Vietnam is a transitional and developing country in Southeast Asia, and it was heavily influenced during the twentieth century by powerful countries, such as France, the United States, the former Soviet Union, and China. After the establishment of the Socialist Republic of Vietnam in 1945, the French-style accounting system used by the former colonial authority was transformed in 1957 to adopt Soviet-style accounting. This chapter discusses the institutional settings for accounting and reporting practices in Vietnam. It introduces the accounting and reporting practices for company and financial statement requirements under the Vietnamese accounting regulations. The chapter provides a direct comparison of the current Vietnamese accounting standards (VAS)/practices and the international accounting and reporting standards. The provincial tax authorities use VAS noncompliance as a reason to collect additional tax and even recover previously paid VAT refunds. Vietnam is one of few countries where VAS and a uniform accounting system (UAS) coexist.