Vietnam has begun to adopt of a body of Vietnamese Accounting Standards
(VAS) that are based on, though not identical to, the related International
Accounting Standards IAS). The following standards, which have been
approved by the Minister of Finance and are required to be applied to
enterprises of all economic sectors throughout Vietnam, replace the
respective accounting regulations. Specific accounting regulations will be
amended and supplemented in accordance with these standards.
Standards Nos. 02, 03, 04, and 14 are effective for 2002 reporting; the
remaining standards are effective for 2003 reporting:

VAS 01, Framework
VAS 02, Inventories
VAS 03, Tangible Fixed Assets
VAS 04, Intangible Fixed Assets
VAS 06, Leases
VAS 10, The Effects of Changes in Foreign Exchange Rates
VAS 14, Revenue and Other Incomes
VAS 15, Construction Contracts
VAS 16, Borrowing Costs
VAS 24, Cash Flow Statement
Details of VAS
Vietnam Accounting Standard