On the 15th anniversary of the Association of Chartered Certified Accountants (ACCA) in Viet Nam, the President of the global body for professional accountants will be in the country to attend the seminar Future Business Model - Evolution Urge. Here Brian McEnery shares how ACCA has been growing its activities in Viet Nam, helping improve the accounting environment and plans for development for the future. He also gives advice on business models to local enterprises.
Mr. Brian McEnery the President of the Association of Chartered Certified Accountants (ACCA)
The past 15 years has seen ACCA enjoy sustainable growth in Vietnam where there are now almost 8,000 student registered in ACCA programmes and more than 1,000 of them have received ACCA membership certificate, accounting for a significant proportion of the 3,000 finance professionals in the country.
How do you see the achievements of ACCAin its 15 years of operation in Viet Nam?
ACCA regards its first 15 years in Viet Nam as being a successful start and looks forward to the years ahead in this ever growing and expanding nation. ACCA's success was only possible through our active engagement and working in partnership with the Ministry of Finance, the State Audit of Vietnam, the State Commission Committee, with employers and with training providers. We are grateful to all our partners for coming on the journey with us to enable ACCA to grow in strength.
Our growth has meant that Viet Nam now has a growing pipeline of finance and accountancy professionals it will need to arise to meet the challenges and opportunities of the future. We hope that the cooperation between ACCA and all our partners will continue into the future and we look forward to working to develop an accountancy profession that is regarded highly and which contributes to the economy of Viet Nam.
The past 15 years has seen ACCA enjoy sustainable growth in Viet Nam, where there are now almost 8,000 students registered in ACCA programmes and more than 1,000 of them have received ACCA membership certificates, accounting for a significant proportion of the 3,000 finance professionals in the country.
ACCA has significantly contributed to the profession over the years and has played a part in effective cooperation with the Ministry of Finance and the State Audit of Vietnam to develop and complete the legal framework and professional standards required for the country to compete at a global level. ACCA has also collaborated with Viet Nam's universities and professional organisations to train, update industry knowledge and to enrich the experiences of the country's finance professionals.
What has ACCA done to improve the countrys'accounting system and training of professionalaccountants to assist in the improvedperformance of businesses?
Since our beginning, ACCA has aimed to be a strategic partner of government agencies in developing the local accounting and audit profession to global standards. Our collaborative work can be seen in a range of areas in our efforts to strengthen and support the accounting profession in the country including training and knowledge sharing.
We have been a strategic partner with local professional associations, employers, learning providers and universities among others in developing the accounting and audit curriculum in line with international standards. This work has played an im-portant part in the training of future finance and accounting leaders of Viet Nam.
In terms of legislation reinforcement, ACCA has contributed and co-organised workshops with relevant government and professional agencies to provide input from leading law makers and industry experts in the drafting of the Independent Audit Law and the initial development of the Vietnam Accounting Standards.
We believe that accountancy is an important and effective financial and economic management tool for managers, investors and business owners. The accounting activities in Viet Nam have been continuously improved in terms of service quality since setting up offices in the country.
Accounting companies play an important role in supporting and consulting investors and enterprises about state laws, policies, financial and accounting institutions, as well as the recording books of account, calculating taxes and preparing financial statements. Viet Nam's international commitments translate to the need to be open about the accountancy and financial consultancy sectors.
What is your plan for the further developmentof ACCA in Viet Nam?
ACCA will continue with the development of the accountancy profession in Viet Nam. As the country continues on its path to integrate into the world economy, having the necessary international professional standards delivered by professional bodies such as ACCA will be crucial to the future success of businesses of various sizes coming from all types of industries.
ACCA plans to focus on activities that will raise awareness, knowledge and professional standards as well as develop the next generation of finance and accountancy professionals through co-ordination and collaboration with national accounting professional organizations and associations such as the Vietnam Association of Certified Public Accountants (VACPA), Vietnam Association of Accountants and Auditors (VAA),Vietnam Tax Consultants' Association (VATCA), as well as educational institutions which ACCA enjoys strong partnerships with such as the Academy of Finance, Academy of Banking, Foreign Trade University, College of Economics (under Vietnam National University), Vietnam National Economic University, Foreign Trade University, University of Economics & Law (under Vietnam National University - HCMC), University of Economics Ho Chi Minh City, RMIT, University of Economics and Finance and the Ho Chi Minh City Open University.
Collaborative activities will include but are not limited to supporting faculty training in the field of accounting and finance; creating incentive programmes for students to pursue ACCA qualifications; annually awarding scholarships to students with excellent academic results; supporting student activities through sponsorship or participating as speakers and inviting senior professionals from the field of accounting and finance to evolve, contribute and share knowledge.
All this will have major effects not only in improving the knowledge and skills of future accountants but in also helping to raise awareness of the younger generation about the importance and necessity of the industry in the country's economic development. This we believe will also help in contributing to increase the number of students enrolling in the accounting sector which is currently a human resource shortage for Viet Nam.
Finally, ACCA plans to continue with our contributions to the development of accounting law drafts, IFRS adoption as well as our Sustainability Reporting Award. This work is important in helping build a transparent legal framework to create the best conditions for the development of the accountancy industry in Viet Nam.
What advice would you have for localbusinesses on the models they should apply,and how to improve better performance?
The report 'Business models of the future: emerging value creation' offers insights and analysis into how businesses and policy-makers can support and engage with a range of models which are transforming industries and ways of working in the 21st century. The six model framework includes Platform-based businesses – digital marketplaces which match buyers and sellers, such as AirBnB; Mass customisation 2.0 – 'On-demand', local manufacturing services which enable customers to engage with companies to self-build highly tailored products, such as OpenDesk; Frugal – reimagined R&D processes that open up new market segments for low cost, high quality products and services such as Renault's Indian-designed Kwid; Modern barter - platforms that enable the exchange of goods and services with fellow users, often through digital or online currencies, such as online time-banking community TimeRepublik; 'Pay what you want' – where customers can pay what they think is right, offered as part of tiered or 'freemium' deals such as video game download service HumbleBundle; and the Mega-hyperlocal model which involves companies that flourish because of their deep connection with the community in which they operate such as London's Kernel Brewery. ACCA's report illustrates ways in which technological innovation is enabling a transformation in the way in which business and the consumer interact.
Technology is only part of the story here. It is also about the ability of entrepreneurs and innovators to access new networks, capital and ecosystems amidst a challenging economic climate and in doing so, creating new sources of lasting value.
These new models are not without their challenge. Recent rulings around the world against a variety of companies powered by new models, for example ridesharing, food delivery and home stay services, highlight the degree to which they still come up against traditional regulatory barriers.
Both start-ups and larger organisations should assess the new operating environment and explore the viability and potential of these new business models.