Companies should apply international financial reporting standards (IFRS) to improve transparency and increase the chances to expand globally, experts have said.

A forum discussing the application of international financial reporting standards (IFRS) in Vietnam took place in Hanoi on May 25.

More than half of companies in Vietnam have been adopting international financial reporting standards to meet investors’ expectations and improve their corporate governance, a survey showed.

Not a few transactions under the market economy in Vietnam have not been recognised due to a lack of some accounting standards.

The Ministry of Finance and the Japan International Cooperation Agency (JICA) held a seminar in Hanoi on February 22 to discuss international experience in and a roadmap on the adoption of International Financial Reporting Standards (IFRS) in Vietnam.

The WB, in partnership with the Ministry of Finance, launched the Reports on the Observance of Standards and Codes (ROSC) in accounting and auditing in a ceremony in Hanoi on December 14.

Vietnam is expected to adopt International Financial Reporting Standards (IFRS)by 2025 in its efforts to enhance comparability and improve transparency.

Firms listed on Vietnam's two stock exchanges in HCM City and Hanoi will be the first to be required to adopt international financial reporting standards in 2020, a finance ministry official has said.

Vietnam will soon apply international financial reporting standards (IFRS), which will require businesses to be well prepared to adapt to, experts said in a workshop held in HCM City on June 16.