employees in XI financial year. At the event, Members of the Board of Members has discussed thoroughly about the strategic plan contributing to AASC’s further development.

General Director Nguyen Thanh Tung presented the operational reporting for the XI financial year (01/10/2017 – 30/9/2018) and set directions for the XII financial year (01/10/2018 – 30/9/2019). The Meeting also passed the financial statements for the XI financial year with revenue reached VND 222.17 billion, increasing by 9.2% compared to X financial year, in which, revenue from audit service rose by 7.2%, from FDI sector increased by 23.64%, and from accounting and tax consulting went up by 247%. Report of the Board of Supervision, report on operational efficiency for the XI financial year, budget for XII financial year, approval of operation plan of ACG for VII financial year and of AVV for the second year also delivered at the Meeting.

The meeting also agreed on, all members of the Board of Members, will firmly stand together to successfully accomplish the Resolution of the Board of Members’ meeting, thus greatly contributing to the sustainable development of AASC and Vietnam Independent Audit sector.

Some images of the meeting:

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On 25 October 2018, AASC Auditing Firm successfully held the Trade Union Congress of the term 2018 - 2023. The Congress was honored to receive the Standing Vice Chairman of Trade Union of Ministry of Finance Bui Xuan Ngoc, Head of Trade Union Office of Ministry of Finance Chu Dinh Thang and Deputy Head Tran Viet Khoa, to attend to the Congress

The Congress reviewed, evaluated the trade union activities for the period 2013-2018, direction and operation plan of the term 2018-2023. Speaking at the congress, Standing Vice Chairman Bui Xuan Ngoc highly appreciated the results of the trade union activities for the term 2013 – 2018, also he recommend in the new period, the Trade Union should continue to promote its role in protecting the interests of employees, thereby creating a professional and harmonious working environment.

The Congress also received many proposals from union groups regarding: "Life caring and protection of lawful rights and interests for employees" from Ho Chi Minh branch; "The Union Movements connecting People in the Company" from Audit Department No. 6; "Professional exchange activities between Departments in the Company" from Audit Department No. 7 and "Trade Union with corporate culture" presented by Trade Union of Department of General Affairs.

The Trade Union also elected the new Executive Committee for the term 2018 - 2023 consisting of seven members with the new Chairman - Mrs. Nguyen Lan Anh - Head of Business Support Unit. On behalf of the Executive Committee for 2018-2023 term, the new Chairman expressed, her sincere thanks to the leaders of the Ministry of Finance, Chairman and the Board of General Directors for helping the Trade Union’s operation run effectively, and achieve more success. Secretary of the AASC’s Party Committee, Chairman Ngo Duc Doan, directed and reminded the Executive Committee of the Trade Union in the new term, should actively involve and contribute to the sustainable development of AASC.

Some images of the Congress:

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Decree No. 119/2018/ND-CP prescribing electronic invoices for sale of goods and provision of services

Attach file: Decree No. 119/2018/ND-CP

On 19/10/2018, at AASC headquarter, Board of General Directors and Trade Union Committee held a warm meeting to celebrate female members of the Board of Members, female auditors, officers and staffs on the occasion of the 88th anniversary of Vietnam Women's Union (VWU) (20/10/1930 - 20/10/2018).

At the meeting, Deputy Head of Trade Union – Mr. Nguyen Anh Ngoc, recalled the early days of the Vietnam Women’s Union and reminded the achievement of Vietnamese Women in the war as well as the contribution of nearly 200 female staffs in the development of AASC.

Speaking at the meeting, Chairman Ngo Duc Doan sends his regards and wishes good health, happiness to all female members of the Board of Members who confirmed their role in the development of AASC and all AASC female staffs for their achievements.

Special repertoires performed by the Youth Union of AASC made a great end to the meeting. It closed in the joyful and warm atmosphere.

Some images of the meeting:

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Attached file: Internal Newsletter No. 08 – Pink drops

Attached file: Internal Newsletter No. 07 - Moment

Attached file: Internal Newsletter No. 06 - Since 1991

Attached file: Internal Newsletter No. 05 - Cherish

Attached file: Internal Newsletter No. 04 – Forever young

Attached file: Internal Newsletter No. 03 – Heart’s Harmony

Attached file: Internal Newsletter No. 02 – Appreciation and affection

Attached file: Internal Newsletter No. 01 – Venturing, to return

Circular No. 16/2018/TT-BTC on guidelines for financial regulations applied to credit institutions and branches of foreign banks.

Attached file: Circular No. 16/2018/TT-BTC

Decree No. 39/2018/ND-CP on guidelines for law on support for small and medium-sized enterprises.

Attached file: Decree No. 39/2018/ND-CP

Guidelines for fulfillment of tax liability of foreign entities doing business in Vietnam or earning income in Vietnam.
Attached file: Circular No. 103/2014/TT-BTC

On 03/08/2018, the Youth Union of Ministry of Finance in collaboration with National Institute of Hematology and Blood Transfusion held blood-donation campaign called “Pink drops of love –2018”. The event is part of a series of activities to welcome the XIth National Congress and celebrate the 73rd Traditional Day of Finance sector (28/08/1945 – 28/8/2018).
Representatives of the National Institute of Hematology and Blood Transfusion said that Vietnam has always been in a state of blood shortage, especially in the blood type O. In the first seven months of 2018, the institute has provided 341,789 blood units to 170 hospitals, of which 57% are red blood cells (193,163 units), 45% are blood type O. Blood products have been used for emergency and treatment but still cannot meet the demand of needy patients.

AASC members, although in peak season of reviewing interim financial statements, still spend time to participate in the event and contribute to the community more than 20 blood units. Each drop of blood they gave would bring more opportunities for the patients. The event has shown the traditional solidarity “The good leaves protect the worn-out leaves”, sharing and promoting the beautiful gestures of the Youth Union of Ministry of Finance in general and AASC in particular in social activities.

In addition, AASC is much honored when Mrs. Nguyen Hoang Trinh - Deputy Senior Manager of Project Audit Department received the Certificate of Merit from the Central Youth Union for her contributions to the blood donation campaign for 06 consecutive years during the period from 2012 to 2017.

The humanitarian blood donation 2018 is a noble gesture that spreads love and bonds with the community and AASC hope that the event will be maintained and promoted in the following years.

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AASC would like to invite the readers to use the Newsletter No. 5 2018 as reference including the following important highlights:

- Tax policies and guidance documents.
- Other regulations including:
+ Amendments and supplements to certain articles on customs procedures, examination, supervision and control procedures
+ Prescribing administrative penalties for violations arising in the fertilizer sector
+ Amendments to regulations of Commercial Law on activities of goods sale and purchase through the goods exchange.
+ Amendments and supplements to certain articles on State capital investment in enterprises, use and management of capital and assets in enterprises
+ Guidelines on accounting procedures for covered warrants of securities issuing organization
+ Criteria, authorization, order and procedures for recognizing hi-tech agriculture enterprises

Download attached file: Newsletter No. 5.2018

On 06/2/2018, at AASC’s headquarter, AASC’s Trade Union and Communist Youth Union successfully organized friendly table tennis match with Department of Accounting and Auditing Regulation, Department of Emulation and Commendation - Ministry of Finance, facilitating a healthy workplace where AASC members can exercise physical health after stressful working hours.

Well-trained and experienced players are Mr. Nguyen Hung Minh - Director of Department of Emulation and Commendation, Prof. Dr. Dang Thai Hung – Former Director of Department of Accounting and Auditing Regulation, Mr. Do Manh Cuong - Deputy General Director of AASC, Mr. Nguyen Anh Ngoc – Vice Chairman of the Trade Union – Senior Manager of Audit Department No. 6, Mr. Nguyen Ngoc Duong – Deputy Senior Manager of Audit of Investment Settlement Department performed excellent matches and stirred the joyful atmosphere for the audiences.

The event is ended with beautiful memories, warmly hugs and reflected the tighten relationships between AASC with departments under Ministry of Finance.

Some images of the event:

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AASC would like to invite the readers to use the Newsletter No. 1 2018 as reference including the following important highlights:
- Tax policies and guidance documents
- Other regulations, including:
+ Amendments and supplements to some Articles of the Law on credit institutions
+ The region-based minimum wages applied to employees working under labor contracts
+ Handling of issues regarding equitization of State own enterprises
- Newly issued laws and laws take effect from 2018

Download attached file: Newsletter No. 1.2018

Attachment: Transparency Report updated December 2017

Attached file: Announcement of appointment of General Director and supplement of legal representative

AASC would like to invite the readers to use the Newsletter No. 12 as reference including the following important highlights:
- Tax policies and guidance documents
- State management regulations - banking, including:
+ Regulations on transformation of State own enterprise and One Member company limited 100% invested by State own enterprise to joint stock company
+ Amend and supplement regulations on land use levy, land rent, surface water rent
+ Amendment and supplement on the issuance of License, the organization and operation of commercial banks, foreign bank's branches, and representative offices of foreign credit institutions, other foreign organizations having banking activities in Vietnam

Download attached file: Newsletter No 12.2017

On 29 December 2017, AASC Auditing Firm held meeting on announcing Decision on appointing Deputy Senior Manager and commentating individuals who achieved high results in academic field with the presence of Chairman, General Director and leaders from Departments and Divisions.

On behalf of the Board of General Directors, General Director Nguyen Thanh Tung handed over appointment decision and flowers to Deputy Senior Manager of Quality Control and Training Department Mrs. Tran Thu Loan, Deputy Senior Manager of Foreign Investment Service Department 2 Mr. Ngo Dao Hung and Deputy Senior Manager of Audit Department 6 Mr. Pham Minh Tuan. He also recognized their efforts, improvements in accomplishing the assigned tasks.

On behalf of the newly appointed leaders, Deputy Senior Manager Tran Thu Loan feel honored to undertake the new position and commit to contribute more to the development of AASC.

General Director Nguyen Thanh Tung also handed over Certificate of Merit for Deputy Senior Manager Tran Thu Loan and member of business support unit Tran Thu Phuong who passed CPA Australia program in 2017.

Speaking at the meeting, Chairman Ngo Duc Doan sent his regards to new leaders, and staffs, and hope that with the new encouragement, they will put more efforts in accomplishing the company target in order to maintain the leading role of AASC among Vietnamese Auditing companies.

Some images of the meeting:

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On 21/12/2017, at AASC’s Headquarter, AASC organized a meeting toward 73th anniversary of the VPA (22/12/1944-22/12/2017) and 28thanniversary of National Defense Day (22/12/1989-22/12/2017). Attending the meeting were Chairman of the Board of Members, Board of Directors, Company Party, Union and Communist Youth Union as well as members of AASC’s Veterans Association.

On this special occasion, Mr. Nguyen Ngoc Duong – Deputy Chairman of AASC’s Veterans Association recalled the national heroic tradition and shared unforgettable moments between members of AASC veterans. Their determination air from Great Uncle Ho’s spirit, assist them to overcome all difficulties and accomplish all assigned tasks, thus contributing to the development of AASC.

Speaking at the meeting, on behalf of the AASC’s Board of Directors, General Director Nguyen Thanh Tung expressed his sincere thanks, gratitude the great contribution of veterans and soldiers to their respective country as well as their precious home – AASC.

At the end of the meeting, Chairman of the Board of Members Ngo Duc Doan expressed his sincere thanks to Company Party, Board of Members, Union and Communist Youth Union and hoped that all veterans and soldiers working at AASC will always be a giant spotlight to maintain the leading position among Vietnamese auditing companies.

Some images at the meeting:

On 27 November 2017, AASC Auditing Firm organized Commendation for collectives and individuals who have excellent performance in financial year X and 10 years of transformation from SOE to limited liability company with two or more members. Attendees of the event include Chairman, member of the Board of Members, leaders from Divisions, Departments and branches as well as collectives and individuals who have excellent performance in financial year X and in the period 2007 - 2017.

At the event, on behalf of the Board of General Directors, Deputy General Director Do Manh Cuong announced Decision No. 201117.001/QĐ-TH, Decision No. 201117.002/QĐ-TH and Decision No. 201117.003/QĐ-TH on commentating collectives and individuals who have excellent performance in financial year X and 10 years of transformation from SOE to limited liability company with two or more members. On this occasion, these collectives and individuals feel deeply honored to receive certificate of merit from Chairman, General Director and the Board of General Directors for their efforts and commit to contribute more to the sustainable development of AASC.

Some images of the event:

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On 27 November 2017, at AASC’s headquarter, the 11st Board of Member’s meeting for the period 2017 - 2022 was successfully held in a jubilant atmosphere to celebrate its achievements during 10 years since AASC’s transformation from SOE.

The Meeting was marked with number of highlights: Revenue was over VND 203 billion, increasing by over 21% compared with the financial year IX, in which audit services of project settlement rose by 54.31%; the appraisal service and business evaluation has witnessed a significant increase by 40,3% compared to previous year. The Member of Management Board of the Company has discussed thoroughly about setting targets, direction, and action plan of AASC auditing firm for the financial year IX and for the period 2017 - 2022. The meeting was agreed on selecting Chairman of the Board of Members Ngo Duc Doan and General Director Nguyen Thanh Tung.

The meeting also agreed on, with its leading role among Vietnamese companies, AASC will greatly contribute to the development of Vietnam Independent Audit sector.

Some images of the meeting:

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From 23 to 24 November 2017, AASC Auditing Firm successfully held training class on audit of settlement project organized and cooperated by Department of Quality control and Training, Department of Settlement for Investment, Project Department.

Speaking at the training class, Deputy General Director Mr. Nguyen Thanh Tung stressed the importance of the audit of settlement project for over 26 years and development strategy of AASC up to 2022, vision to 2027. The training program is carefully prepared based on the content issued by VACPA, with the aim of presenting new content of audit of construction. After that, Senior Manager of Audit project Department noted some highlights in legal documents and project’s investment cost. Participants also have the opportunity of discussing, sharing professional knowledge and experiences with others, which reflect strong and tight relationship between each and every AASC’s members.

At the end of the training class, General Director Ngo Duc Doan assigned and believed that auditors, technicians will deeply understand and flexibly implement policies, regimes, professional knowledge as well as improve their professional skills and ethics. He also believed that audit service of project settlement report provided by AASC will earn the clients’ trust and AASC will maintain its leading role among Vietnamese auditing companies.

Some images of the training class:

AASC would like to invite the readers to use the Newsletter No. 11 as reference including the following important highlights:
- Tax policies and guidance documents
- State management regulations, including:
+ Completion, enforcement of implementation of regulations on investment and exploitation of transport constructions under the form BOT
+ Regulations on order, procedures, amount that corporate legal entity must pay to ensure enforcement of criminal judgments, duration of temporary detention, refund, submit to the State budget the amount already paid
+ Guidance on management of salary, remuneration and bonus payment to head supervisor and supervisor of single member limited liability company of which charter capital is wholly owned by the State
- Management of activities on securities market, including:
+ Guidance on corporate governance of public companies
+ Guidance on supervision of securities transactions on the securities market
+ Guidance on supervision of compliance of State Securities Commission with securities activities of Stock exchange, Securities Depository Center of Vietnam
+ Guidance on settlement of administrative violations of securities sector and securities market.

Download attached file: Newsletter No 11.2017

AASC would like to invite the readers to use the Newsletter No. 10 as reference including the following important highlights:
- Tax policies and guidance documents
- State management regulations, including:
+ Regulations on examination, granting, management of certificates of auditors and accountants
+ Regulations on measures to intensity the management and supervision of relending to local authority
+ Guidance on conversion of construction investment costs
+ Regulations on system and form of implementation report, plan of settlement of public investment

Download attached file: Newsletter No 10.2017

On 29 October 2017, at the Minh Kiet Stadium, Hai Ba Trung District - Hanoi, AASC Auditing Firm organized the AASC Sports Festival 2017 - AASC Cup and Aerobic Competition. The owners of this sporting event are 300 auditors, appraisers, technicians and AASC staff from the departments of the Hanoi office. In particular, attendees and supporters of the festival included Chairman/General Director Ngo Duc Doan, Trade Union Chairman/Deputy General Director Cat Thi Ha and members of the Board of Directors.

The launch for this year's Sports Festival is the first AASC Aerobic Competition. Audience has witnessed the dynamic, energetic and intelligent Aerobic dance of KT 1, KT 2, KT 3, KT 5, KT 6, KT 7 and FIS. The results of the aerobic dance competition belonged to the KT 7 - First Prize, KT 1 - Second Prize and KT 2 - The Third Prize.

Immediately after the Aerobic Competition are the last matches of the AASC Cup 2017. The tournament is attended by 9 teams including: KT 1, KT 2, KT 3, KT 5, KT 6 , KT 7, FIS, Du an and Lien quan. After a series of rounds, the team selected the six best teams to compete in the AASC Cup 2017. In the end, Du an team went on to win First prize the fourth season with 10 points after 5 matches. Together with 8 points of KT 3, KT 6 and KT 5, the Second prize was for Team KT 3, followed by Team KT 6 – Third prize and the Style prize belongs to the team KT 5. Teams of KT 3 and KT 6 are the “black horses” of this year's tournament when the first time they passed the group won the medal.

The AASC 2017 sports festival has closed with the dazzling Flashmob "Viet Nam oi" by 150 dancers of the AASC auditing firm; orange AASC dress dyed yellow sun in the autumn at the Minh Kiet Stadium. This is also a chance for people to improve their health, while also expressing the solidarity and pride of our AASC brand.

Some pictures at the festival:

Attached file: AASC announced title and signature of Deputy General Director Do Thi Ngoc Dung

On the occasion of Vietnamese Women's Day 20/10, at AASC’s headquarter, Trade Union and the Board of General Director of AASC Auditing Firm jubilantly organized a meeting to congratulate female leaders, auditors, technicians and female staffs of the company.

Speaking at the meeting, Deputy Head of Trade Union – Mr. Nguyen Anh Ngoc, recalled the early days of the Vietnam Women’s Union and reminded the achievement of Vietnamese Women in the war as well as the contribution of female staffs in the development of AASC. Chairman and General Director – Mr. Ngo Duc Doan sent his regards to female auditors, officers and staffs and gave credits to their significant contribution in maintaining the AASC brand in Independent Auditor sector and wishes the female staffs and their family health, happiness, good work and constantly striving for strong growth of AASC.

Special repertoires performed by Youth Union of AASC made a great end to the meeting. It closed in the joyful and warm atmosphere.

Images at the meeting:

As usual, every Mid-Autumn Festival, AASC Auditing Firm Company Limited celebrated its full moon festival so that families and children could exchange, meet, have fun and participate in healthy physical activity in the festival. This year, at the headquarters of 1 Le Phung Hieu, Hoan Kiem, Hanoi, on the evening of 1 October 2017, the Mid-Autumn Festival was held with the participation of many parents and children of employees of the Company. At the same time, the organizing team also welcomed the representatives of the Board of Directors and many leaders of the units to join them.

Speaking at the festival, on behalf of the Board of Directors, Mrs. Cat Thi Ha - Chairman of Trade Union, Deputy General Director gave gifts and wished children healthy, good education, worthy of being the future owner of the country and wish them a meaningful Mid-Autumn Festival with their families, relatives and friends.

With the cheerful colors of the children's songs, the humor and charm of the two MC Chu Cuoi and Chi Hang, the festival has created the air exiting, eagerly, evoking fun in the hearts of the children and received the enthusiastic response of everyone. Young children have fun with lots of exciting games. Particularly, special scenes bearing bold traditional culture - dragon dances and lanterns, procession of mid-autumn lights create a bustling and jubilant atmosphere.

The traditional lantern-lighting procession has closed the "Full Moon Festival 2017" full of emotions. Through this program, AASC has provided children with a useful playground suitable for their age and to help them feel the traditional beauty of Mid-Autumn Festival. By sending the best wishes to all children and parents, AASC also hopes to see the children again, with many more children in the Mid-Autumn Festival next year.

Some pictures of the program:

On 13/10/2017, at the Head office No. 1 Le Phung Hieu, Hoan Kiem, Hanoi, AASC Auditing Firm held a meeting on Admission of New Member of Board of Members and Announcement of Appointment Decision for Deputy General Directors and Leaders of the Company’s Department/Branch. Attendees of the meeting include members of the Board of Members, key personnel of Departments/Divisions/Branches.

On behalf of the Board of Members, Executive Committee, member of the Board of Members, Deputy General Director Do Manh Cuong announced Certificate of capital contribution and appointment decisions for leaders of the company and the company’s Departments/Branch. The three new members Nguyen Tuan Anh – Senior Manager of Department No. 2, Vu Xuan Tung - Vice Senior Manager of Department No. 3, Ha Van Xuyen - Vice Senior Manager of Department No. 1 are honored to receive the Certificate of capital contribution and flowers from Chairman/General Director Ngo Duc Doan. He also gave Appointment Decision and flowers to the new Deputy General Director Do Thi Ngoc Dung. On behalf of the Executive Committee, Deputy General Director Nguyen Thanh Tung gave Appointment Decision to Senior Manager of Department No.2 Nguyen Tuan Anh, Senior Manager of Foreign investment Service Department No. 2 Nguyen Pham Hung, Vice Senior Manager of Department No. 2 Ngo Hoang Ha, Vice Senior Manager of Project Department Ngo Dinh Chung and Deputy Director of Appraisal Division Tran Duy Toan.

Speaking at the meeting, Chairman/General Director Ngo Duc Doan has recognized the efforts of the newly appointed leaders and sent his regards to new member of the Board of Members, new Deputy General Director and new key personnel of Departments/Divisions/Branches. Also, he recommended these newly appointed leaders continued training, self-improving, developing strong points and expressing highest collective spirit in order to bring more successful to AASC.

On behalf of the newly appointed members, Mr. Vu Xuan Tung – Vice Senior Manager of Department No. 3 shared his thoughts and appreciated the care and trust of the Board of Members, Board of General Directors and confirmed that he would devote himself in order to accomplish the assigned tasks, thus contributing to development and leading role of AASC in Vietnam Audit sector.

Some images of the meeting:

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Legal update
Download attached file: Newsletter No 09.2017

On 14/09/2017, at the head office No. 01 Le Phung Hieu – Hanoi, AASC Auditing Firm held a meeting on celebration of 24th anniversary of AASC auditor’s day (14/09/1993 – 14/09/2017) and 20 years of construction of AASC’s head quarter (1997 - 2017). Attendees of the meeting include Dr. Pham Huy Doan – Former and the first Director of Auditing and Accounting Financial Consultancy Services Limited Company (AASC) – Ministry of Finance and all members of the Board of Members, Board of Directors, Executive Committee of AASC Party, Executive Committee of Trade Union, and key personnel of Divisions/Departments/Branches.

Speaking at the event, on behalf of the Board of Members, Board of General Directors, Chairman/General Director Mr. Ngo Duc Doan recalled some milestones that AASC had achieved since the company is allowed to provide audit services and unforgettable moments when the AASC’s building is constructed. Dr. Pham Huy Doan – former Director of AASC shared his thoughts about the challenges and difficulties that AASC had faced in the early years of operation and sent his regards to the achievements for more than 26 years of development of AASC.

On this occasion, Chairman/General Director Mr. Ngo Duc Doan gave gifts to Dr. Pham Huy Doan and showed his gratitude to the contribution of the former Director of AASC to the development of AASC in particular and Vietnam audit sector, in general.

At the event, Deputy General Director Nguyen Thanh Tung presented plan and set target for AASC in the near future.

The meeting is ended and made every AASC members proud for what AASC have accomplished in the past years. The younger generation of AASC would devote themselves in order to bring more successful to the company, thus strengthening the role of AASC in Vietnam audit sector.

Some images of the meeting:

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In response to the campaign “Voluntary Blood Donor Day” 2017 held by the Youth Union of Ministry of Finance in collaboration with National Institute of Hematology and Blood Transfusion under Official Letter No. 142-KH/ĐTN-BTC, on 06 September 2017, at the Ministry of Finance’s headquarter, nearly 30 members of AASC volunteered with the highest spirit. Every member of AASC participated in the campaign has highlighted the traditional solidarity “The good leaves protect the worn-out leaves” of Vietnam, thus spreading the image and responsibility of AASC not only in Auditing, Accounting and Consulting field, but also raising the awareness of the community.

At the campaign, AASC proudly received the flag by the Youth Union of Ministry of Finance for what AASC have done for the community sake. All leaders, auditors and staffs of AASC not only focus on the development of AASC, maintaining the leading role of the company’s image among auditing Vietnamese firms, but also actively involved in the social activities.

Photos of Voluntary Blood Donor Day 2017:

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That is confirmation of Ms. Nguyen Thi Hong - Deputy Governor of the State Bank of Vietnam (SBV) at the conference "Cross-border credit information exchange" jointly organized by the State Bank of Vietnam (SBV) The APEC Business Advisory Council (ABAC) and the International Finance Corporation (IFC) held on 16 May 2017 at Emeralda Ninh Binh Senior Tourism Resort. This is the conference on the sidelines of the APEC Senior Financial Officers Meeting (SFOM) under APEC 2017 in Vietnam.

Nguyen Thi Hong, deputy governor of the State Bank of Vietnam, chaired the workshop attended by representatives of senior management units under the SBV and the Ministry of Finance. In particular, the workshop also brought together high-level representatives from APEC organizations and agencies working in the field of credit information and some guest countries in the region; experts, speakers from international organizations.

The workshop took place in the context of the cross-border credit information exchange which is receiving special attention from economies in the world in general and in the APEC region in particular and in line with Vietnam's goal when in the current period of global integration deep.

In recent years, at forums, credit reporting conferences, experts and international credit information organizations have been actively discussing issues related to the exchange of credit information crossing border such as legal framework, data security, data normalization, consumer protection ... Not out of that trend, Vietnam has also had a certain interest in the issue of sharing cross-border credit information. Accordingly, Vietnam has actively participated actively in many regional and international conferences, expressing the desire to enhance cooperation and exchange of information in the field of credit information. This is a sign of Vietnam's determination to fulfill its commitments to openness and deepening its integration with other economies in the region and in the world.

Opening remarks at the workshop, deputy governor of the SBV, Nguyen Thi Hong affirmed that, in the context of extensive globalization, in order to ensure fairness and transparency in investment cooperation, Information asymmetry brought about, the connection of information networks between credit information systems of APEC member economies has become increasingly urgent. Therefore, member economies should focus on finding solutions to promote credit information exchange activities within APEC as well as with other countries in the world.

The cross-border exchange of credit information will open up great opportunities for credit information organizations to expand cooperation, learn from experience, and have more informed, transparent information. Accurately promote business investment and expand access to credit for people in each country, "deputy governor of the SBV Nguyen Thi Hong emphasized.

The SBV, the lead agency of the workshop, selected the topic "Cross-border credit information exchange" with content consistent with the fifth principle of the Credit Report Fundamentals Code. The World Bank Group (published in 2011) and based on the succession of events on the sidelines of the APEC Finance Ministers Meeting 2015 in the Philippines with the APEC Financial Infrastructure Development Network (FIDN) , One of the pillars of regional financial integration under the Cebu Action Program (CAP), and APEC 2016 in Peru. The expansion of the APEC Personal Data Protection Rules (CBPRs) was adopted in 2011 with four pioneering countries including the United States, Japan, Mexico and Canada.

The main topics discussed at the workshop were: The need to exchange cross-border credit information; Key elements for the successful establishment of a successful cross-border information exchange mechanism include legal and data bases; Discussion and discussion on the draft of the Memorandum of Understanding and data dictionary.

Participants expressed their interest in facilitating the development of the credit reporting system through issues of legal basis and data normalization in the past to exchange cross-border credit information and the challenges and prospects of cross-border credit information sharing in the future, affirming the position of the Asia-Pacific and benefit-based on the common benefit of 21 regional economies.

Tapchitaichinh

Legal update
Download attached file: Newsletter No 08.2017

Regarding proposals of the Ministry of Finance on the increase in value-added tax (VAT) for consumer goods from 10% to 12%, many economists and business leaders expressed their concern about the negative impacts of this policy on the consumer demand and economic growth objectives of the country.

Increases in VAT do not help to reduce overspending
Macroeconomic expert, Director of Market Research Market Intello Dinh Tuan Minh said that the need to reconsider the root causing the increase in VAT from the Ministry of Finance when making such suggestions.

“The reasonableness of the increase in VAT is to offset with public debt, budget deficit, offsetting between receipt and spending as the Ministry of Finance proposed and should be evaluated carefully and logically ", he mentioned.

According to his analysis, VAT is the highest form of tax revenue, which is the indirect taxes, levied on consumers; tax evasion will not be easily conducted. It is estimated that VAT revenues accounted for approximately 28% of the total national budget revenue annually, which are the highest collection rates in taxes, higher than corporate income tax and personal income tax. From this fact, the Ministry of Finance may propose an increase in VAT on revenue collection.

However, he also recommends that the Ministry of Finance needs to study carefully the effects of the increase in VAT before applying in practice, because certainly the VAT increase will cause many occupational group damages, thus harming the economy. Moreover, it is unreasonable to make an increase in tax in order to offset the budget deficit.

Dr. Nguyen Duc Thanh, Director of Viet Nam Institute for Economic and Policy Research (VEPR) also said that the increase in VAT proposed by the Ministry of Finance came from the aim of increasing revenue for the State budget, ensuring the spending activities, avoiding the overspending.

According to the statistics of the relevant agencies, by the end of July, the current expenditure of the state budget up to VND 511,000 billion rose by 7.4% compared to the same period last year and accounted for two - thirds of the total state budget expenditure.

According to Dr. Nguyen Duc Thanh, in order to reduce budget overspending, the need to tightly control of budget spending shall be applied rather than through the increase in tax.
Furthermore, if the increase in tax is applied to prevent budget overspending, rather aggressively seek to reduce, control the spending; it may lead to lack of control of budget spending.

Increase in tax – Decrease in demand
According to the analysis of experts, while the reduction of personal income tax and corporate income tax aiming to reduce the tax burden for businesses, but in a different aspect, the increase in VAT is one of the tax reform.

The increase in VAT may lead to increase in price of goods, thus it significantly affect the demand of the customers.

Economic expert Dinh Tuan Minh said that the Ministry of Finance needs to carefully analyze the impact the increase in VAT which prevents the efforts to stimulate consumption due to demand of the market and people is low.

According to Mr. Minh, tax reform need time and roadmap for people and businesses in the industries to adapt, ensuring that they do not affect the production plan of enterprises as well as the demand of people and the market.

Specialist Le Dang Doanh also recommended that the tax increase should be carefully considered and taken into account the opinions of businesses, experts and particularly from people who are the end users, etc.

For people, increase in VAT will lead to increase in quantity of goods, and decrease in spending. This will directly impact on businesses’ operations, because of reduction of demand will cause a decrease in revenue and profit, leading to slow economic growth and reduction of tax revenue.

Source: Vietnam Investment Review

By the end of December 2016, the country had 1,149 people's credit funds and cooperative banks, with more than 2 million members being households participating in the loan. With the goal of association, mutual assistance members, people's credit funds have created a favorable financial mechanism, friendly; promote the spirit of mutual affection in the social community.
Particularly, in the context of new agricultural construction being actively implemented in many localities, the capital from the People's Credit Fund is very important to help people reduce hunger and reduce poverty, build local...

Some policies on the operation of People's Credit Funds

The effectiveness of the People's Credit Fund (PCF) model has been recognized in many localities throughout the country. Where PCFs are available, members and households are able to reduce poverty and support their livelihoods. Extreme local economic development region, take advantage of idle capital in the community, help farmers solve their difficulties.
This has resulted from the fact that in the past years, the Party and State have had many policies to renovate and create conditions for the People's Credit Fund to develop and people have easy access to loans.
The Resolution of the XIth National Party Congress affirmed: "Building new rural areas: planning for rural development and urban development, promoting the construction of rural infrastructure, creating a favorable environment to exploit all possibilities. Investment in agriculture and rural areas "is the task of developing our country.
Continuing the Party Congress XII, continued to affirm: "Effectively implement three strategic breakthroughs, overall restructuring and economic synchronization associated with innovation model growth; To accelerate the industrialization and modernization of the country, attach importance to the industrialization and modernization of agriculture and rural areas in association with the building of new rural areas. "
On the basis of orientation, the State Bank of Vietnam (SBV) has implemented programs on "credit policy for agricultural and rural development".
Accordingly, the State Bank of Vietnam issued Circular No. 04/2015/ TT-NHNN regulating the PND to replace Circular No. 08/2005 /TT-NHNN dated 30 December 2005, which guides a number of articles of Decree No. 48/2001 / ND-CP dated 13 August 2001 on the organization and operation of the People's Credit Fund and Decree No. 69/2005/ND-CP dated 26 May 2005 amending and supplementing a number of articles of Decree No. 48/2001/ ND -CP dated 13 August 2001 on the organization and operation of the PCF; Circular 06/2007/TT-NHNN dated 06/11/2007 amending and supplementing Circular 08/2005 / TT-NHNN dated 30 December 2005 guiding the implementation of some articles of Decree 48/2001. Decree No. 69/2005 / ND-CP dated 13/8/2001 on organization and operation of the People's Fund and Decree No. 69/2005 / ND-CP dated 26/8/2005 on amending and supplementing some articles of Decree 48/2001 / ND-CP dated 13/8/2001 on the organization and operation of business loans.
The promulgation of a series of policies has created an unity in the legal system on the organization and operation of the FUND, aimed at ensuring the safety in operation, raising the efficiency of the operation quality. The foundation of the PCF, meeting the needs of new agricultural and rural development in Vietnam...

Some suggestions and recommendations

In order to bring into full play the strengths and achievements in the development of the PCF, in addition to continuing to overcome shortcomings, completing the policy, the following solutions should be implemented synchronously:

About lending activities
According to Article 37 of the Circular No. 04/2015 / TT-NHNN on lending subjects, lending to households for the purpose of building new rural areas is not paid enough attention. In order to ensure an effective policy for rural development, it is necessary to coordinate with the PCF system in developing internal regulations to guide implementation, including:
- Develop a specific loan plan in each period. Accordingly, the Fund should have a clear strategy in the course of operation. That is, it is necessary to have a specific activity plan in each stage, to define the objectives for each stage, to analyze the environmental factors objectively and to see opportunities and challenges for the fund's objectives and The common development of agriculture and rural areas.
- Currently, most FMFs do not have a complete broadcasting program outside the local radio station or through meetings of local authorities and socio-political organizations. locality.
Many households in need of loans for production but not members of the fund, do not know about the existence of the fund, or households with difficult circumstances but not on the list of poor households issued by the People's Committee District approval. Therefore, it is necessary to promote and propagandize the policy of building new rural areas effectively.

On the management of lending activities
According to Circular No. 04/2015 / TT-NHNN, the PND should issue an internal regulation on lending and management of loans to ensure the proper use of loans, including the following: Particularly, lending to non-member individuals, households, legal entities, and non-member households includes: (i) Procedures for assessing, assessing the need and purpose of borrowing capital. rim; (Ii) Loan approval procedure and approval, decision on debt restructuring; (Iii) Loan approval process for poor non-members; (Iv) appropriate disbursement procedures; (V) procedures for control, management and supervision to ensure the proper use of the loan; (Vi) Regulations on security assets in accordance with law (if any), methods of determining the value of security assets and the disposal of security assets to recover loans in accordance with law; (Vii) Interest rates, loans ...
However, during the implementation of the provisions of the law on loan security, there are still some problems that make the People's Credit Fund system embarrassing to promulgate internal regulations on loan security.
Authorities responsible for developing legal documents should consider the inadequacies of the system of legal documents related to security assets. Specifically:
- The completion of the provisions of the law on loan security by property mortgage must be in accordance with the principle: Mortgage is the right of ownership does not appear the transfer of ownership of property, not only the owner of the property. But even non-proprietors who have the right to dispose of property may also enter into a mortgage relationship.
- Complete the provisions of the subject are the household as the following: Household is determined by the land allocation documents or household registration book issued by police? Identify the specific household as the subject of civil relations in general and of the mortgage relationship in particular. What are the bases and criteria of the members of the household? In which case, the household head was involved in the mortgage relationship in the name of the household?
- To amend and supplement the system of land legislation relating to mortgaging, guaranteeing land use rights and real estate in the direction of: Permitting land-using plots to be granted by land users Certificate of land use right for mortgage. To amend the regulations on administrative procedures on land allocation and land lease in the direction of simplicity, clarity, transparency and convenience.

According to the International Monetary Fund (IMF) study; taxation has an impact on foreign investment, mainly direct investment; At the same time significant impact on the allocation of financial resources. In order to attract investment capital, the competitiveness of taxes and tax policies is very important for each country and Vietnam is not out of context.

Understandably, tax competition is a comparative advantage for a country that has a comparative advantage in order to attract resources, labor and other economic factors from abroad into (or at the same time) Transfer of domestic resources abroad. There are many forms of tax competition such as tax rate cuts, tax incentives, long-term losses, simplification and shortening of tax administration.

Criteria for assessing international tax competitiveness

Currently, the World Bank uses quantitative criteria to assess the tax competitiveness of countries as follows:

- Criterion 1: Time the business performs the average state tax procedure in a year. It is time to prepare, fill out and pay tax. Preparation time includes the time needed to collect tax information to calculate the tax payable. Timeframes include time to complete forms and calculations. Tax payment time includes tax payment time online or at tax office, wait time. The less time is, the better the business and it also demonstrates simple administrative procedures, convenience.
- Criterion 2: Average number of times an enterprise has to pay tax for one year. The number of tax payments reflects the number of tax payments paid, method of payment, frequency of payment. The number of payments recorded both electronic payments. These indicator small branches are better for businesses.
- Criterion 3: Total tax rate: This is the percentage between the total tax and other obligations the enterprise has to make to the state on the total business profits.
These three criteria are ranked individually for each country in order from low to high, and then aggregated into the index of competitiveness of taxes among countries by the average. The lower the order, the higher the competitiveness of taxes and vice versa. The World Bank through its KPMG auditing firm investigates and collects data from medium-sized companies in 189 economies around the world.
Competitiveness of Vietnam's taxation
The World Bank assesses the competitiveness of taxes in countries around the world in general and in Vietnam in particular through its annual reports (PwC). Accordingly, Vietnam is considered to have dramatically changed in recent years in terms of tax competitiveness. Particularly, as Vietnam increasingly integrates into the international economy, it fulfills its tax commitments when it comes to signing free trade agreements and enhancing business environment reform. This has been highly appreciated by many international organizations and domestic and foreign business community.
However, compared with some countries in the Asia Pacific region, the criteria for assessing Vietnam's tax competitiveness are higher, especially the criteria of average tax compliance time. A company is still high compared to the requirements of enterprises. Administrative procedures related to tax and customs have been drastically reduced by the Ministry of Finance, but the requirements of enterprises should continue to simplify further. In response to this request, the Government and the Ministry of Finance have made a number of moves to further reduce and simplify administrative procedures related to taxation in the coming time to improve their competitiveness and the business environment.
In particular, with the determination to improve the business environment, continuously from 2014 to now, the Government has issued Resolutions 19 to improve the business environment in Vietnam. The World Bank's 2017 Business Suitability Annual Report shows that Vietnam ranks 82nd out of 190 economies, an increase of 9 degrees from 2016. Compared to the folding table Last year, Vietnam was promoted to 9th rank (in 2016, Vietnam ranked 91st with 61.11 / 100). The important contribution to this promotion is the dramatic reform of administrative procedures in the field of taxation as well as innovations in tax policy following the trend of integration.

Some issues need further attention

Continuously from 2014 to 2017, the Prime Minister has issued Resolutions 19 on improving the business environment, enhancing national competitiveness, which outlines the urgent orientations for improvement competitiveness of the tax. In implementing Resolution 19 of the Government, the Ministry of Finance has come up with the spirit of determination and has brought many positive results, contributing significantly to improving the business environment in Vietnam. However, prior to the integration requirements, the completion of appropriate policy tools and tax administration should continue. Accordingly, in order to improve Vietnam's tax competitiveness, improve the business environment and attract foreign capital flows, it is necessary to continue to pay attention to the following issues:
Firstly, continue implementing the reform of administrative procedures. Review and simplify tax administrative procedures; Forms, simple profile components; Specifying the responsibilities of each department and tax administration staff in receiving and handling; Amend and amend the tax regulations in line with changes in administrative procedures and reduce the frequency of tax declaration to reduce the compliance burden for taxpayers.
Second, to strengthen taxpayer support, it is necessary to further strengthen the training of new tax policy for taxpayers; Enhanced contact, dialogue, counseling via hotline or voicemail; Encourage the development of tax agents.
Third, the tax policy changes in line with common international practices such as unifying a value added tax rate; Beside the implementation of the CIT reduction schedule, special tax incentives should be formulated for start-up projects such as low tax rates and CIT exemption for the first years from the profitable year; Uniformity of a method of calculating personal income tax on income from transfer of real estate, transfer of securities ...
Fourthly, to perfect tax administration modernization, focus on building a modern and highly confidential communication infrastructure for tax collection; Soon complete the system of electronic tax services to deploy in enterprises; Collaborate and exchange information with international organizations.

NDO/VNA – The Japan International Cooperation Agency (JICA) met with the leaders of southern Dong Nai province, on July 10, to work on the progress of Japan-funded water supply and drainage projects. Phase I of the NhonTrach water supply project, using Japan’s ODA loan, became operational in 2014, generating 100,000 cu.m. of water per day.
Dong Nai is currently carrying out phase II of the project, funded with approximately JPY15 billion (US$131.3 million) loaned by JICA, which will raise the daily capacity to 200,000 cu.m. of water.
The provincial People’s Committee said procedures are being processed for the construction of phase II and theconsultation and design activities, carried out by variousJapanese businesses, are expected to finish by the end of 2017. Later, the construction package deal will be put out to tender.
Shu Kitamura, a representative of the JICA Vietnam Office, said phase II of the NhonTrach project will pilot high-quality technologies. Hence, JICA wants all steps of the project, from consultation and design to construction,to meet all the necessary requirements.
Meanwhile, the water drainage and wastewater treatment project in Bien Hoa city costs more than JPY45 billion (US$393.9 million) in total, including JPY38 billion US$(332.6 million) funded through Japan’s ODA.
Shu Kitamura said the loan agreement for this project will be signed in late July 2017. JICA wants Dong Nai province to accelerate the selection of consultancies and design partners, as well as necessary procedures, so that the project will be carried out as soon as possible.
The management board for projects in Dong Nai said the consultancy and design partner selection for the Bien Hoa project is set to complete in mid-October.
Bien Hoa city hasn’t had a wastewater treatment system and all of the daily wastewater is still directly released into the Dong Nai River, which is a source of water supply for some 20 million people. Flooding is also becoming more and more serious in the city.

National Association of Realtors in the United States (NAR) has released more than $ 3 billion worth of homeowners in the United States (from April 2016 to March 2017), which has attracted public attention when the source of foreign currency is not much.
According to Diep Bao Chau, deputy general director of SCB, the official foreign currency transfer service is being strictly complied with by the State Bank. In particular, banks can only receive money transfer for customers to study, pay for work, travel, visit, medical examination abroad...
According to the current regulations, people holding foreign currencies through border gates from USD 5,000/time/person or less do not need to declare goods to customs; If more than US $ 5,000, they must declare to the customs and have documents of the banks can hold foreign currency across the border. For individuals transferring foreign currency (ies) abroad through the system of banks for purposes of study abroad, medical examination and treatment, settlement, investment projects... there must be lawful papers evidencing the amount to be paid into the tuition payment, hospital fees... Depending on each commercial bank allows a transfer of $ 5,000, $ 7,000, $ 10,000, from which the banks can sell foreign currency to those who need to transfer foreign currency for legal needs.
Regulations on the transfer of foreign currency for overseas investment projects of Vietnamese, representatives of the SBV HCM City Branch said that the Ordinance on Foreign Exchange 2005 and the amended Ordinance of 2013 stipulates that the transfer amount does not exceed 5% of total investment capital in foreign part. Accordingly, legal entities must open accounts at a commercial bank after the investment projects abroad are approved by MPI and the State Bank of Vietnam.
According to MPI, from July 2015 to June 2017 the amount of investment abroad in real estate field is 65 million USD. The same time, the ministry has licensed 34 investment projects in the US with a capital of $ 149 million, including processing, manufacturing and telecommunications projects... (excluding real estate).
Thus, controlling foreign currency abroad for purposes of individuals or organizations with foreign investment is very tight and it is very likely that the Vietnamese will not transfer foreign currency through bank system to buy houses in the US.
According to lawer Nguyen Duc Chanh (Ho Chi Minh City Bar Association), the statistics of the NAR only based on cash flow, not to specify the composition, gender. Because most of this money flow is not transferred through the bank system so it is not possible to know where the origin came from...
Therefore, Mr. Chanh said that the NAR report should be viewed as a reference and warned that the Vietnamese authorities should strengthen the monitoring and supervision of offshore money criminals if carried out via bank system should not rely on the report that reasoned about the legitimacy of cash flow, as such will be groundless and one-sided.
Same opinion, said Hoang Van Thanh, a resident of the United States, said that in many states of the United States when buying a home, buyers must prove financial, explain the source of money. There may be cases where property is not transparent, but it certainly can not be as large as the number of families using their own money to buy and sell their property overseas.
"The majority of Vietnamese families who buy houses in the US I know belong to the small private sector, or doctors, engineers ... They have children who are studying, or are in the direction for children permanent settlement in the US and use the money accumulated, even selling property in Vietnam to buy houses in the United States" Thanh said.
According to the analysis of a general director of commercial banks in Ho Chi Minh City, if carefully considered, the transfer of foreign currency through the banks can still have some used to buy houses, real estate investment. For example, if parents in Viet Nam have children in the US, they can use the main credit card products, supplementary cards of foreign credit institutions present in Vietnam, then transfer money to their children through this card to accumulate in order to buy a home. However, this amount will not be much and will have little impact on domestic foreign currency.
However, the director also warned that the large amount of foreign currency transferred as NAR statistics, the authorities of Vietnam should also strengthen the inspection of investment activities abroad because if there are cases of investment hiding between domestic enterprises and foreign companies, the amount of foreign currency can be "hidden" in the contract of import, consulting contract. The actual numbers and origin of foreign currency from these contracts are also difficult to be transparent.
(According to Bank Times)

Annual non-life insurance premium is 40%; abolishing the regulations on prerequisites for prized video game machines; supplementing the regulations on guiding the practice of tax agents; revising regulations on the use of customs declaration... are some new financial policies, effective in July 2017.

Ship owners must pay repatriation expenses to crew members

The Ministry of Finance has just issued Circular No. 38/2017 / TT-BTC guiding the payment of repatriation expenses for crew members. This Circular applies to crewmen working onboard Vietnamese seagoing vessels operating on international routes; Owners of Vietnamese seagoing vessels whose ships operate on international routes; State management agencies, organizations and individuals involved in the

The cost of repatriation of the crew will be paid by the shipowner, including: the cost of going to the place of repatriation specified in the contract; Expenses for meals and accommodation of crew members calculated from the time of departure from the seagoing vessel until the time of arrival at the repatriation destination; salaries and allowances for crew members traveling from the time they leave the ship until the time of arrival at the repatriation destination; maximum 30 kilograms (kg) of personal luggage and essential medical care costs.

The shipowner is responsible for financial security to cover repatriation expenses. In cases where the ship owners fail to ensure adequate financial sources for repatriation of repatriated crew members, the credit institutions and foreign bank branches shall provide guarantee for the ship owners to pay expenses.

This Circular takes effect on 01 July 2017.

Provide financial support to public higher education institutions

Effective from 1 July 2017 and applied since the tax year 2016, Circular 47/2017 / TT-BTC of the Ministry of Finance issued on 15 May 2017 guided support funds from the state budget for tertiary education establishments and public professional education establishments shall be experimentally renewed according to the Government's Resolution No. 77 / NQ-CP of 24 October 2014 of the Government.

Accordingly, Circular 47/2017 / TT-BTC apply to tertiary education institutions and public professional education establishments approved by the Prime Minister to experimentally renovate the mechanism of operation. According to the Resolution No. 77 / NQ-CP and implemented from 01 January 2016 until the end of pilot implementation period of operating mechanism.

For educational establishments approved by the Prime Minister for the experimental renewal of the operational mechanism after January 1, 2016, the implementation duration shall be from the approved time until the end of pilot implementation period of operating mechanism.

To increase the working-trip allowance or officials and public employees

The Ministry of Finance has issued Circular No. 40/2017 / TT-BTC on working trip allowance, effective from 1 July 2017, repealing Circular 97/2010 / TT-BTC dated 6 July 2010 and there are many important new points.

According to the provisions in the Circular, the specific working allowance rates are as follows: The allowance paid to business travelers is 200,000 VND/day, up 50,000 VND/day compared to the previous level. Those working inland who are sent to work on the sea or islands shall enjoy a residence allowance of VND 250,000/person/day (applicable to all days of travel on the sea or islands). The old level is 200,000 VND/day.

The rent of rooms in the form of package for officials, civil servants and workers to work from 300,000 VND to 450,000 VND/day/person (up 100,000 compared to the previous levels). Payment of room according to the actual invoice when going to work, standard applied in big cities is 1 million per day / room standard 2 people / room; The remaining areas are paid VND 700,000/day/room (up VND 100,000 compared to previous levels).

Documents for working trip allowances include: travel paper of the person on business trip with the certification stamp of the place of work; a document or work plan approved by the head of the agency; bill; a list of the length of the working trip to be submitted to the head of the agency or unit for approval of payment (applicable to the payment of package travel expenses); Invoice, voucher of lawful room rent in accordance with the law (applied when paying room rent according to the actual invoice).

From 1 July, new royalty bracket is applied

Circular No. 44/2017 / TT-BTC stipulating the royalty bracket for groups and types of natural resources of the same nature that has been promulgated by the Ministry of Finance will come into effect from 1 July 2017.

Accordingly, the natural resource tax calculation price for natural water used for hydropower generation shall comply with the provisions at Point a, Clause 3, Article 4, while the royalty price for crude oil, natural gas and coal gas shall be calculated according to Point d, Clause 3, Article 4 of Decree No. 50/2010 / ND-CP.

The royalty price bracket for groups and natural resources of the same nature, including the royalty price bracket for metallic minerals (Appendix I); non-metallic minerals; products of natural forests (Appendix III); natural seafood; natural water and natural swallow's nests.

Basing themselves on the royalty price bracket prescribed in this Circular, provincial-level People's Committees shall promulgate local natural resource tax calculation prices.

Provision of property auction service framework

To implement the provisions of the Property Auction Law (effective 1 July 2017), the Ministry of Finance issued Circular 45/2017 / TT-BTC dated 12 May 2017 property auction service.

Objects of application of this Circular include: Persons with auctioned assets as provided for in Clause 5, Article 5 of the Property Auction Law (except for cases where property auctions are examined by the persons competent to examine the property the establishment of the implementation); Organizing property auctions under the provisions of Clause 12, Article 5 of the Property Auction Law; and other related individuals and organizations.

The Circular stipulates the minimum remuneration level: VND 1 million/01 contract; The maximum remuneration level is set correspondingly for each asset value frame at the reserve price of a property auction service contract in cases where the price auction is prescribed in the Appendix issued together with this Circular but not exceeding 300 million VND/01 contract ...

This Circular takes effect on 1 July 2017 and replaces Circular No. 335/2016 / TT-BTC; Article 13 of Circular No. 48/2012 / TT-BTC is repealed.

Maximum first year non-life insurance premium is 40%

The Minister of Finance has issued the Circular No. 50/2017 / TT-BTC guiding the implementation of the Government's Decree No. 73/2016 / ND-CP dated 1 July insurance companies and the Law amending and supplementing a number of articles of the Law on Insurance Business.

The Circular stipulates that foreign insurance enterprises and branches shall pay commissions to insurance agents after insurance agents carry out one or several contents of insurance agency activities as provided for in Article 85 of the Law on Insurance Business to provide services for foreign affiliates, businesses.

The maximum commission rate for non-life insurance policies ranges from 2 - 40% depending on the type of insurance and the duration of application. For group life insurance policies, the maximum commission rate is equal to 50% of the applicable rates for individual life insurance policies of the same type. The maximum commission rate for health insurance contracts is 20%. For insurance products other than those specified in this Clause, with separate guiding documents, such separate guiding documents shall apply.

The circular takes effect on 1 July.

Regulations on debt trading services

According to the Ministry of Finance's Circular No. 53/2017 / TT-BTC, when starting the business of debt purchase and sale service and throughout its operation, enterprises dealing in debt trading services must meet the conditions stipulated in the Decree No. 69/2016 / ND-CP, corresponding to each type of business environment, and must publicize the satisfaction of conditions on capital, internal regulation on organization, internal regulation on ATM activity, regulations on operation of debt trading floor at the head office and on the website of the enterprise. In addition, the Circular also provides guidance for enterprises dealing in debt trading services.

This Circular takes effect on 3 July. For business establishments operating before the effective date of Decree No. 69/2016 / ND-CP, enterprises must meet all conditions for service provision at the latest by 1 July. Enterprises shall have to fully meet the conditions for dealing in debt servicing services according to the provisions of Decree No. 69 and the guidance in this Circular. At the same time, enterprises shall have to complete the documents evidencing and publicly announcing the satisfaction of the conditions for debt sale service business at the head office and on the website of the enterprise.

Before 1 July 2017, the enterprise must report to the business registration agency on the satisfaction or failure to meet the conditions for debt trading services. In case of failing to fully meet the conditions for dealing in debt trading services, they must terminate the debt trading business and report it to the business registration agency.

Using the budget for activities of security and social order

The Ministry of Finance has just issued Circular 55/2017 / TT-BTC regulating in detail the management and use of the state budget for some activities in the field of security and social order and safety.

This Circular details the elaboration and allocation of budget estimates, the organization of State budget revenue and expenditure, accounting and settlement in the field of security and social order and safety within the tasks of the Ministry of Police. Regarding the organization of state budget collection, the Circular clearly states that the agencies and units assigned the task of collecting the state budget shall have to organize the collection according to the provisions of law for each collection and guidance of the Finance Ministry about the work of collecting and remitting state budget.

Specifically, to collect charges and fees: To be remitted into the state budget according to the provisions of the Law on Charges and Fees, the State Budget Law and the documents guiding the implementation thereof. Revenues from the sale of assets attached to land and land use right transfer: To be remitted into the state budget according to the provisions of the Law on Management and Use of State Property, the Land Law, The State Budget Law and guiding documents.

To sanction administrative violations: To remit all collected amounts into the State budget according to the provisions of the Law on Handling of Administrative Violations, the State Budget Law and the guiding documents.

This Circular takes effect on 6 July 2017, be applied from the 2017 budget year.

Amendment of regulations on use of customs declaration

The Ministry of Finance has just issued Circular No. 52/2017/TT-BTC amending and supplementing a number of articles of Circular No. 120/2015/TT-BTC on forms, printing, issuance, management and to use customs declarations for people on exit or entry.

Accordingly, the Circular amends and supplements many articles and clauses of Circular No. 120/2015/ TT-BTC. Specifically, Point c, Clause 1, Article 4 of Circular No. 120/2015/TT-BTC is amended and supplemented as "Having taxable goods: Alcohol 20 degrees or more exceeding 1.5 liters or below. 20 degrees over 2 liters or alcoholic beverage, beer over 3 liters; Cigars exceeding 200 cigars or cigars exceeding 20 cigarettes or cigarettes exceeding 250 grams; Other articles valued at over VND 10,000,000"

Item d.3, Point d, Clause 1, Article 4 stipulates that the declaration on the customs declaration is amended and supplemented as follows: Persons on entry or exit with passports carrying gold jewelry and fine art items of total volume 300 grams or more; Persons on exit or entry with border laissez-passers, entry or exit entry laissez-passers, border identity cards worn on goldsmiths or artisans to serve jewelry needs such as rings, earrings, needles and other jewelry of a total volume of 300 grams or more ...

This Circular shall also amend and supplement Point f, Clause 4, Article 6 on responsibilities of border-gate Customs Sub-Departments.

At the same time, the Decision No. 2181/QD-BTC on the correction of Circular No. 120/2015/TT-BTC was repealed.

Supplementing some regulations on guiding the practice of tax agents

The Ministry of Finance has issued Circular No. 51/2017/TT-BTC amending and supplementing a number of articles of Circular No. 117/2012/TT-BTC guiding the practice of tax procedure-related services.

Under the provisions of this Circular, before starting its operation, the tax agent must compile a dossier of application for certification of full satisfaction of conditions on tax procedure-related service business. A dossier comprises: A written request for certification of satisfaction of conditions for conducting the business of tax procedure-related service provision; A copy of the business registration certificate; A copy of the tax agent's professional practice certificate of tax agent (with the tax agent's certification).

Within 5 working days after receiving complete and valid dossiers, the provincial/municipal Tax Departments shall check and compare information on registration of business lines for tax procedure-related services of enterprises on the National Information Portal. Within one working day from the date of signing the "certification of satisfaction of conditions for conducting business of tax procedure-related services" for tax agents, the provincial/municipal Tax Departments shall publicly announce lists of qualified tax agents To carry out tax procedures on the website of the Tax Departments and send information via internal transaction networks of the tax branch to the General Department of Taxation for publication on the website of the General Department of Tax.

The Circular additionally provides for the exemption of some exam subjects with a number of subjects being tax officials and tax officers who have public employees and officials from tax specialists, college or higher level lecturers having worked in the tax branch for 3 years or more when leaving work in the tax branch (excluding cases of forced dismissal).

This Circular takes effect on 15 July, the dossiers of request for certification of satisfaction of conditions for tax procedure-related service business or dossiers of registration for the grant of practice certificates for tax procedure-related service provision or dossiers of consideration for granting service practice certificates The procedures for tax payment before the effective date of this Circular shall comply with Circular No. 117/2012/TT-BTC.

Annulation the regulations on prerequisite gaming machine techniques

On 02 June 2017, the Ministry of Finance issued Circular No. 57/2017/TT-BTC amending and supplementing a number of articles of Circular No. 11/2014 / TT-BTC of 17 January 2014, guiding a number of articles of the Government's Decree No. 86/2013/ND-CP dated 29 July, award-winning electronic games for foreigners. The highlight of this Circular is the abolition of regulations on prerequisite gaming machine techniques.

Previously, Circular No. 11/2014/TT-BTC stipulated strict requirements on hardware, software and peripherals of electronic game machines with prizes. In addition, this new circular also requires gaming franchise businesses to pass all their activities in 24-hour business locations. In particular, camera images at locations must be fully archived within a minimum of 30 days from the date of recording.

In case of necessity, the archival time may be longer as requested by the competent State management agency. Regarding the granting, re-issuance, adjustment and extension of certificates of qualified electronic games business for foreigners, the Circular stipulates the fee level of VND 150 million in case of grant, extension and 20 million with the case of re-issuance, adjustment. These fees are all state budget revenues.

This Circular takes effect on 17 July 2017.

Financial support for ethnic minority employers

According to the Circular No. 58/2017/TT-BTC recently issued by the Ministry of Finance, organizations and units employing ethnic minorities in mountainous areas or areas with special difficulties will be supported from the financial year 2017 fiscal year.

According to the Circular, these people will be supported with training, food and transportation expenses. Specifically, people in poor ethnic minority households support up to 4 million VND /person/course. For ethnic minorities, the maximum level is 3 million VND/person / course. At the same time, the allowance for meals is 30,000 VND/person/day, the travel fee is 200,000 VND/person/course if the training location is 15 km or more.

In cases where learners are ethnic minority people residing in communes or hamlets in difficult or extremely difficult areas as provided for by the Prime Minister, the travel allowance level shall be VND 300,000/person/training course if the training location is 5 km or more away from the residence. Particularly, beneficiaries of many policies supporting the same content, only enjoy the highest policy.

For policy support insurance, the state budget support to pay on behalf of the employer for up to 5 years for an employee. Insurance support is provided for ethnic minority workers who are employed by an employer without an indefinite term contract, defined labor contract or employment contract, seasonal contract or for a specific job with a term of from 3 months to less than 12 months.

The central budget shall provide 100% of funding for training, health insurance, social insurance and unemployment insurance for ethnic minority laborers.

This Circular shall apply from the fiscal year 2017.
(According to Financial Times)

On 26/7/2017, AASC held a meeting to celebrate 70th anniversary of Viet Nam's War Invalids and Martyrs Day (27/7/1947-27/7/2017). Attendees of the meeting include members of Executive Board of Trade Union, Youth Union, Departments/Divisions and families of martyrs.

On behalf of the Board of Members, Board of General Directors, Chairman/General Director Ngo Duc Doan showed his deepest gratitude, reminded the younger generation about the sacrifice that heroes, wounded soldiers had suffered during the war, also he encouraged people to accomplish tasks and complete the Vietnam’s Audit strategy till 2020, vision 2030, maintaining the leading role of AASC among Vietnamese auditing firms.

Mr. Le Thanh Nghi – representative of martyrs’ families of AASC, Technician of Audit Department of investment settlement, expressed his thanks to the AASC’s care and confirmed that he will try his best to perform all the tasks assigned, thus contributing to the development and prosperity of AASC.

On 24 July 2017, in Ho Chi Minh City, the Board of Members of AASC Auditing Firm Company Limited organized the admission of a new member of the Board and handed the certificate of capital contribution to the Deputy Director of Ho Chi Minh City branch Tran Thi Phuong Dung. Attending the meeting were Chairman of Board of Members/General Director Ngo Duc Doan, Member of the Board of Members / Deputy General Director Bui Van Thao and the Board of Directors of Ngo Minh Quy, Tran Trung Hieu and Le Kim Yen.

Ngày 24/7/2017, tại thành phố Hồ Chí Minh, Hội đồng thành viên Công ty TNHH Hãng Kiểm toán AASC đã tổ chức kết nạp Thành viên HĐTV mới và trao Giấy chứng nhận góp vốn cho Phó Giám đốc Chi nhánh công ty Trần Phương Dung. Tới dự có Chủ tịch HĐTV/Tổng Giám đốc Ngô Đức Đoàn, UVHĐTV/Phó Tổng Giám đốc Bùi Văn Thảo và các UVHĐTV Công ty Ngô Minh Quý, Trần Trung Hiếu, và Lê Kim Yến.

On behalf of the Board of Directors, the Board of Management, Chairman of the Board of Management/General Director Ngo Duc Doan has handed over the Certificate of Capital Contribution to the new member of the Board of Management to Deputy Director of HCM Branch Tran Phuong Dung, The contributions of members of AASC Board Member in Ho Chi Minh City together with all the officers and employees of the Company for the development of the Company today. The Chairman of the Board of Directors / General Director has also called and delegated tasks to Members, Branch Leaders and Collective Auditors, Branch employees emulate, Efforts further towards fulfilling thirst. Fifth fiscal year (01 October 2016 – 30 September 2017), successfully implemented the Development Strategy of the AASC.

Following that, the new Board member Tran Phuong Dung expressed his great honor to be among the members of the Company's Board of Directors, thanks to the interest of AASC Board members and affirmation of his determination to work. Together with the Members of the Board in Ho Chi Minh City and colleagues accomplished excellently the tasks and services assigned to repay the trust of the Council members, leaders of the construction company audit firm AASC prosperity. Vuong, development prestige and position as the leading company in the system of auditing companies in Vietnam.

Legal update
Download attached file: Newsletter No 07.2017

VietNamNet Bridge - Of the five telecom networks in Vietnam, one has begun providing 4G service and two others are hurrying to complete infrastructure to expand their network. The military telco Viettel became the first network operator which launched 4G service in Vietnam on April 18. After six months of development, it has built nearly 36,000 4G BTS to fulfill its commitment to cover nearly all of Vietnam with 4G.
VinaPhone and MobiFone, the other two in top three mobile network operators, are hurrying to build infrastructure to prepare for 4G.
Under its ambitious plan, MobiFone plans to have 30,000 BTS to ensure 4G service quality. By October 2016, the network operator had 4,500 stations.

In early April 2017, Minister of Information & Communication Truong Minh Tuan reminded MobiFone to step up the deployment of 4G.
Though MobiFone has changed simcards for subscribers, free of charge, there are some signs showing that MobiFone is ‘short of breath’ in the 4G race.
Gmobile is another network operator which has a license for 4G service. Analysts once believed that Gmobile would hurry to launch the service because 4G would help it make a breakthrough in the market. However, it is still providing GPRS (2G) service.
Meanwhile, Vietnamobile thinks that it won’t be late if it deploys 4G in two years. Even though Vietnam will start applying 4G much later than many other countries, including some African countries, the network operator still believes that it is not the right time to launch 4G.
Elizabete Fong, CEO of Vietnamobile, when talking to the local press last April, said 4G is the advanced technology that everyone strives to, but in Vietnam, the number of smartphones with 4G support remains modest.
Fong said only 4-5 percent of 4G supported smartphones are in use in Vietnam, though the figures are a bit higher in large cities.
“In cities, people have shown interest in 4G, but in rural areas, most of the smartphones being used by people are 3G. 3G is still the more popular and more easily accessible technology,” she said.
The mobile network operator affirmed that in several years, when 4G supporting terminal devices become more popular, it will be the right time to deploy the technology.
Therefore, it won’t be late if Vietnamobile starts preparing for 4G launch in two years.
Currently, clients can use 4G services provided by three network operators – MobiFone, VinaPhone and Viettel. However, only Viettel has coverage throughout the country, while the other two have been present only in some large cities.

In the series of events of the 10th anniversary of the conversion of AASC Audit Firm from SOEs into Limited Liability Company with two or more members (2007-2017), on 8 July 2017, AASC auditing firm held a Friendship Football 2017 in Hanoi which include four teams: the home team AASC auditing firm and 03 other teams Department of Accounting and Auditing Regulations - Ministry of Finance, Department of Finance and Accounting - Viettel Corporation, and Vietnam Steel Corporation. AASC President Mr. Ngo Duc Doan, AASC Deputy General Director Mr. Vu Xuan Bien and honored guests invited to cheer on the team include Mr. Trinh Duc Vinh - Department of Accounting and Auditing Regulations - Ministry of Finance, Mr. Vu Duy Huynh - Chief Accountant of Vietnam Steel Corporation, Mr. Nguyen Viet Quan - Deputy Director of Viettel Real Estate Company, and supporters of the teams.

The opening match was the first match of the AASC and the Department of Accounting and Auditing; and match 2 between the Corporation Steel and Finance Accounting Viettel. The teams came out with enthusiasm, enthusiasm, and the spirit of exchanges and friendship. The pace of the game was accelerated from the very first minute, the players were very enthusiastic, devoted to the audience with many beautiful football and many situations. The results of the opening match were 1-0 in favor of the AASC and 4-2 in favor of the Steel Corporation. Next to the two football matches competition between the home team AASC and Steel Corporation and the third prize match between Accounting Accounting and Auditing and Viettel. The AASC team won the first prize, the second prize went to the Vietnam Steel Corporation, followed by the Department of Accounting and Auditing Regulations - Ministry of Finance, and the style award that belongs to the Department of Finance and Accounting - Viettel Corporation.

This Football Championship was held for the purpose of maintaining and improving the healthy workplace and workforce within the company to better serve the professional work, connect and enhances the friendship between AASC and other precious units that have been stood with AASC during the 10 years of transformation from SOEs into Limited Liability Companies with two or more members (2007-2017).

Images of the Football Championship:

On 06 July 2017, at AASC’s head quarter, AASC’s Trade Union and Communist Youth Union successfully organized friendly table tennis league with Department of Accounting and Auditing Regulation, Department of Emulation and Commendation - Ministry of Finance, facilitating a healthy workplace where AASC members can exercise physical health after stressful working hours.

All matches were open with numerous attractive situations. Well-trained and experienced players are Mr. Nguyen Hung Minh - Director of Department of Emulation and Commendation, Prof. Dr. Dang Thai Hung – Former Director of Department of Accounting and Auditing Regulation, Mr. Do Manh Cuong - Deputy General Director of AASC, Mr. Nguyen Anh Ngoc – Vice Chairman of the Trade Union – Senior Manager of Audit Department No. 6 as well as leaders of other Audit Departments and auditors showed the fans the true beauty of ping pong matches.

At the end of the occasion, Mr. Ngo Chi Cuong of the Department of Accounting and Auditing Regulation and AASC’s auditor Mr. Le Ba Lam claim the men’s singles crown and the men’s doubles title belongs to AASC - Deputy General Director Do Manh Cuong - and auditor Le Ba Lam. The event is ended with beautiful memories, warmly hugs and reflected the tighten relationships between AASC with departments under Ministry of Finance.

BBT

On 16 June 2017, in Hanoi, AASC Auditing Firm held an intimate meeting to celebrate 10 years of transformation from SOEs into Limited Liability Company with two or more members (2007 - 2017). Attending the meeting were Mr. Nguyen Anh Tuan - Director of Price Management Department - Ministry of Finance, Mr. Vu Duc Chinh - Director of Accounting and Auditing System - Ministry of Finance, Ms. Ha Ngoc Ha - Deputy Chairman of Vietnam Association of Certified Public Accountants (VACPA), Ms. Le Thi Chuc - Former Specialist of the Corporate Finance Department - Ministry of Finance, Mr. Pham Huy Doan - Former Director of AASC and all members of the Board of Members together key executives of AASC.

At the beginning of the program, Deputy General Director Nguyen Thanh Tung summarized 10 years of converting AASC from SOEs into Limited Liability Company with two or more members (2007-2017) and development orientation of the Company. After, Mr. Vu Duc Chinh, General Director of the Accounting and Auditing Department, emphasized the role of AASC in the development of the independent auditing industry, and pledged to work to accelerate the successful implementation of the Vietnam accounting and auditing strategy was approved by Prime Minister.

On behalf of Board of Directors, Chairman - General Director Ngo Duc Doan expressed his gratitude to the support of the leaders of the Ministry of Finance and related departments and acknowledged the contribution of members of the Board of Management, auditors, appraisers and all employees of the Company for the success and development of AASC today.

Some images of the meeting:

Legal update

Download attached file: Newsletter No 06.2017