In the late of 2014, the new Vietnamese accounting regimes for enterprises, which is regarded as being more appropriate for the business practicesand being harmonized with IFRS, was issued. The new regulation is a stepforward in the roadmap of IFRS adoption in Vietnam with an expectation ofimprovement in accounting quality. This paper contributes to the discussion of the benefit of IFRS adoption by providing statistical evidence onhow the new accounting regimes effect to the value relevance of accounting information (i.e. the relationship between accounting earnings, bookvalues of equity and share price) of Vietnamese listed firms. Based on financial data of 100 Vietnamese listed firm in 10 year (2010-2019), panelregression analysis reveals that the new accounting regimes only enhancevalue relevance of earnings but do not affect to the relationship betweenbook value of equity and share prices. These results confirm that harmonization of accounting regulation with IFRS have certain effect to accountingquality. This supports for the direction to adopt IFRS in Vietnam but alsoalerts for more empirical research in the future to understand deeply on thecost and benefit of IFRS in developing countries like Vietnam