What are responsibilities of accounting bookkeepers of microfinance institutions in Vietnam?

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Question date: 20/03/2023

Hello Lawnet. I want to learn about regulations on accounting regimes of microfinance institutions. What are responsibilities of accounting bookkeepers of microfinance institutions in Vietnam? Thank you!

    • - In order to meet administrative requirements, the State Bank of Vietnam (hereinafter referred to as SBV) shall decide on tier-2 and tier-3 accounts which can be used after receipt of the written consent from the Ministry of Finance.

      - In case where SBV needs to supplement or modify tier-1 accounts in terms of names, codes and contents of their entries in order to record particular economic transactions, the written consent from the Ministry of Finance must be sought.

      Pursuant to Article 82 of the Circular 05/2019/TT-BTC (takes effect from 01/04/2019) stipulating responsibilities of accounting bookkeepers of microfinance institutions in Vietnam as follows:

      Accounting records must be strictly managed by persons clearly assigned to keep and record accounts in accounting records. If an accounting book is transferred to a staff member, that staff member shall be responsible for contents in that accounting book and safekeeping of such book during its useful life. If a staff member who keeps and records accounts in accounting records, chief accountant or a person in charge of accounting activities has been substituted, chief accountants must arrange the transfer of responsibilities for keeping and recording accounts in accounting books between the former and the new bookkeeper. The report on transfer of accounting books must carry the signature of the chief accountant.

      Above are responsibilities of accounting bookkeepers of microfinance institutions in Vietnam.

      Best regards!

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    "This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts"

    LEGAL BASIS OF THIS SITUATION
    • Article 82 of the Circular 05/2019/TT-BTC Download
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