ICAEW launches Representative Office in Vietnam

Participants at the launch included members of the Vietnamese National Assembly;the Ministry of Finance;the Tax Consulting Association; accounting-auditing professional associations such as the VACPA (Vietnam Association of Certified Public Accountants), the VAA(Vietnam Accounting Association), and the ICAEW’s training partners;as well as representatives from various international organizations operating in Vietnam, such as the U.K. Embassy, the World Bank, the British Council, and the media.

Having a representative office in Vietnam further confirms the ICAEW’s commitment [to] extending its contribution to strongly growing countriessuch as Vietnam, and also reflects the organization’s positive view of the nation’s increasingly important role in the Southeast Asia economy.

Mr. Mark Billington, ICAEW Southeast Asia Director, said:“The years ahead are going to be very exciting for Vietnam as the country joins the TPP (Trans-Pacific Partnership) and gets ready to sign an FTA (free trade agreement) with the EU. This is salient proof of Vietnam’s commitment to being a more integral part of the global economy.Opportunities, however, always come with challenges, especially given the need to comply with new finance and accounting standards.To that end, [the] ICAEW has made it its mission to help bridge any gaps that may exist and enhance professionalism in the finance, accountancy and auditing sector, thereby contributing to the growth of the local business community and [the] economy as a whole. Our quarterly Technical Roadshow and Economic Insight reports are typical examples of the value whichthe ICAEW aims to bring to Vietnam.”

Intent should be backed by action, and from the very first days, the ICAEW has consistently taken a leading role in sharing good practices, information and expertise, making meaningful contributions to local professional organizations andthe business community, while actively participating in the preparation of successive generations of highlyqualified personnel for the accountancy, auditing and finance industry in Vietnam.

After some time being active in Vietnam, many ICAEW experts in the field of finance, accounting, auditing, information technology, economics, ethics, international best practices and so on have come to Vietnam to share lessons learnt, research findings, and how best practices can be applied in Vietnam, given its unique needs and the economic integration process it is currently undergoing.To date, the ICAEW has built a significant reputation for itself through close cooperation with the Ministry of Finance and local professional bodies in various career development efforts which have received positive feedback from the local professional community.

Sharing his thoughts at the event, Associate Prof. Dang Thai Hung, Director of Accounting and Audit Department, Ministry of Finance, said:“[The] ICAEW’s move in having a representative office in Vietnam is an act in the right place and the right time.It increases representation for international organizations in Vietnam, adding to on-going human resource development efforts, especiallyin high quality manpower, assisting the Ministry of Finance’s and the Vietnamese government’s cause in promoting the accounting and auditing profession more speedily and effectively, and meeting the need for economic penetration and market development in Vietnam.Over the past few years, [the] ICAEW has made expedient contributions and proven that it is a professional organization with [a] rich experience, that can help Vietnam strengthen and optimize its legal system to better align [itself] with international practices, while also helping to create high quality human resources for the local accounting, auditing and finance sector. With its new official presence in Vietnam, theICAEW will have solid legal grounds to function in the country, while also strengthening its bonds with the Ministry of Finance, local professional societies and other international organizations in Vietnam to help speed up integration in terms of accounting, auditing and public sector finance.”

The ICAEW has built partnership relations with 16 Vietnamese companies and a network of nearly 30 QPRTs/PRTs (training quality supervisors and managers).These are key personnel in companies, with many years of experience and a strong commitment to finding next generation talents, while acting as mentors, providing technical knowhow and ethical guidance for ICAEW business-based students.

In addition, the ICAEW also welcomed the involvement of such trusted training partners as the UHY ACA Audit and Consulting Co. and the AFA Research & Education Co.For more than a year now, to achieve more comprehensive human resource development outcomes, in addition to activities targeting learners, the ICAEW, along with its partners, has been offering a wide range of training opportunities for teachers, and quality trainer development activities.

Ms. Dang Thi Mai Trang, Head of ICAEW Vietnam asserted “ ICAEW is proud itself to be the first and only professional organization in Vietnam offering Chartered Account Qualification. To become ICAEW Chartered Accountants, people need to be trained with an Authorized Training Employer. The training model getting involvement, commitment and support from not only ICAEW and trainees but also employers is highly appreciated by ICAEW’s stakeholders, and provide great contribution in development and success of an Chartered Accountant. 

Also attending the event was British Ambassador to VietnamH.E. Giles Lever, who signed a memorandum of understanding withthe ICAEW, sealing the United Kingdom’s official commitmentto providing opportunities for and supporting the ICAEW’s operation, as well as the development of the finance, accountancy and auditing profession in Vietnam.

The British ambassador to Vietnamsaid:“It’s been one of the key guidelines of the U.K. government to support Vietnam in every way it can to achieve its ambition of launching the financial sector as a forefront engine for the country’s development.The U.K. Commonwealth Fund has been making strong efforts in supporting the development of financial rules and financial markets in Vietnam.Furthermore, we also accelerate promotion of international standard education and training in finance and accounting in the country.I highly value ICAEW’s efforts and am delighted be part of the organizing team in the organization’s activities in Vietnam. ICAEW’s efforts have contributed to what the British government has been doing for Vietnam, and may also have a major influence in speeding up the growth of the local finance sector, thus helping to materialize Vietnam’s long-term international economic integration strategy.”