Can warehouse-keepers be company accountants in Vietnam?

1. Can warehouse-keepers be company accountants in Vietnam?

Pursuant to Article 19 of Decree 174/2016/ND-CP stipulating people prohibited from practicing accounting are as follows:

1. The people specified in Clause 1 and Clause 2 Article 52 of the Law on Accounting.

2. Parents, adoptive parents, spouses, children, siblings of the legal representative, head, Director, General Director, deputies of the head, Deputy Director, Deputy General Director in charge of finance – accounting, and the chief accountant of the same accounting unit, except for sole proprietorships, single-member limited liability companies owned by individuals, other types of enterprises not funded by state budget and are extra-small enterprises defined in the law on provision of assistance for small and medium enterprises.

3. People holding the position of managers, executive officers, treasurers, warehouse-keepers, buyers or sellers of assets in the same accounting unit except for sole proprietorships, single-member limited liability companies owned by individuals, and other types of enterprises not funded by state budget and are extra-small enterprises defined in the law on provision of assistance for small and medium enterprises.

Thus, the person who works as a warehouse-keeper of your company cannot concurrently act as the company's accountant in Vietnam, except in the case of sole proprietorships, single-member limited liability companies owned by individuals, and other types of enterprises not funded by state budget and are extra-small enterprises defined in the law on provision of assistance for small and medium enterprises.

2. If there is no chief accountant, how long does it take to appoint an acting chief accountant in Vietnam?

According to Article 20 of Decree 174/2016/ND-CP, chief accountants and acting chief accountant as follows:

1. An accounting unit must have a chief accountant, except for those specified in Clause 2 of this Article. In the cases where a unit is not able to appoint a chief accountant at the time, it may appoint an acting chief accountant or outsource chief accountant works. An acting chief accountant will hold the position for up to 12 months, after which a chief accountant shall be appointed.

2. Acting chief accountant:

a) An accounting unit that has only one accountant or part-time accountant, budget accounting and finance units of communes shall appoint only acting chief accountants, not chief accountants.

b) Extra-small enterprises defined by the law on provision of assistance for small and medium enterprises may appoint acting chief accountants without having to appoint chief accountants.

3. Time limit for appoint chief accountants of state accounting units and acting chief accountant of the unit mentioned in Clause 2a of this Article is 5 years; regulations of law on reappointment of chief accountants and acting chief accountants shall be complied with after such time.

4. When replacing a chief accountant or acting chief accountant, the legal representative or manager of the accounting unit shall transfer the tasks and accounting documents from the old chief accountant or acting chief accountant to the new one; inform relevant departments of the unit; inform the organizations where its accounts are opened of the full name and specimen signature of the new chief accountant or acting chief accountant. The new chief accountant or acting chief accountant shall take over the accounting tasks from the transfer date. The old chief accountant or acting chief accountant is still responsible for the accounting tasks they performed.

5. The Ministry of Home Affairs shall provide instructions on tasks, power of chief accountants and acting chief accountants of state accounting units, procedures for appointment, reappointment, dismissal and replacement thereof.

Thus, when there is no chief accountant, an acting chief accountant will hold the position for up to 12 months, after which a chief accountant shall be appointed in Vietnam.

Best Regards!