Deloitte Vietnam: Never Losing Focus on Service Quality

As a global company which understands local markets, Deloitte Vietnam delivers value added services including Audit, Tax, Financial Advisory Services, Business Advisory services and Enterprise Risk Services. On the occasion of New Year 2011, Vietnam Business Forum reporter Anh Phuong interviewedMr David Anderson – Deloitte Vietnam’s Managing Director on its business operation in Vietnam.  

Deloitte is known as one of the world’s largest professional services organizations. Deloitte Vietnam, a member of Deloitte Touche Tohmatsu Limited, is going to celebrate its 20th anniversary. Could you please give us a brief introduction of the company?
Deloitte Vietnam has been part of Deloitte for 20 years as we celebrate our 20^th anniversary in 2011. The firm has grown steadily over the years, but in the last few years there has been substantial growth. This has been the result of renewed interest in the Vietnam market from overseas and increased consumer demand internally. Deloitte Vietnam has been ideally placed to take advantage of this. As a global company which understands local markets, regulations and culture, along with our links to a large international network of firms in over 150 countries with 170,000 people, we can serve our diverse clientele both locally and internationally and provide the services that they require.

At present, which professional services is Deloitte providing in Vietnam?
Deloitte Vietnam provides Audit, Tax, Financial Advisory Services, Business Advisory Services and Enterprise Risk Services. Our audit practice serves FDI enterprises, State Owned Enterprises, Public Companies and Private Companies. The Tax Service includes compliance and advisory services. Financial Advisory Services is involved in buy and sell transaction services. Enterprise Risk services provide internal control, internal audit, risk management IT security and corporate governance products.

What challenges is Deloitte facing when providing services to Vietnam’s enterprises?
The market is expanding in Vietnam for all our services, both domestically generated and from overseas. One of the biggest challenges we face today is acquiring enough resources to meet the demand of our clients and potential clients. We find the labour market very competitive. Also the market place in which we operate is very price competitive, which adds to the complexity of doing business and keeps us very focused. We, however, believe in being competitive but never losing our focus on the quality of the product we deliver. The market in the long run expects high quality services delivered by competent professionals.

What is your comment on the tax, audit, and finance policies in Vietnam? What are the advantages and disadvantages of these policies?
The tax law in Vietnam is changing, becoming more all encompassing and complex. Companies are concerned about this, as more rigorous enforcement penalties are being introduced. This is good news for us as we are able to provide assistance and consultation services to assist companies in navigating the tax laws. As Vietnam becomes more developed the tax laws inevitably will become more sophisticated, requiring the use of tax advisors. There is a new Independent Auditing Law working its way into law and should arrive in 2012. This will bring Vietnamese auditing into line with International Auditing Standards. This will go a long way toward improving the transparency of financial statements and the attached auditor’s opinions.

What is Deloitte’s strategy for the coming time? What should be done for a more transparent financial environment?
As the Vietnam market expands and there is more privatization and companies seek to tap capital markets outside of Vietnam in London, New York, Hong Kong and Singapore, there will be a demand for greater focus on financial reporting and financial transparency. We see this as a market that we can expand into by providing corporate governance advice, IFRS conversion and reporting, internal control enhancement and support during the complexity of the listing process.