Professional accounting skills are in increasing demand across South-East Asia as countries navigate the US trade policy reset.
In his so-called ‘Liberation Day’ announcements of 2 April, US president Donald Trump announced that Vietnam would face a 46% universal tariff on exports to the US; Cambodia 49%; and Indonesia 32%, making these ASEAN manufacturing hubs among the countries handed steep protective duties.
‘Accountants are now central to business strategy’
Others are Laos 48%; Myanmar 44%; Thailand 36%; Malaysia 24%; Brunei 24%; and Philippines 17%; while Singapore received baseline 10% tariffs. Levels were linked to the trade deficit the US has with targeted countries.
Following Trump’s partial U-turn on 9 April, 10% rates remain in place until 9 July for all South-East Asian countries, while the higher rates are suspended until then, pending trade negotiations with Washington.
Supporting role
Rizwan Khan, managing partner at Acclime Vietnam, says that Vietnamese enterprises need extensive support from accounting professionals.
While Vietnam and the US have agreed to trade talks, the stakes are high. Vietnam was the US’s sixth-largest source of goods imports in 2024, up from seventh place in 2023, with total US imports generating US$136.6bn in receipts. Vietnam’s goods trade surplus with the US reached US$123.5bn in 2024.
‘Financial planning and forecasting are pivotal’
‘Multifaceted supports encompass granular cost analysis and management, where accountants execute tariff impact assessments and devise cost optimisation strategies to bolster operational efficiency,’ says Khan. ‘Financial planning and forecasting are also pivotal, emphasising meticulous cashflow management and the formulation of robust budgets that integrate the new tariff paradigm.’
Price adjustments
Nabila Hayah, general manager of Bali Accounting, part of Indonesia’s Kosong Satu Group, warns that the tariffs could force Indonesian businesses to lower prices or pivot from the US to alternative markets, such as China, the European Union (EU) and the Middle East.
’These measures are likely to reduce demand for Indonesian products in the US, which may lead to short-term revenue losses, job cuts, and slower growth in the trade surplus,’ says Hayah. As for alternative markets and sourcing, she adds: ‘We’re advising on break-even analyses and cost-benefit scenarios to determine where businesses can stay competitive.’
‘Businesses must ensure accurate documentation of tariff-related expenses’
Given the increased uncertainty, Indonesian accountants are being thrust into more advisory roles, says Hayah: ‘Accountants will urge clients to reassess financial models, adjusting revenue forecasts to account for lower export volumes and potential shifts in global trade routes.’
She adds that accounting teams are tracking tariff-related costs as standalone items in financial statements and advising clients on related compliance with Indonesian VAT and export tax rules. ‘Businesses must ensure accurate documentation of tariff-related expenses for tax deductions and financial reporting,’ she says.
Hayah also encourages contingency planning, including building cash buffers, securing flexible supplier contracts, and employing foreign exchange hedging strategies in response to how the tariffs may increase volatility in the value of the Indonesian rupiah.
Business strategists
Ikhwan Ashadi, a veteran accountant who founded Ashadi & Rekan accounting firm, based in Bekasi, near Jakarta, part of Indonesia’s BMG Consulting Group, says: ‘Accountants are now central to business strategy. They must help clients navigate everything from trade compliance and tax exposure to financial modelling and risk management.’
He urges companies to adopt scenario-based forecasting and revisit valuation models regularly as the Indonesian tariff exposure shifts. ‘Cross-border tax rules are evolving quickly. If you don’t update your assumptions, you risk misstatements and audit issues,’ he says.
‘This is not just about counting the numbers anymore’
As supply chains shift, Ashadi says clients are increasingly requesting advice on managing customs duties, optimising cross-border tax treatments and ensuring transfer pricing compliance. ‘This is not just about counting the numbers anymore,’ he says. ‘It’s about understanding where the world is heading – and helping clients move with it.’
The Indonesian government has said it will enter trade talks with the US after announcing plans to buy more American LNG (liquified natural gas) and soybeans.
Track and respond
Accountants in Cambodia are also keeping a close eye on their government’s negotiations with Washington, especially given Trump’s opening 49% tariff rate, the fourth highest worldwide.
Cambodia is particularly exposed, given it sold US$2.7bn’s worth of knitted and crocheted apparel and accessories to the US in 2024, and US$1.2bn’s worth of woven apparel and accessories last year, according to UN data.
Vathana Fong ACCA, an audit and assurance partner at Phnom Penh-based VSD Audit and Assurance, says that Cambodian companies exporting to the US should reassess their business plans, focusing on cost control and market diversification, and updating forecasts to reflect anticipated tariff impacts.
She advises accountants to ensure tariff-related costs are separately recorded for clarity and audit readiness in financial reporting. In addition, Vathana Fong says that accountants must ‘ensure correct classification of goods and proper application of tariffs’. They should review tax planning to mitigate impacts, maintaining clear documentation to support pricing, valuation and tax positions during audits.
Accountants should look for evidence that management has back-up plans
Vathana Fong adds that accountants should track and manage changes for their clients, implementing systems to monitor tariff updates and flag financial impacts. From an audit view, accountants should look for evidence that management is tracking and responding to these changes effectively, with back-up plans such as supplier shifts, alternative markets and cashflow buffers.
She adds: ‘As auditors, we expect a clear view of how tariff changes affect business viability, especially in high-risk sectors like garments and footwear.’
More information
Visit ACCA’s tariff insights page for perspectives and resources.
