In this episode, I’m discussing with Matthew Lourey, Managing Partner at Domicile Corporate Services about the issues international groups are facing when undertaking group financial reporting for their worldwide subsidiaries, and how they can integrate their Vietnamese compliance system in their operational control function at the headquarters.
Advance in Vietnam: Episode 8 - Issues in Managing Accounting and Compliance in Vietnam for International Groups
Some of the areas covered in the discussion are:
- Main challenges companies face in regard to their accounting and tax compliance and key requirements for keeping a compliant accounting system for firms operating in Vietnam
- Using Xero/Quickbooks, or a regional software system, with a central headquartered function for reviewing and controlling the financial accounts
- How to streamline international financial reporting to achieve an accurate and efficient reporting model from Vietnam to the headquarters
- Integrating the Chief Accountant function in the regional financial and compliance corporate system
- What can international investors do in order to mitigate or solve part of these complications that often appear in the Vietnamese accounting and compliance system, so they can still have a unified/centralised function which can be monitored.
Listen to the Podcast on:
If you want to learn more about compliance and accounting in Vietnam, listen to our previous podcast: https://www.domicilecs.com/index.php/blog/496-advance-in-vietnam-episode-1-why-is-chief-accountant-a-critical-role-within-a-vietnamese-organisation
About the authors:
Matthew Lourey – Managing Director of Domicile Corporate Services
Matthew is a qualified accountant who has resided in Vietnam for more than 15 years. Matthew leads Domicile Corporate Services, which provides market entry, corporate advisory, compliance and tax advisory to foreign investors in Vietnam. He has extensive experience working in Australia for Big 4 accounting firms and investment funds, and since Matthew relocated to Vietnam, he has spent much of his time advising foreign investors on successfully undertaking business in Vietnam, corporate investment transactions, market entry and corporate finance.
Vlad Savin – Head of Business Development at Domicile Corporate Services
Vlad is a business development and marketing professional, who has resided in South East Asia for the last 7 years. He has wide experience in personal finance and corporate servicing, working with investment firms in Malaysia and Vietnam, while having a strong background in marketing, client service and events with international exposure. Vlad has been developing Domicile’s business strategy and growth, organizing and creating seminars and workshops for the foreign and local investor community in Vietnam, while assisting with client relationships and the overall brand positioning of the firm.