ICAEW Signs MOU with Ministry of Finance on Accounting and Auditing

10:56:31 PM | 7/19/2021

Institute of Chartered Accountants in England and Wales (ICAEW) recently signed a Memorandum of Understanding (MOU) with Accounting and Auditing Supervisory Department – Vietnam’s Ministry of Finance to jointly build a long-term and tight partnership to implement the common goal: increasing the quality of human resources and accelerating the development of Vietnam’s accounting and auditing aspects in accordance with the demand for international economic integration. 

Ms. Dang Thi Mai Trang, Head of the ICAEW Vietnam and Mr Vu Duc Chinh, Head of Accounting and Auditing Supervisory Department | Ministry of Finance at the signing ceremony. 

The signing ceremony was held in Hanoi under the presence of Deputy Minister of Finance Ta Anh Tuan, British Ambassador to Vietnam Gareth Ward, Chairman of the British Chamber of Commerce Vietnam Christopher Jeffery, and leaders of the Vietnam Association of Accountants and Auditors (VAA) and the Vietnam Association of Certified Public Accountants (VACPA). 

One of the most important cooperation contents in the MOU is that both parties will consider the possibility of mapping out a training program for the certification of International Financial Reporting Standards (IFRS) in Vietnam. In addition, the two parties will organize periodically seminars and conferences to exchange accounting and auditing knowledge; jointly implement research projects; share experiences, technical resources and the best practices in accounting and auditing fields. 

The signing ceremony was held on 15 July 19, 2021 in Hanoi under the presence of Deputy Minister of Finance Ta Anh Tuan, British Ambassador to Vietnam Gareth Ward 

At the signing ceremony, Deputy Minister of Finance Ta Anh Tuan said that at present, one of the key targets of the Ministry of Finance is to study the application of International Financial Reporting Standard for enterprises in Vietnam, with a view to improving the credibility and comparability of financial companies, and the accountability of businesses, creating an attractive investment environment and facilitating Vietnam’s economic integration into the region and the world. 

“I believe that the signing of the MOU between the Department of Accounting and Auditing Regulations and ICAEW will help strengthen bilateral cooperation and create favorable conditions for the sharing of expertise experience. The Ministry of Finance and I personally hope that the cooperation between Vietnam’s Ministry of Finance in general and the Department of Accounting and Auditing Regulations in particular, and ICAEW will ever be tighter and better, benefiting both parties and contributing to deepening the relations between Vietnam and the United Kingdom”, added Deputy Minister of Finance Ta Anh Tuan. 

Speaking at the ceremony, British Ambassador to Vietnam Gareth Ward said: “Recently, Viet Nam and the UK signed a bilateral free trade agreement, reflecting a strategic movement in economic partnership and integration. World class and internationally recognised skills and qualifications play an important role for both sides to succeed in that international integration.” 

As a country at the forefront of the financial sector, the UK is committed to working with Vietnam to further develop the financial and professional services sector, especially to foster the roadmap of applying the International Financial Reporting Standard (#IFRS) in Viet Nam. 

British Ambassador to Vietnam Gareth Ward the UK speaking at the signing ceremony 

Prior to the signing of the MOU today, the Ministry of Finance and ICAEW have had almost 10 years of cooperation through occupational development activities in Vietnam with the Department of Accounting and Auditing Regulations and the two associations under the Ministry of Finance – VAA and VACPA. 

Over the past years, ICAEW has coordinated with the Department of Accounting and Auditing Regulations in organizing many seminars on hot topics in Vietnam, with the participation of international experts from Britain, including the seminar on “Complying with new international auditing standards – a challenge to auditors”; the seminar on “International financial statement standards – challenges and experience”; the roundtable on “The road map for formulating public accounting standards – international experience”; the roundtable on “International public accounting standards – government reports”, etc. 

ICAEW is the first and only international organization in Vietnam to receive funding from the British Government via the British Embassy in Vietnam to implement the project to support the application of the IFRS in Vietnam in 2016 and 2017. ICAEW closely collaborated with the Department of Accounting and Auditing Regulations in carrying out and completing the project, which was assessed as the best project implemented in Vietnam in 2016 and 2017 with funding from the British Government. 

Specifically, ICAEW petitioned the Ministry of Finance for the road map for building and applying the IFRS based on the study conducted by ICAEW in Europe after the IFRS had been adopted by the European Union’s member countries for 10 years. The petition was accepted by the Ministry of Finance in October 2016. ICAEW organized a five-day training course on the IFRS at the headquarters of the Ministry of Finance in Hanoi, and a similar training course at the office of the Ho Chi Minh City Stock Exchange in October 2016, with senior experts from the United States, who are members of ICAEW. The courses helped train some 130 specialists and teachers working in the finance-accounting aspect in Vietnam in line with the IFRS certification of ICAEW. Also as part of the project, ICAEW granted 200 accounts for learning the IFRS certification online to cadres, specialists, teachers and those working in the finance-accounting field. 

ICAEW has also signed MOUs with the Vietnam Association of Accountants and Auditors (VAA) and the Vietnam Association of Certified Public Accountants (VACPA). With the newly signed MOU with the Ministry of Finance, ICAEW expects to open a new chapter of tighter and more effective cooperation between the two parties, aiming to increase the competitiveness of Vietnam’s accounting and auditing in the context of stronger and stronger economic integration into the world. 

Hoa Pham (Vietnam Business Forum)