Chapter V

ACCOUNTING, STATISTICAL AND INSURANCE REGIMES

Article 62.- Accounting, auditing and statistical work

1. The accounting, auditing and statistical work in foreign-investedenterprises and business cooperation parties shall comply with the provisions

of Vietnamese legislation on accounting, auditing and statistics.

2. Foreign-invested enterprises and foreign parties to businesscooperation contracts shall comply with the accounting regime of Vietnam.

Where there are plausible reasons for the application of common foreignaccounting regimes, such application must be approved by the Ministry Finance.

3. The foreign business cooperation parties shall make book entriesaccording to the contents suitable to each type of business cooperation.

Article 63.- Measurement and currency units, accounting andstatistical recording

1. The measurement units used in accounting and statistical work arethe official measurement units of Vietnam. Other measurement units must be converted intoofficial measurement units of Vietnam.

2. The currency unit used in accounting and statistical recording isVietnam dong. In case of necessity, foreign-invested enterprises and foreign businesscooperation parties may request the Ministry of Finance to approve the use of foreigncurrency unit(s).

3. The accounting and statistical recording shall be effected inVietnamese or both Vietnamese and a common foreign language.

Article 64.- Financial reports

Foreign-invested enterprises and foreign business cooperation partiesshall have to forward their annual financial reports to the investment licensing agencies,the Ministry of Planning and Investment, the Ministry of Finance and the GeneralDepartment of Statistics within 3 months as from the end of their fiscal years.

The annual financial reports of foreign-invested enterprises andforeign business cooperation parties shall be audited by independent auditing companieslicensed to operate in Vietnam according to the provisions of legislation on audit beforeforwarding them to the above-said agencies.

The auditing companies shall have to take responsibility before law forthe independence, objectiveness and truthfulness of the auditing results.

The audited financial reports of foreign-invested enterprises andforeign business cooperation parties can be used as bases for determination and settlementof tax obligations as well as other financial obligations toward the Vietnamese State.

Article 65.- Regulations on insurance

1. Foreign-invested enterprises and foreign business cooperationparties shall effect the insurance on the basis of the insurance contracts signed withinsurance companies licensed to operate in Vietnam according to the provisions of law.

2. Foreign-invested enterprises and foreign business cooperationparties shall effect the voluntary and compulsory insurance according to the provisions oflaw.

The insured subjects shall include human being property, civilliability and other objects prescribed law.