Can I use photocopies of accounting documents from notarized photocopies in Vietnam?

1. Can I use photocopies of accounting documents from notarized photocopies in Vietnam?

Pursuant to Article 6 of Decree 174/2016/ND-CP stipulating photocopies of accounting documents as follows:

1. Accounting documents must be photocopied from originals. Validity and retention of photocopies of accounting documents are the same as originals. Photocopies of accounting documents must bear signatures and seals (if any) of the legal representative of the accounting unit or of the competent authority that confiscates the originals. An accounting unit may only photocopy its accounting documents in the cases specified in Clause 2 through 5 of this Article.

2. In the cases where an accounting unit has a project that is granted a loan or funded by a foreign entity and has agreed to submit the original accounting records to the foreign sponsor, their photocopies retained by the accounting unit must bear the signature or seal (if any) of the legal representative (or authorized person) of the sponsor or the accounting unit.

3. In the cases where a program/project is presided over by a unit but executed at multiple units, accounting records shall be retained by those using the funding for such program/project. If accounting records have to be sent to the presiding unit, the funding user shall send photocopies bearing the signature and seal (if any) of its legal representative (or authorized representative) to the presiding unit.

4. In the cases where original copies of accounting documents of a accounting units is impounded or confiscated, their photocopies that are retained must bear the signature and seal (if any) of the legal representative (or authorized representative) of the competent authority that decide their impoundment or confiscation as prescribed in Clause 2 Article 7 hereof.

5. In the cases where accounting documents are lost or destroyed because of inevitable incidents such as natural disaster, flooding, conflagration, etc., the accounting unit must ask for their photocopies from its buyers, sellers or relevant entities. The photocopies must bear the signature and seal (if any) of the legal representative (or authorized representative) of such buyers, sellers or relevant entities.

6. In the cases where such an entity is not able to provide photocopies of accounting records because it has been dissolved, bankrupt or shut down, the legal representative of the accounting unit shall establish a council, which will issue a document certifying that photocopies of accounting documents are not obtainable and take legal responsibility for such certification.

Thus, accounting documents must be photocopied from originals and the validity and retention of photocopies of accounting documents are the same as originals in Vietnam. The photocopies of accounting documents from the notarized photocopies is not valid and is performed as the original. The law also does not stipulate that it is not allowed to copy from a notarized photo, so your company can make a copy for reference.

2. Which accounting documents that have to be retained in Vietnam?

According to Article 8 of Decree 174/2016/ND-CP, accounting documents that have to be retained as follows:

The following accounting documents have to be retained:

1. Accounting records.

2. Detailed accounting books and overall accounting books.

3. Financial statements; budget statements; consolidated budget statements.

4. Other documents related to accounting works, including: contracts; administrative accounting reports; financial statements of completed projects and projects of national importance; reports on stocktaking and asset valuation; documents related to inspection and audit; records on destruction of accounting documents; decisions on addition of capital from profit, contributions to funds from profits; documents related to dissolution, bankruptcy, division, consolidation, merger, shutdown, conversion of the enterprise; documents related to receipt and use of funding or capital; documents related to taxes, fees, charges and other liabilities to the State; other documents.

According to this Article, the above accounting documents that have to be retained in Vietnam.

Best Regards!