GTE Localize

Top 6 Tips for Providing Flawless Vietnamese Financial Translation Services

Posted by Gummy Tran on December 22, 2021.

Vietnamese financial translation services are needed in all industries, from traditional to emerging financial fields in the Vietnamese market.

Depending on your area of expertise, the most common forms of documents that require financial translation include white papers and business plans, tax reports, cash flow statements, economic studies, presentations, and many more.

However, it’s not an easy task to deliver excellent financial translations for the Vietnamese market. For one thing, finance is a complicated field that needs a lot of hard work and dedication to master. For another thing, Vietnam has some specific regulations for financial documents and rules in using numbers. Thus, a financial linguist also has to acquire an understanding of both specialist knowledge and the regulations of the target language.

Let’s check out these top tips if you would like to offer flawless Vietnamese financial translation services.

Financial Translations Require Specialist Knowledge

 Vietnamese Financial Translation Services

If you are up for providing Vietnamese financial translation services, you have to be aware of the skills required. For most financial translations, such as translating tax returns and accounting reports, you will need specific knowledge in these areas beyond just proficiency in the source and target languages. Meanwhile, the new and growing field of cryptocurrencies whose regulation is less extensive than in traditional finance, may not require specialist qualifications.

The majority of financial translators will be required to be Subject Matter Experts (SMEs), and potential clients may ask for verification of your certifications. After all, any errors in their reporting could ruin their credibility and perhaps lead to legislation. So, if you want to produce flawless Vietnamese financial translation services, you’ll need to specialize extremely narrowly.

Understand the Vietnamese with Vietnamese Financial Translation Services

 Vietnamese Financial Translation Services

Financial translations vary from country to country due to different laws and requirements. That’s why the localization process is of great importance. Vietnamese have some specific features that you need to bear in mind when having financial documents translated as follows: 

#1. Punctual system

Without a question, the accuracy of figures is the most important aspect of a financial translation. Misusing the comma (,) and the dot (.) when converting numbers from English to Vietnamese could cause you trouble. While 4,500 in English implies four thousand and five hundred, in Vietnamese it means three and a half. In Vietnamese, you must use the dot instead of the comma to write four thousand and five hundred (4.500).

#2. Rule of value

As the chance of messing up the dot and comma in numbers when translating financial documents to Vietnamese, some decide to put it in letters. Though this method works for most cases, you still have to deal with long and short scales. The two scales are the same for numbers under 1,000,000,000 (or 109). When handling bigger numbers, though, confusion arises.

The short-scale The long-scale
1,000,000,000 (10^9) One billion One thousand million
1,000,000,000,000 (10^12) One trillion One billion

The short-scale is used by English-speaking nations, Arabic-speaking countries, and a few others, whereas the long scale is used by Dutch, French, German, Portuguese, and Spanish-speaking countries. The Vietnamese, on the other hand, do not use either of the scales. For greater numbers that aren’t connected to the scales specified, they use naming systems. When translating financial papers into Vietnamese using Vietnamese financial translation services, more caution is required, as well as adhering to the country’s preferred numbering system.

Following Vietnamese financial standards with Vietnamese Financial Translation Services

Let’s take a financial statement as an example. A complete set of financial statements based on IASB’s International Accounting Standard (IAS) requires the following:

  • Balance Sheet;
  • Income Statement;
  • Statement of Cash Flows;
  • Statement of Equity Changes; 
  • and Notes, which include an overview of important accounting policies as well as additional information;

Meanwhile, all foreign and local companies operating in Vietnam are obliged to conform to the Vietnamese Accounting Standards (VAS), with the below components:

  • Balance Sheet;
  • Income Statement;
  • Statement of Cash Flows;
  • and Notes.

Hence, in order to offer excellent Vietnamese financial translation services, you should also acquire an understanding of the country’s financial standards.

An Interest in Technology Is a Huge Plus

While the financial sector has been reluctant to make a move (in comparison to retail, energy, or transportation, for example), innovation is incredibly coming. Large banks and investment firms are on the go to embrace new technologies like blockchain, AI, and the IoT.

In fact, no matter what industry your client works in, your Vietnamese financial translation services will be possibly influenced by technology. Hence, an interest in this rapidly growing field is a big plus. Even if you stick to tax returns, there are a variety of rules for submitting cryptocurrency gains, which vary from jurisdiction to jurisdiction.

Keeping up with the latest technology can also help you run your translation business because you’ll be able to include new CAT tools more easily, adjust to your client’s preferred delivery format, and work faster and smarter.

Developing Your Own Translation Glossary Is Vital

 Vietnamese Financial Translation Services

Simple terms such as “cost,” “price,” and “value” will have different meanings in the financial sector, similarly when translating to Vietnamese. Thus, you have to familiarize yourself with the terminology or jargon used. 

It’s worth keeping a translation dictionary of all the terms used in the finance industry on your way to gain experience and a portfolio of work. Vietnamese financial translation services frequently use the same specific terms repeatedly, thus having a glossary on hand will be beneficial. You can also keep note of any new keywords or concepts you come across, ensuring that you are up to date. This will help you speed up future projects, work faster and smarter while being able to command a higher rate. 

Adding crucial information from various markets to your translation glossary will be critical in maintaining the high quality of your Vietnamese financial translation services. It will also aid in the acceleration of future initiatives. This will enable you to perform more efficiently and effectively while commanding a greater rate.

Be Sure to Respect Client Confidentiality

Whether you’re working on financial reports, personal tax returns, or income statements, data confidentiality should be a top priority. The leak of such sensitive information could cost your client a lot of money and perhaps damage their brand’s reputation. As a Vietnamese Financial Translation Services provider, before you mention anything, even your client’s name, be sure you have their consent.

Work with a Pro agency for Vietnamese Financial Translation Services

Being a financial translator for the Vietnamese market is a rewarding job. Yet, like any other job, there are many challenges you face when working in this industry. We hope the tips we mentioned above will be of great use to you in getting excellent Vietnamese financial translation services

 Vietnamese Financial Translation Services

If you want to work with a competent and experienced team of financial translators, join GTE Localize’s linguist team. We provide high-quality, cost-effective Vietnamese financial translation services to clients all around the world. For more information, just contact us here.