1.

Differences between Vietnam and Thailan ( Ánh)

• OVERVIEW
Vietnam
Vietnam is a densely-populated developing country that has been transitioning from the
rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed
their commitment to economic modernization in recent years. Vietnam joined the World Trade
Organization in January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade
agreement in 2010. Agriculture's share of economic output has continued to shrink from about
25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly
41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has
declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor
force that is growing by more than one million people every year.

ThaiLan
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment
policies, and strong export industries, Thailand achieved steady growth due largely to industrial
and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the
lowest levels in the world, which puts upward pressure on wages in some industries. Thailand
also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai
government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and
deploying new tax reforms designed to lower rates on middle-income earners. The Thai
economy has weathered internal and external economic shocks in recent years.

• CULTURE
Histories and culture.
- Modern day Vietnam is heavily influenced by China while Thailand is heavily influenced by
India. In more recent times, Vietnam has had a different political system and a more tragic
history. It has remained technically communist while Thailand has a constitutional monarchy
with frequent attempts at both democracy and military governments. Vietnam had to fight a
long war for independence against the French, then a civil war involving the Americans, then
wars against China and Cambodia. It basically had a 40 plus year period of near constant war,
that destroyed a lot of the country and caused millions to die or migrate. Many of those that left
were the educated and professional class.

- Thailand has not had such a tragic history. It technically never was colonized. It never had to
fight a war of aggression with a western power, nor any bloody civil war. It has therefore been
able to develop at a faster rate than Vietnam. Though Vietnamese people are probably smarter
on average than Thais, Vietnam is probably 10–15 years behind Thailand in terms of
development.

Thailan

- Thailand is nearly 94 percent Buddhist. Thai greeting, the smile is an important symbol of
refinement in Thai culture. Display of respect of the younger towards the elder is a cornerstone
value in Thailand.
- Traditional Thai clothing is called chut thai (Thai: ชุดไทย Thai pronunciation: [tɕʰút.tʰaj])
which literally means "Thai outfit". It can be worn by men, women, and children.

- Moreover, Twice a day, at 08:00 and again at 18:00, the national anthem is played by all Thai
media outlets. Thais stop what they are doing and stand at attention to pay homage to the flag
during the anthem. In a related practice, the royal anthem of the King of Thailand is played
before movies, concerts, and sporting events. All are expected to stand.

Vietnam
- Kinship plays an important role in Vietnam. Unlike Western culture's emphasis on
individualism, Eastern culture values in the roles of family and clanship. Religion in Vietnam
has historically been largely defined by a mix of Buddhism, Confucianism, and Taoism, known
in Vietnamese as the Tam Giáo ("triple religion").Catholicism is also practiced in modern
Vietnam. Ancestor worship is common in Vietnamese culture. Most Vietnamese, regardless of
religious denomination, practice ancestor worship and have an ancestor altar at their home or
business, a testament to the emphasis Vietnamese culture places on filial piety.

- When meeting a person, they often shake hands to show respect.

- The most popular and widely recognized Vietnamese national costume is the Áo Dài. Áo Dài
was once worn by both genders but today it is worn mainly by women, except for certain
important traditional culture-related occasions where some men do wear it.
• ECONOMICS

IN 2014.

Debt 44.25 IMF 52.1 IMF

Ranked 84th. Ranked 64th.
Government debt
18% more than
Gross Government
debt Thailand
Share of GDP

Debt 43.3 CIA 48.2 CIA

Ranked 84th. Ranked 67th.
Government debt
11% more than Thailand
Public debt
Share of GDP

Debt 2.75% 6.5%

Ranked 78th. Ranked 53th.
Interest rate
2 times more than Thailand
Central Bank discount
rate

Size of economy 0.38% 0.1%

Ranked 32nd. 4 times Ranked 59th.
Share of world GDP
more than Vietnam
Vietnam
Gross Domestic Product per capita in Vietnam was last recorded at 1834.65 US dollars in 2017.
The GDP per Capita in Vietnam is equivalent to 15 percent of the world's average. GDP per
capita in Vietnam averaged 892.67 USD from 1984 until 2017, reaching an all time high of
1834.65 USD in 2017 and a record low of 376.60 USD in 1984.

Thailan
The Gross Domestic Product per capita in Thailand was last recorded at 6125.66 US dollars in
2017. The GDP per Capita in Thailand is equivalent to 49 percent of the world's average. GDP
per capita in Thailand averaged 2647.12 USD from 1960 until 2017, reaching an all time high
of 6125.66 USD in 2017 and a record low of 570.90 USD in 1960
2. Accounting standard of Thailan ( Ca)
In 1997, Thailand began referring to the IAS (www.adoptifrs.org) after initially using the US
GAAP as the basis for its accounting principles. At the time, 17 of the country’s 23 accounting
standards were based on the IAS (Saudagaran & Diga, 2000) and partly grounded in the US
GAAP for dimensions that are not regulated by the IAS (Saudagaran, 2004). In order to
increase the competitiveness of Thailand's stock market, Thailand's TAS with IFRS started in
2007. In 2008, Thailand Accounting Federation (FAP) issued 29 accounting standards, based
largely on IAS / IFRS (World Bank, 2008). The IFRS adopted in the country was published in
2009 (World Bank, 2008). In 2010, Thailand announced two integration stages with IAS /
IFRS: Phase 1: adjust the current standards in harmony with IAS / IFRS and issue 4 new
standards, Phase 2: modify the newly promulgated standards and issue 4 new standards to form
an almost completely integrated accounting standard with IAS / IFRS. In 2011, the latest
version of TAS and TFRS was issued and Thailand announced that it would fully implement
the IFRS for all companies that are listed in the Stock Exchange of Thailand (SET) 50 Index. In
2013, this implementation was expanded to companies listed in the SET 100 Index. Since 1
January 2014, the accounting standards used, Thai Financial Reporting Standards (TFRS), is
identical to the 2012 version of IFRS (IFRS Foundation 2016g).

Thailand is currently in the process of adopting IFRS as TFRS in full, with some action plans
made accordingly. It expects only a one-year gap between the IFRS effective date and the
adoption, due to the need to translate IFRS into the Thai language. However, there are some
local GAAP standards hence incomparable to IFRS. Also, it is the process of adopting
accounting standards for SMEs which is identical to the IFRS for SMEs (2015 amendment),
effective in 2017.

The International Accounting Standard (IFRS) has been introduced in Thailand since 1997 with
the plan of full adoption in 2011 for the 50 largest companies listed in the Stock Exchange of
Thailand (SET), then 100 traded companies at SET. During the convergence process, however,
some new standards have been postponed and many impractical issues have presented
themselves. According to FAP, the application process of IFRS poses many challenges for
Thailand. One of the indispensable steps for the preparation and implementation process is the
training of those who directly implement IFRS, users of financial statements, universities
should also put IFRS into formal training for students. IFRS members, professional
associations as well as industrial groups put IFRS into training programs.