ACCA partners with VINASME to empower businesses in Nghe An province

January 18, 2024 | 08:00
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The Association of Chartered Certified Accountants (ACCA) joined forces with the Vietnam Association of Small and Medium Enterprises (VINASME) on January 13 to organise comprehensive workshops in Vinh city, Nghe An province, a locality near the northernmost part of Vietnam’s north central coastal region.

The event aims to enhance the capabilities of Nghe An businesses, leveraging the strategic application of digital transformation in finance and adherence to international financial reporting standards (IFRS).

The event was attended by To Hoai Nam, vice chairman of the VINASME; Hoang Viet Duong, chairman of the VINASME Nghe An; Tran Quang Hoa, standing deputy secretary of the party committee of the business sector of Nghe An province; representatives of the office of Nghe An People's Committee; and representatives from various provincial management agencies and associations.

ACCA partners with VINASME to empower businesses in Nghe An province

The work represents one of the ACCA's numerous initiatives to promote business growth in Vietnam, particularly focused on enhancing international financial reporting standards and digital transformation for the business community in Nghe An province.

Through this programme, the ACCA and the VINASME aim to bolster the competitiveness of enterprises in Nghe An especially the foreign-invested enterprises (FIEs), and their access to foreign funding by applying IFRS standards.

Tailored to meet the diverse requirements of businesses, the programme is also designed to assist in enhancing their expertise in finance and accounting, technology, and management capabilities.

The initiative was built upon the MoU signed between the ACCA and the VINASME in July 2023. This joint venture particularly supports the growth of small and medium-sized businesses, which form the backbone of Vietnam's economy, accounting for 97 per cent of the country’s enterprises and contributing over 52 per cent to GDP.

Previously, in July 2023, the ACCA also launched the ACCA Job FastTrack human resource development programme for Vietnamese SMEs, to assist and create opportunities for those businesses in recruiting, developing talent, and enhancing financial capability.

This programme holds particular importance for Vietnamese businesses, especially as the Ministry of Finance has outlined a roadmap for the application of IFRS in Vietnamese enterprises, with an initial voluntary phase expected before 2025.

Following this roadmap, in 2024, the ACCA will continue to prioritise the enhancement of financial competence and IFRS for enterprises in Vietnam, especially FIEs, addressing diverse aspects such as finance, accounting, technology, and management.

ACCA partners with VINASME to empower businesses in Nghe An province
To Hoai Nam, vice chairman of the VINASME, at the event

To Hoai Nam, vice chairman of the VINASME, noted that the ACCA certification is highly regarded both in Vietnam and internationally.

“By partnering with competent organisations like the ACCA, we can apply internationally recognised standards to meet the practical requirements. I am confident that the participants of today's workshop have gained valuable knowledge and enhanced their capabilities, enabling them to make effective contributions towards management and integration in an ever-evolving and innovative world,” said Nam.

According to To Quoc Hung, country manager of ACCA Vietnam, last July the VINASME and the ACCA signed a strategic cooperation agreement to provide various workshops and support activities, aiming to enhance the international competitiveness of businesses. The workshop on January 13 marks the beginning of a series of activities for business support, this time in Nghe An.

“The programme has been specifically designed by the experts at the ACCA to assist domestic businesses in the wise and appropriate application of technology, as well as improve their access to funding and enhance their international competitiveness. I hope that this programme improves the capacity of businesses and provides opportunities to connect and share knowledge, contributing to Vietnam’s business development,” Hung said.

ACCA partners with VINASME to empower businesses in Nghe An province
To Quoc Hung, country manager of ACCA Vietnam

Established in 1904, the ACCA is a globally recognised professional accountancy body, with a presence in 181 countries through 110 offices and centres. It collaborates with nearly 8,000 partner organisations worldwide, supporting 247,000 members and 526,000 students.

In Vietnam, the association boasts over 1,300 members and over 5,000 students who hold key positions in government agencies, corporations, banks, and enterprises, both domestically and internationally. The ACCA certificate is an internationally recognised qualification in finance and accounting, showcasing one’s expertise and professional competence.

By Anh Duc

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