Lam Vu

General Director

Audit Director

CPA VN, CPA AU, CTA, MA

Summary

Greetings!

My name is Lam Vu, and I currently serve as the General Director of Crowe Vietnam. In this role, I am fully responsible for the overall organization, operation, and development of Crowe Vietnam in alignment with the strategic direction set by the Members’ Council. I also act as the legal representative of Crowe Vietnam and hold the highest level of accountability for all company activities.

In addition to my executive responsibilities, I am directly involved in delivering professional services to clients, including independent audit services and advisory services in the areas of accounting, finance, and tax.

As one of the founding members of Crowe Vietnam since 2008, I have accompanied the firm throughout its entire development journey. Prior to joining Crowe Vietnam, I accumulated eight years of experience working at E&Y and ACAGroup, holding positions such as Audit Assistant, Auditor, and Deputy General Director.

I hold a degree in Finance and Accounting and possess CPA certifications from both Vietnam and Australia, along with other professional credentials. My career has been primarily focused on independent audit and selected advisory services, as detailed further below.

I value principles such as kindness & responsibility, openness, discipline, and professionalism in every aspect of my work.

With the capabilities and resources available, I look forward to the opportunity to collaborate with you in delivering effective solutions to the challenges you face – thereby contributing to your sustainable growth in the future.

Sincerely,
Lam Vu

Qualifications

Master’s Degree in International Accounting – Swinburne University of Technology, Australia
Bachelor’s Degree in Banking and Finance – National Economics University, Hanoi, Vietnam

Professional certifications

Vietnam Certified Public Accountant (CPA Vietnam)
Australian Certified Practising Accountant (CPA Australia)
Vietnam Certified Tax Advisor (CTA Vietnam)
Completed the Chartered Accountants Program – Chartered Accountants Australia and New Zealand (CA ANZ)

Experience

The professional services I have participated in or been in charge of delivering include: Independent Audit, Agreed-Upon Procedures (AUP), Financial Due Diligence Reviews for Mergers & Acquisitions (M&A), Accounting Advisory, and Tax Advisory.

My clients range from very small enterprises to large-scale corporations, with the majority being medium to large-sized businesses, many of which are multinational companies.

Most of my clients are foreign direct investment (FDI) enterprises operating in Vietnam, with a significant number coming from Japan and European countries. The remainder includes a variety of Vietnamese enterprises, including private companies, listed corporations, and state-owned enterprises.

The industries of my clients are also relatively diverse, including: manufacturing, electronic equipment processing, goods trading, e-commerce, hospitals, pharmaceutical manufacturing, software development, construction, schools, real estate development, telecommunications, hospitality, banking, transportation services, and NGO projects.

You may learn more about my experience through some of my notable projects listed below:

Notable projects

*** Click on each project for details

I served as the engagement partner responsible for the overall audit of the following notable clients. I was directly involved in audit planning, overall risk assessment, audit scoping, team assignment and supervision, communication with clients on audit findings, and signing of the audit reports.

A subsidiary of a major Japanese corporation established in Vietnam, specializing in the manufacturing of electronic components for one of the world’s leading mobile phone brands, with several hundred employees and annual revenue of nearly USD 1 billion.
A well-known Vietnamese pharmaceutical manufacturer with a workforce of nearly 500 employees and annual revenue of approximately VND 500 billion.
Several large 5-star hotels and resorts managed by internationally recognized brands.
An education group operating multiple schools at primary, secondary, and university levels, serving thousands of students.
A large-scale e-commerce platform that is currently highly successful in Vietnam. I participated in the audit from its early stages, when the company was still in its organizational setup phase, establishing systems, and developing processes and policies for stakeholders such as suppliers, customers, and payment partners.
A Japanese company specializing in wood processing and exporting to Japan, with around 300 employees and annual revenue of VND 200 billion.
Several banks that were once among the largest in the market, with dozens of branches across the country.
An international hospital located in Hanoi, one of the largest hospitals in the city.
Several NGO projects funded by Sida, the World Bank, the EU, and others.

A large-scale enterprise operating in the education sector: The client requested a qualified independent party to perform monthly procedures including:

(1) verifying the validity and appropriateness of cost-related supporting documents incurred during the period,

(2) reviewing whether the personnel and departments responsible for checking and approving such documents were effectively performing their roles, and

(3) analyzing and identifying any unusual fluctuations in revenue and expenses

The purpose of this engagement was to give the management team peace of mind regarding the reliability of expense documentation and to mitigate related risks, given that senior leadership could not examine every detail. Furthermore, having an independent party perform these reviews encouraged relevant employees to maintain high standards of compliance and discipline in line with internal procedures, rather than becoming complacent.

I conducted a comprehensive review of the client’s internal systems and designed specialized audit procedures tailored to the above requirements. This service has been continuously provided since 2010.

A company in the food processing industry: This client engaged us to review documentation and data related to suspected fraud and material misstatements concerning costs, foreign exchange differences, and product costing in previous years.

I designed customized procedures involving cross-functional interviews, cross-checking data between departments, and document tracing to identify the root causes of the issues.
The client opted for this service because their internal team lacked the technical expertise to investigate thoroughly, and they believed that an independent review would be more effective and objective than relying on internal personnel.

I was fully in charge of conducting special review procedures over the financial statements of the “Target” entities, based on specific requirements from the Buyer, for the following notable engagements:

The “Target” was a company operating in the construction industry, acting as the contractor for large-scale infrastructure projects. One of the key challenges was how to determine receivables and payables corresponding to partially completed work. I conducted in-depth research into the Target’s implementation procedures and consulted with experts in this field to gain deeper insight into the issues. In addition, performing analysis and comparisons with historical data provided critical supporting evidence. The client was highly satisfied with the detailed findings I delivered.
The “Target” was a group of companies in the telecommunications sector, providing infrastructure leasing services for telecom operations. The most complex aspect of this engagement was to verify the completeness and reasonableness of revenue recognition, and whether revenue properly matched the related incurred costs. We performed a range of detailed analytical procedures and identified several irregularities, which required the Target to provide relevant explanations. Where explanations were insufficient, we proposed and executed appropriate adjusting entries.

1. Advisory on Inventory Costing Methodology:

An FDI enterprise specializing in wooden furniture manufacturing faced significant challenges in determining a reasonable cost of production for each product line, resulting in inaccurate information regarding gross profit and finished goods inventory values. Despite multiple attempts, the company failed to resolve the issue.

After assessing various costing methods and highlighting the pros and cons of each, I advised them on selecting the most appropriate approach and supported the resolution of related issues to ensure effective implementation of the chosen costing method.

2. Accounting Training:

I have delivered training courses to various clients on the topic: “Key Differences Between Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS), and the Roadmap for IFRS Adoption.”

These training sessions helped clients identify specific differences relevant to their businesses, understand the substance of each issue, and thereby define appropriate roadmaps and action plans for a smooth future IFRS transition.

3. Review and Optimization of Accounting Processes and Policies:

One of Vietnam’s leading education and training groups approached us with concerns regarding their cost control and cash flow management processes and policies, as they operate multiple schools, each with its own inconsistent practices.

My team and I conducted a comprehensive review of their current processes and policies, pointed out the shortcomings compared to market best practices and the client’s own specific characteristics, and proposed actionable solutions to optimize the system.

The client was highly satisfied with our recommendations and has fully adopted them ever since.

Review of Tax Reports and Supporting Documents Prior to Tax Authority Inspection:

My client, operating in the garment manufacturing industry, engaged us to conduct a comprehensive review of all tax reports and accounting documents to ensure timely adjustments in compliance with the applicable tax regulations.
This service was requested to minimize the risk of tax violations during future inspections by the tax authorities. The client sought assurance that no additional tax penalties or serious sanctions would be imposed that could damage their reputation.
For this client, strict compliance with tax obligations is of critical importance to their business operations in Vietnam.

As a long-standing member of the Company’s Executive Board, I have accumulated extensive capabilities and in-depth experience in the following areas:

Developing and implementing annual business strategies and risk management plans: helping the Company consistently achieve its strategic goals and effectively mitigate potential risks.
Building the Marketing Department (both Digital and Non-digital): equipping it with all essential competencies to strengthen the Company’s brand and effectively penetrate and capture new customer segments.
Establishing an internal training system for the audit service team: ensuring that staff maintain a strong awareness of internal training activities, strictly comply with related requirements, and optimize training resources while still achieving desired outcomes.
Developing internal management software: contributing to the Company’s digital transformation and improving overall operational efficiency.
Training and coaching senior personnel: supporting the development of a capable and qualified leadership succession team for the Company.
Developing an effective recruitment support system: enabling the Company to recruit the right personnel (qualified, committed, and aligned) to serve its expansion strategy without incurring excessive time, effort, or cost.
Establishing and implementing the Company’s Core Philosophies: helping to attract and retain personnel aligned with the Company’s development strategy and laying the foundation for building a strong corporate culture centered on these Core Philosophies.
Developing and implementing a Quality Control System: ensuring that the Company’s services consistently comply with legal requirements and commitments to clients.