IMPLEMENTING THE IFRS APPLICATION PROJECT, A NEW DRIVING FORCE FOR ECONOMIC GROWTH AND A SOLUTION TO UPGRADE VIETNAM’S STOCK MARKET

Abstract

Decision No. 2014/QD-TTg issued by the Prime Minister on September 12, 2025 (“Decision 2014”) outlines a set of long-term tasks and solutions aimed at upgrading Vietnam’s securities market. Among these is the implementation of a scheme for application of international international accounting standards, encouraging largescale listed companies to issue financial statements in accordance with International Financial Reporting Standards (IFRS). The rollout of this scheme—including identifying applicable entities, implementation methods, and a roadmap for IFRS adoption— poses a significant challenge. It requires thorough evaluation, broad consensus, and committed collaboration among regulatory agencies, the business community, and financial statement users to ensure successful implementation and early realization of IFRS benefits. This, in turn, will create new momentum for Vietnam’s economic growth and securities market upgrade. Therefore, this article aims to assess the challenges and propose several solutions for effective IFRS implementation in current circumstances of Vietnam.