Opportunities and Challenges for the Application of International Financial Reporting Standards in Small and Medium Enterprises in Vietnam

This study is conducted to explore the opportunities and challenges for the application of international financial reporting standards in SMEs in Vietnam. By qualitative research methods, on the basis of researching relevant documents. The results show that IFRS adoption helps SMEs improve the quality and transparency of financial reporting, access to global capital markets, and competitiveness. However, SMEs in Vietnam also face challenges arising from limited technical expertise and resources, cultural and regulatory differences, and cost and time constraints. By addressing these challenges through capacity building, collaboration, regulatory engagement, phased implementation, and leveraging technology, SMEs can maximize the benefits of IFRS adoption and position themselves to achieve sustainable growth and success in the global business arena.