Circular 99/2025: Vietnam's Accounting Regime Overhaul Aligns with IFRS
On October 27, 2025, the Ministry of Finance issued Circular 99/2025/TT-BTC replacing Circular 200/2014/TT-BTC, effective January 1, 2026. This is the biggest overhaul of Vietnam's accounting framework in over a decade, shifting from rigid compliance-by-instruction to principle-based IFRS alignment. Key changes include replacing the balance sheet with a 'Statement of Financial Position,' allowing enterprises to customize their chart of accounts, and introducing new accounts for biological assets and Global Minimum Tax expenses.
Overview
Circular 99/2025/TT-BTC is the most significant accounting reform in Vietnam in over a decade, replacing the 2014 framework with a principle-based system aligned with IFRS.
Key Changes
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Statement of Financial Position: The traditional "balance sheet" is replaced by the "Statement of Financial Position," aligning with international terminology.
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Customizable Chart of Accounts: Enterprises may now amend or supplement account titles, numbers, and structures, provided they do not alter the substance of financial statements. Internal accounting regulations must be established as the basis for any customization.
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Flexible Document Design: Enterprises may design their own forms of vouchers, e-vouchers, and accounting books suited to their operations.
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New Account Codes:
- Account 215: Biological Assets (crops, livestock) — addressing gaps for agriculture enterprises
- Account 8213: Global Minimum Tax Expense — supporting Vietnam's GloBE top-up tax adoption
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Governance Requirements: Businesses must establish clear internal accounting rules and control procedures, replacing reliance on rigid templates.
Impact
All enterprises in Vietnam must transition to the new framework for fiscal years beginning on or after January 1, 2026.