Representatives of the Ministry of Finance’s Department of Accounting and Audit Management and Supervision and ICAEW sign and exchange the cooperation agreement.— Photo courtesy of ICAEW

HÀ NỘI — The Ministry of Finance and ICAEW have signed a renewed Memorandum of Understanding on advancing Việt Nam’s accounting and auditing cooperation, enhancing the quality of its talent pool and strengthening the competitiveness of the Vietnamese economy.

At the signing, Đặng Quyết Tiến, director general of the Ministry of Finance’s Department of Accounting and Audit Management and Supervision, highlighted the progress made through the partnership between the department and ICAEW, as well as the new initiatives and commitments set out in the renewed MoU.

“The MoU signed today not only builds on the achievements of our cooperation to date, but also marks the beginning of a new phase of partnership with greater scope and depth. In particular, the inclusion of a joint initiative to develop and implement an IFRS training and certification programme in Việt Nam represents an important step forward in the evolution of our partnership.”

The implementation of International Financial Reporting Standards (IFRS) has been a key area of cooperation between the two organisations over the past five years. Tiến noted that a circular has recently been issued allowing certain enterprises in Việt Nam to adopt IFRS on a voluntary basis.

“We will continue to broaden the application of IFRS among Vietnamese enterprises in 2027. Building on this, between 2028 and 2029, Việt Nam’s accounting standards framework will continue to be refined towards closer alignment with IFRS, while better responding to evolving practical needs and international practices,” Tiến added.

Reflecting these priorities, the renewed MoU sets out a range of practical areas of cooperation between the two organisations. A key focus will be the joint development and implementation of an IFRS training and certification programme in Việt Nam. This initiative is particularly significant as Việt Nam advances its roadmap for IFRS adoption. 

Effective implementation of IFRS depends not only on having the appropriate standards in place, but also on developing a strong pool of experts, practitioners, academics and officials equipped with the technical knowledge, skills and practical capabilities required to apply IFRS effectively.

The two organisations will also continue to work closely on sharing international experience, strengthening and developing standards, enhancing the quality of professional education and developing accounting and auditing talent.

At the same time, cooperation will be expanded into emerging areas that are placing increasing demands on the profession, including technology, digital transformation, corporate governance, sustainability reporting and the evolving requirements of international financial markets.

Speaking at the signing ceremony, ICAEW International Director Azlina Bulmer said that the renewed MoU builds on a successful partnership founded on trust, shared objectives and practical collaboration.

“We believe ICAEW will continue to be a trusted partner to Việt Nam, supporting the development of a high-quality accounting and auditing profession, the effective implementation of IFRS and Việt Nam’s ambition to build internationally competitive financial markets,” Bulmer said.

Founded on the progress achieved in recent years, the renewed cooperation between ICAEW and the Department of Accounting and Audit Management and Supervision will place a new emphasis on the effective delivery of an IFRS training and certification programme in Việt Nam. 

The partnership is expected to support the development of high-quality talent, strengthen the effective implementation of IFRS and contribute to the long-term development of Việt Nam’s financial markets. — BIZHUB/VNS