On October 27, 2025, the Ministry of Finance officially issued Circular 99/2025/TT-BTC, replacing Circular 200/2014/TT-BTC. This is considered a major milestone, marking a new phase in Vietnam’s corporate accounting regime—more modern, more flexible, and more closely aligned with International Financial Reporting Standards (IFRS).
So, what are the key highlights of Circular 99, and why should businesses—especially FDI enterprises—start paying attention now?
I. Five Key Highlights of Circular 99/2025
1. Greater autonomy for enterprises
Unlike the previous “template-based” approach, Circular 99 allows enterprises to:
- Design their own accounting documents and books
- Open detailed accounts to support internal management
- Proactively establish internal governance and control policies
Accounting is no longer just about record-keeping—it becomes a management and decision-making tool.
2. More flexibility in functional currency
Enterprises may choose a foreign currency as their accounting currency if it reflects their actual operations (revenue, expenses, funding), instead of being required to use VND as before.
This is particularly beneficial for:
- FDI enterprises
- Import–export companies
- Businesses with cross-border transactions
3. Reform of the chart of accounts
The accounting account system is now:
- More streamlined, flexible, and open
- Expanded with new accounts (financial instruments, foreign exchange differences, provisions, etc.)
- Cleansed of outdated or unsuitable accounts
- Customizable by enterprises based on their business characteristics
→ This approach is more consistent with IFRS-based accounting thinking.
4. Full legal recognition of electronic documents
Circular 99 officially strengthens the legal status of electronic accounting documents, enabling:
- Digitalization of accounting processes
- Reduced reliance on paper documents
- Improved transparency and operational efficiency
5. New approach to financial statement presentation
- “Balance Sheet” → Statement of Financial Position
- Expanded disclosures focusing on explaining economic substance
Financial statements are now not only accurate, but also more transparent, understandable, and analytically valuable.
II. Why is Circular 99 considered a stepping stone toward IFRS?
Circular 99 is developed with IFRS as a reference framework, clearly reflected in:
- The principle of substance over form
- Greater flexibility in financial statement presentation (closer to IAS 1)
- Introduction of fair value concepts, asset impairment, and provisions
- Initial references to financial instruments and consolidation
This serves as an important transition phase, helping enterprises and accounting teams gradually adapt to IFRS-oriented thinking ahead of Vietnam’s future implementation of VFRS.
III. Conclusion: What should enterprises prepare?
Circular 99/2025/TT-BTC will officially take effect from January 1, 2026. To proactively adapt, enterprises should:
- Review accounting policies and internal systems
- Upgrade accounting software
- Train accounting teams with IFRS-oriented thinking
- Engage professional advisory support
Circular 99 is not merely a technical accounting update—it represents a shift in financial governance mindset. Early preparation will help businesses reduce risks and stay ready for global integration.
Metasource – Supporting businesses through the accounting transition
Metasource is ready to support enterprises in updating and implementing the new accounting regime under Circular 99/2025/TT-BTC. With our professional accounting and compliance services, we help businesses review their accounting systems, ensure regulatory compliance, and gradually align with IFRS-oriented practices—enabling efficient and sustainable operations throughout this transition period.
