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Many foreign directors see the chief accountant as just an internal "chief accountant" job title, but in Vietnam this is a position carrying its own legal responsibilities. Choosing the wrong person or leaving the position vacant can lead to your company's records being assessed as non-compliant. This article explains the role of the chief accountant in an FDI company, the conditions to check and two ways of organizing the function. It was compiled by the accounting services team at ACCA Consulting Vietnam.
1. The role of the chief accountant in an FDI company
Under the Law on Accounting (Luật Kế toán), an enterprise must appoint a chief accountant (kế toán trưởng), except in certain cases where it may instead appoint a person in charge of accounting as provided by regulations. The chief accountant organizes the accounting function, helps the legal representative supervise finances, and signs the financial statements and certain key accounting documents.
In an FDI company the role is broader: the chief accountant is also the point of contact for the independent auditor (FDI companies must have their annual financial statements audited), for the parent group on the reporting package, and for the tax authority during tax finalization inspections.
| Aspect | Chief Accountant (Vietnam) | Financial Controller (group) |
|---|---|---|
| Basis | Statutory title under the Law on Accounting | Internal management title |
| Main responsibility | Compliance with the accounting regime, signing the financial statements | Control, management reporting, budgeting |
| Requirements | Must meet the standards set by regulations | Set by the group |
| Reporting language | Vietnamese (may be bilingual) | Usually English |
| Can one person hold both? | Yes, if the same person meets the conditions | Yes |
2. Conditions to check before appointment
The conditions for serving as chief accountant are set by accounting legislation and may change, so this article does not list specific figures. When interviewing or reviewing applications, check the following groups against current regulations:
- Accounting qualifications that meet regulatory requirements
- A valid chief accountant training certificate
- Practical accounting work experience that meets the requirements
- Not among those prohibited from working as an accountant or from being appointed chief accountant (for example, relationships with the company's managers in certain cases)
- Ability to work in English and with the group's reporting system
- Experience working with independent auditors and related-party transactions
3. Hire in-house or outsource?
The law allows enterprises to engage a chief accountant service from an enterprise or individual providing accounting services that meets the conditions to practise. If you choose this route, ask the provider to prove its practising eligibility and name the assigned person in the contract.
| Criterion | In-house chief accountant | Outsourced service |
|---|---|---|
| Fixed costs | Salary, employer insurance contributions of 21.5%, benefits, recruitment | Service fee under the contract |
| Presence | On site every day | According to the agreed schedule, mostly remote |
| Disruption risk | High if the person resigns suddenly | Lower if the provider has a backup team |
| Understanding of the group | Deep if the person stays long-term | Needs time to get up to speed and a handover process |
| Best suited to | Large companies with many complex daily transactions | New or small companies, converted representative offices |
Illustrative example using an assumed salary, not a market rate. Minimum total cost VND 36,450,000/month, excluding benefits, recruitment and equipment.
View as table
| Gross salary | 30,000,000 VND |
| Employer social insurance (BHXH) 17.5% | 5,250,000 VND |
| Employer health insurance (BHYT) 3% | 900,000 VND |
| Employer unemployment insurance (BHTN) 1% | 300,000 VND |
The example above covers only mandatory items. For small FDI companies, a common model is a combination: an all-inclusive accounting service handles the books, tax and group reporting, while the chief accountant position is filled in a way that complies with the regulations. ACCA's accounting fees for FDI companies start at VND 640,000/month with no transactions (approximately USD 25 at a reference rate of VND 25,500/USD) and VND 1,280,000/month for 1–15 documents. See affordable, transparent accounting services from VND 399,000/month.
4. A safe outsourcing process
- 1Define the scope
Clearly separate the chief accountant's duties, the outsourced accounting work and internal tasks.
- 2Verify eligibility
Request evidence of practising eligibility and the assigned person's profile.
- 3Sign the contract
Set out responsibilities, SLA, confidentiality and system access rights.
- 4Issue the appointment decision
Prepare the appointment/assignment document as required by regulations and keep it on file.
- 5Review periodically
Review quality every quarter and before the audit season.
To draft clear requirements when requesting quotations, see an RFP template for outsourcing accounting services for FDI companies.
FAQ
Does a newly established FDI company need a chief accountant straight away?
The company must appoint a chief accountant or a person in charge of accounting as required by regulations as soon as it starts operating. It is best to prepare the arrangement before receiving the Enterprise Registration Certificate (ERC – Giấy chứng nhận đăng ký doanh nghiệp).
Can a foreigner be the chief accountant?
You need to check the conditions under current regulations, including professional qualifications, certificates and residence. In practice, most FDI companies appoint a Vietnamese national to make dealing with government authorities easier.
Can an outsourced accounting service replace the chief accountant?
Not automatically. The accounting service handles the transactions, while the chief accountant position must be filled separately as required by regulations, which can be done through a provider that meets the practising conditions.
Does the international ACCA qualification replace the chief accountant certificate?
Not by default. Check against current regulations. Note that the international ACCA qualification is unrelated to the legal entity ACCA Consulting Vietnam.
Advice on structuring the accounting function of your FDI company
ACCA Consulting Vietnam helps you choose a model that fits your size and the regulations. Contact our accounting services team in Ho Chi Minh City for advice.
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