Insights | Corvane Advisory

Corvane Advisory turns 15: three new Directors appointed as the team grows to 260 professionals

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

On 18 October 2026, Corvane Advisory held an internal gathering at its Ho Chi Minh City headquarters to mark 15 years since its founding, connected online with the Hanoi, Da Nang, Binh Duong and Hai Phong offices and the Japan & Korea Desk. From eight people in a small office in 2011, Corvane now has 260 professionals, including CPA-qualified auditors, ACCA members, lawyers and CFA charterholders, serving more than 1,400 corporate clients, around 40% of which are foreign-invested enterprises.

Three new Directors

At the event, the Executive Board announced three Director appointments, effective 1 November 2026:

Ms Phan Thuc Nghi — Director, Tax Advisory, Hanoi office. With Corvane for 11 years, she leads the transfer pricing documentation team and supports clients through tax reviews.
Mr Ho Minh Khang — Director, Accounting & Outsourcing, Binh Duong office. He leads the team serving manufacturers in industrial parks, managing more than 1,800 accounting and tax files a year.
Ms Kim Yen Nhi — Director, Transaction Advisory, Japan & Korea Desk. She has worked on more than 30 due diligence engagements for Japanese and Korean investors.

Fifteen years in numbers

More than 9,000 accounting and tax files handled every year.
A 98% client renewal rate.
More than 120 due diligence and M&A engagements.
Zero late tax filings for full-service clients for three consecutive years, 2023–2025.
Working in four languages: Vietnamese, English, Japanese and Korean.

“Fifteen years ago we started with a simple promise: clients should need only one point of contact for every financial and legal matter. Each of the people appointed today grew with that promise, file by file and year-end by year-end.” — Ms Truong Minh Chau, Managing Partner and co-founder, Corvane Advisory

Priorities for the years ahead

Over the next three years, Corvane will focus on three priorities: upgrading Corvane Portal so clients can track progress and documents on their own; strengthening internal control advisory for businesses preparing to list or raise capital; and investing in professional development, with a target of at least 40 hours of technical learning per professional each year.

To mark the occasion, the firm also set aside a working day for all staff to take part in a volunteer programme funding scholarships for accounting and law students at several universities. Corvane thanks the clients and partners who have worked with it over 15 years and looks forward to continuing to serve them.

Milestones along the way

2011: founded in Ho Chi Minh City with eight people.
2014: Hanoi office opened; 2016: Japan & Korea Desk established.
2017: Da Nang office; 2019: Binh Duong office and ISO 27001 certification for client data.
2022: Hai Phong office and the 1,000-client milestone; 2025: launch of Corvane Portal.

The Executive Board noted that these appointments reflect the firm's internal development path: all three new Directors joined Corvane as specialists and grew through years of working directly with clients.

Preparing for a transfer pricing review: six things businesses should do now

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

For businesses within multinational groups, transactions with parent companies, sister entities and other related parties happen every day: purchases of materials, sales of finished goods, support service fees, royalties and intra-group loans. Transfer pricing rules require these transactions to follow the arm's length principle and to be supported by documentation. When a review comes, the difficulty is rarely a lack of data; it is that the data is scattered and the arguments have not been prepared in advance.

1. Map every related-party transaction

List all related parties, transaction types, annual values and the corresponding contracts. In practice, items such as management fees, IT cost allocations or intra-group guarantees are often missed because they do not pass through procurement.

2. Compare contracts with actual conduct

A contract may describe the business as a low-risk contract manufacturer while in practice it carries its own inventory and finds its own customers. That gap invites questions. The functions, assets and risks described in the documentation must match how the business actually operates.

3. Review multi-year results

Persistent losses or thin margins over several years while the wider group grows are usually a signal that will need explaining. Prepare a specific analysis of the causes: an investment phase, under-utilised capacity, exchange rate movements or start-up costs.

4. Refresh comparable data

The set of comparable companies should be updated regularly, with clear screening criteria. Outdated data or inconsistent selection criteria can weaken the credibility of the whole file.

5. Standardise support for intra-group service fees

Evidence that the services were actually provided: reports, email exchanges, meeting minutes.
The benefit the business received from the services.
The cost allocation basis and the mark-up applied.

6. Appoint a lead contact and prepare the narrative

Choose someone who understands both the numbers and the business to work with the review team, and prepare a set of likely questions with evidence-backed answers. Prompt, consistent responses help meetings run more smoothly.

“Good transfer pricing documentation is not the thickest file; it is the file that tells the business's real story, backed by data and evidence. Preparing early lets a business go into meetings with the tax authority with far more composure.” — Mr Ly Gia Hung, Partner, Tax Advisory, Corvane Advisory

Every business has its own transaction structure, so these steps should be tailored to its circumstances. The outcome of any review depends on many factors, but well-prepared documentation is always the foundation for presenting the business's position clearly and with support.

When to start

The best time is right after the financial year is closed, while the data is fresh and the people involved still remember the context. Businesses can allow four to six weeks to complete these steps and then update them annually rather than starting from scratch.

Year-end closing checklist for SMEs: five workstreams over six weeks

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

Every year, Corvane's Accounting & Outsourcing team supports thousands of year-end closing files. Experience shows that most late adjustments stem from tasks that could have been done earlier: confirming balances, counting inventory and reviewing invoices. Below is a suggested six-week timetable starting in mid-November.

Weeks 1–2: Cash and balances

Reconcile all bank accounts, including dormant and foreign currency accounts.
Send balance confirmations to customers and suppliers with significant balances, and track response rates.
Review overdue employee advances and request repayment or settlement.
List doubtful receivables to assess provisioning under the company's accounting policies.

Weeks 2–3: Inventory and assets

Plan the stock count: timing, participants and the cut-off method for receipts and issues.
Identify slow-moving and damaged stock to assess net realisable value.
Count fixed assets and reconcile them with the asset register; write off assets disposed of but not yet derecognised.

Weeks 3–4: Invoices and revenue

Reconcile output e-invoices with recorded revenue, particularly for late-December transactions.
Review input invoices: seller details, invoice status and payment evidence.
Apply the correct cut-off for consignment goods, goods in transit and services in progress.

Weeks 4–5: Expenses and provisions

Accrue costs incurred but not yet invoiced: utilities, service fees and year-end bonuses.
Amortise prepaid expenses and tools over their useful lives.
Review expenses lacking adequate supporting documents so they can be adjusted proactively at finalisation.

Week 6: Payroll, tax and reporting

Reconcile payroll with employment contracts, social insurance and personal income tax withheld.
Reconcile taxes declared and paid with the ledgers, noting any differences that need explanation.
Prepare a trial balance and analyse unusual movements against the prior year before finalising the statements.

“Year-end closing is not a sprint in the last week of December. Businesses that split the work into workstreams and progress steadily from November usually end up with cleaner statements and fewer adjustments at tax finalisation.” — Ms Nguyen Hoai An, Partner, Accounting & Outsourcing, Corvane Advisory

This timetable is indicative; businesses can shorten or extend it depending on transaction volumes and the accounting policies they apply. Clients using Corvane Portal can download this checklist as a template and track the progress of each item online.

Three common mistakes

Counting inventory after the closing date without preparing a roll-back to 31 December.
Missing accruals, making this year's profit unusually high and next year's unusually low.
Not keeping balance confirmation records, which makes large balances harder to explain.

Corvane Portal update: track filing deadlines, approve documents and view management reports on mobile

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

Corvane Portal launched in 2025 to let clients track their files and documents around the clock rather than emailing to ask for updates. From September 2026, a new version of the Portal is available to all full-service accounting, tax and legal clients, shaped by feedback from more than 300 users in its first year.

What's new

Filing deadline calendar: shows each company's monthly, quarterly and annual filing and reporting dates, with reminders seven days and two days ahead by email and in the app.
Online document approval: chief accountants or directors can approve tax returns, payroll and payment requests in a few steps, with a full record of who approved what and when.
Monthly management reports: revenue, expenses, cash flow and receivables shown as charts with year-on-year comparisons, exportable to Excel or PDF.
Legal document vault: certificates, charters, meeting minutes and key contracts stored in one place, with alerts before licences expire.
Mobile app: upload documents by taking a photo and message the responsible specialist in Vietnamese, English, Japanese or Korean.

Security comes first

Data on the Portal is managed under the ISO 27001-certified information security management system Corvane has operated since 2019. Users sign in with two-factor authentication, permissions are role-based (view, upload, approve) and every action is logged. Clients can manage their own staff accounts and revoke access as soon as personnel change.

“Clients don't need another complicated piece of software. They need to know where their files are, what needs their approval and which deadline is coming up. The new Portal is built around exactly those three questions.” — Ms Nguyen Hoai An, Partner, Accounting & Outsourcing, Corvane Advisory

Results from the pilot

During a three-month pilot with 80 clients, the average time from a specialist sending a return to the client approving it fell from 2.5 days to less than one day, and status-request emails dropped by around 60%. Corvane plans to add data connections with several widely used accounting and sales management systems in 2027.

Existing clients will receive an email explaining how to activate their new accounts. For any questions, please call 1900 12xx or email info@xxxxx.vn.

Onboarding and support

Each client is offered a 30-minute online walkthrough with their responsible specialist. User guides are available in Vietnamese, English, Japanese and Korean. During the first month, the technical support team responds to requests within four working hours.

The web version supports the main desktop browsers.
The mobile app is available on both major smartphone platforms.
Existing Portal data is migrated to the new version automatically, with no need to re-upload.

E-invoice compliance: a ten-point checklist before every filing period

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

E-invoicing makes issuing, sending and storing invoices easier, but it also makes every error visible: data reaches the tax authority almost instantly. New e-invoice rules continue to tighten requirements on issuance timing, buyer information and how incorrect invoices are handled. Drawing on its review work for clients, Corvane's tax team has compiled ten points worth checking before every filing period.

Output invoices

1. Issuance timing matches the transfer of goods or completion of services, rather than being batched at month-end.
2. Buyer details (name, tax code, address) are checked against registration data, with particular attention to customers who have recently changed name or address.
3. Incorrect invoices are handled through the correct adjustment or replacement procedure, with a written agreement with the buyer where needed.
4. Promotional goods, gifts and internal consumption are invoiced in line with guidance and not overlooked.
5. Revenue on invoices matches revenue recorded in the books and in the return for the same period.

Input invoices

6. Invoice status is checked on the tax authority's system before the expense is recorded.
7. The seller's operating status is checked periodically, especially for new suppliers and high-value transactions.
8. Payment evidence matches the invoice: the right payee, the right amount and a compliant payment method.
9. Supporting documents (contracts, delivery notes, acceptance records) show that the transaction actually took place.

Systems and processes

10. Permissions and retention: who can issue, who can sign digitally and who can cancel; invoice data is backed up and remains retrievable for the full statutory retention period.

“The biggest e-invoice risk usually lies not in the software but in the process: goods delivered today with the invoice left for next week, or a new supplier nobody has checked. A simple checklist run consistently every period is worth far more than a year-end clean-up.” — Mr Ly Gia Hung, Partner, Tax Advisory, Corvane Advisory

Putting it into practice

Businesses can assign one person to run this checklist two to three days before each filing deadline, recording any exceptions and how they were resolved. For businesses issuing thousands of invoices a month, automated reconciliation between the invoicing system, the accounting system and bank data is worth considering.

This checklist is general guidance; how it applies depends on each business's sector and business model. Businesses should also keep up to date with new guidance from the tax authority.

Corvane's full-service clients can access this checklist as a template on Corvane Portal, with a notes column for tracking the results of each period.

Choosing an outsourced accounting partner: seven questions to ask before you sign

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

Many SMEs, start-ups and representative offices of foreign companies choose to outsource accounting rather than build a full in-house finance team. It is often a sensible decision on cost, but service quality varies widely between providers. When Corvane takes on clients moving from another provider, the team often spends several weeks to several months reviewing and correcting historical records. To avoid this, businesses should ask the following seven questions.

1. Who will actually work on my files?

Ask who the responsible specialist, the reviewer and the person with final accountability are. A team holding tax agent practising certificates, CPA qualifications or ACCA membership is a reliable indicator.

2. How many layers of review are there?

Every file should be checked by at least two people before submission. Ask the provider to describe its process and how errors are recorded and resolved.

3. How is my data protected?

Does the provider follow an information security standard such as ISO 27001?
Where are documents stored, who can access them and how often are they backed up?
When the contract ends, how is data handed over and deleted?

4. How will I track progress?

Through regular reports, an online portal or only by email? Businesses should know their filing deadlines and what needs their approval in advance.

5. Is the scope of service clear?

What does the fixed fee cover: bookkeeping, payroll, social insurance, tax filings, financial statements, meetings with the tax authority? Which extra items are charged separately? A clear scope prevents disputes later.

6. Which languages and standards can the provider support?

For foreign-invested enterprises, the ability to work in English, Japanese or Korean and to report under both VAS and IFRS for the parent company is an important factor.

7. How is responsibility for errors defined?

The contract should set out each party's responsibilities, how errors caused by the provider are handled, and commitments on filing deadlines.

“Price is only part of the decision. What a business is really buying is peace of mind: files done correctly, submitted on time, and someone who understands the business when it needs to deal with the tax authority.” — Ms Nguyen Hoai An, Partner, Accounting & Outsourcing, Corvane Advisory

Advice when switching providers

If a business already works with another provider, it is best to switch after the end of a quarter or financial year, request a full handover of ledgers, documents and software accounts, and sign a balance reconciliation record. A planned transition limits disruption and reduces the volume of later adjustments.

Signs it may be time to reconsider

Filings are frequently made at the last minute or need to be amended.
The responsible specialist keeps changing and nobody knows the file's history.
No reports or explanations are provided when figures move significantly.

Hai Phong office marks four years supporting manufacturers and logistics businesses in the northern coastal region

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

In July 2026, Corvane Advisory's Hai Phong office celebrated its fourth anniversary. Established in 2022 — the year Corvane reached 1,000 clients — the office was set up to serve manufacturing and logistics businesses in the region directly; previously these clients had been handled from the Hanoi office.

Four years, from six to 28 professionals

Starting with six people, the Hai Phong office now has 28 professionals across accounting, tax, legal and internal control, five of whom work fluently in Japanese or Korean and collaborate regularly with the Japan & Korea Desk in Ho Chi Minh City.

More than 150 corporate clients, around 55% of them foreign-invested.
More than 1,100 accounting and tax files handled each year.
Support with incorporation and investment licence amendments for more than 40 projects.
Nine financial and tax due diligence engagements for investors acquiring factories and warehouses.

The particular needs of regional clients

Businesses in the region have many import-export, processing and export-processing transactions, as well as dealings with overseas parent companies. The most requested services are therefore materials norm management and finalisation, transfer pricing documentation, export tax refunds, and strengthening internal controls in purchasing and warehousing.

“Clients in Hai Phong need a team that is at the factory for the stock count and in the room with the review team, not just one that replies by email. Over four years, we have built this office in exactly that spirit.” — Mr Vu Duc Thanh, Partner, Corporate Legal, and co-founder, Corvane Advisory

What comes next

In 2027, the Hai Phong office plans to expand its workspace, add an internal control advisory team and run a quarterly seminar series for chief accountants and finance directors in the region, covering topics such as new e-invoice rules, related-party transactions and supply chain risk management.

To mark the anniversary, the office hosted a gathering for long-standing clients and offered newly established businesses in the region a free quick review of their tax files until the end of September 2026.

Thanks from the team

The Hai Phong office thanks the clients who placed their trust in it from the very beginning, many of whom have stayed for all four years and introduced other businesses in their supply chains. The team also acknowledges the support of the Hanoi, Ho Chi Minh City and Japan & Korea Desk offices during its early years.

Office hours: Monday to Friday, 8:00–17:30.
Address and appointments: please call 1900 12xx or email info@xxxxx.vn.

Due diligence in M&A: eight red flags investors should not ignore

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

Due diligence is the stage at which an investor looks inside a target business before settling on price and terms. Experience from more than 120 engagements shows that the significant issues rarely sit in the audited financial statements; they hide in the gap between reported figures and how the business actually runs. Below are eight red flags Corvane's team encounters most often.

Financial

1. Profits rise but cash flow does not. Early revenue recognition, lengthening receivables or unusual inventory build-up call for a close look at the quality of earnings.
2. Revenue concentrated in a few customers or dependent on parties related to the current owners — a risk once control changes hands.
3. Costs paid by the owners outside the books, such as management salaries or office rent, which make margins look better than they are.

Tax

4. Two sets of figures: large, unexplained differences between management accounts and tax filings.
5. Tax incentives currently enjoyed whose conditions may no longer be met after the transaction, or whose supporting documentation is incomplete.
6. Undocumented related-party transactions, or unreviewed tax years with significant transaction values.

Legal

7. Core assets not held by the company: land, trademarks, domain names or licences registered to individuals or other entities.
8. Key contracts with change-of-control clauses allowing counterparties to terminate when ownership changes; or unrecorded labour disputes and social insurance obligations.

“A red flag doesn't mean the deal has to stop. What matters is spotting it early, quantifying its impact and bringing it to the negotiating table — through price, through warranties and indemnities, or through the deal structure.” — Mr Dinh Quang Vinh, Partner, Transactions & M&A, Corvane Advisory

From findings to contract terms

Due diligence findings only add value when they are turned into specific actions. Depending on severity, an investor may adjust the price, require the seller to remedy issues before completion, hold back part of the consideration, add representations and warranties, or change the structure from a share deal to an asset deal.

Every transaction has its own context, and this list is no substitute for full due diligence. Corvane recommends that investors combine financial, tax and legal due diligence from the outset so that findings are assessed within a single picture and issues that fall between disciplines are not missed.

Allowing enough time

For a mid-sized business, combined financial, tax and legal due diligence typically takes four to eight weeks, depending on the quality of the data room and the seller's cooperation. Compressing it excessively to meet a signing date is often why important issues are missed.

Employment contracts for fast-growing teams: what to standardise early

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

In the early days, many businesses use a single employment contract template for every role, or adapt one found online. As headcount grows quickly and new branches or outlets open, small differences between contracts can lead to disputes and to difficulties at personal income tax finalisation or during labour and social insurance inspections. Drawing on its work standardising HR documentation for service chains, Corvane's Corporate Legal team sets out what to address early.

1. Build a set of templates by role group

Group roles: managers, office staff, store or production staff, freelancers.
Give each group its own template covering working hours, workplace, allowances and specific benefits.
Distinguish clearly between employment contracts and service or freelance agreements, so that the label matches the substance.

2. Probation and transition

Set out the probation period, probationary pay and how results will be communicated. Many disputes arise simply because a business lets an employee keep working after probation without signing a formal contract.

3. Pay, bonuses and allowances

Separate base salary, allowances, bonuses and other support, stating which are fixed and which depend on performance.
Keep contracts, the pay and bonus policy and actual payroll consistent — this is also the basis for social insurance contributions and tax.

4. Confidentiality and intellectual property

For roles with access to client data, formulas, source code or business strategy, use a separate confidentiality agreement that defines the protected information, its duration and ownership of work created during employment.

5. Workplace rules and supporting records

Workplace rules, salary scales and internal policies should be issued, registered or notified as required.
Keep HR records in one place: contracts, annexes, decisions and minutes, organised for quick retrieval.
Review contracts nearing expiry regularly so they are renewed or converted to the right type on time.

“An employment contract isn't just paperwork; it is the first commitment a business makes to its people. Standardising when the team is 50 people is far easier than when it is 500.” — Mr Vu Duc Thanh, Partner, Corporate Legal, and co-founder, Corvane Advisory

When to review again

Businesses should review their employment documentation when new rules on labour, wages or social insurance take effect; when opening a branch in a new location; before raising capital or a merger; and at least once a year. This guide is general in nature — how it applies depends on each business's sector, size and circumstances.

A practical first step is to inventory all existing contracts, group them by role and flag those missing annexes or nearing expiry — usually a task of only a few days, but one that shows clearly how much standardisation is needed.