Building the VIFC starts with increased financial talent pool

How important will a highly skilled financial workforce be to the success and competitiveness of Vietnam’s International Financial Centre (VIFC)?

A highly skilled financial workforce will be absolutely critical to the success and competitiveness of the VIFC. The people working within an international financial centre are effectively the air it breathes because they need to give international investors and other stakeholders confidence in the competence of the market.

It is not just about the data, but also how that data is presented and interpreted, as well as the quality of the individuals and teams responsible for doing so.

We are seeing a significant opportunity in the region. The ACCA conducts a global economic conditions survey with the Institute of Management Accountants every quarter, and has done so since 2008. In the second quarter of this year, confidence in Asia-Pacific and ASEAN rose significantly above historical norms, while confidence in Europe, the US, and North America was below historical norms.

There is therefore a strong willingness and opportunity to invest in this region. Capital wants to come here, but it will require the skills and expertise to attract, manage, and administer that capital effectively.

Helen Brand, chief executive at the Association of Chartered Certified Accountants (ACCA)

What skills and capabilities do financial professionals need at the moment?

Many of these skills are common across markets, but they are particularly relevant to Vietnam at the moment, especially with the introduction of international financial centre initiatives.

Traditionally, accountants have focused on accurately reporting on the past and ensuring compliance. Increasingly, however, they are being asked to help predict the future in areas such as decision-making and investment. Professional judgment therefore becomes an increasingly critical skill.

Sustainability is another key area. It is not about adding another layer of compliance. It is about understanding how to develop suitable business strategies, identify the risks and opportunities arising from related business practices, and incorporate them into businesses and long-term investment plans.

Our research shows that although professionals recognise the importance of sustainability, many do not feel adequately prepared or trained to address it. There is therefore a clear skills gap and a significant opportunity for development.

Finally, technology is critical. We describe this as there being no choice between being an accountant and being a technology expert. Accountants will increasingly be technology-enabled, so they need to understand how technology integrates into their roles and, more importantly, how it can help drive business outcomes.

What lessons can Vietnam learn from established financial hubs?

We have just celebrated 25 years of the ACCA in Vietnam, and it has taken that long to build the strong position we have today. One of the key lessons is that capability does not develop overnight. You cannot simply switch on a system and suddenly have a large pool of qualified professionals.

We have had businesses tell us that they want hundreds of ACCA members, but these professionals do not simply appear. They have to be developed through education and training, which takes time.

Vietnam needs to prepare its skilled workforce well in advance and ensure that the necessary talent is available. We also believe that assigning institutional ownership to this task can have a positive effect. Talent development for an international financial centre should not be left to chance; it requires a focused institutional effort based on the capabilities the centre will need.

There may understandably be concerns among policymakers when talent leaves the country, but our experience shows that in a vibrant economy with strong opportunities, people who gain international exposure can return with broader perspectives and stronger capabilities, allowing them to contribute even more effectively to Vietnam.

How will the VIFC partnership contribute to training and skills development?

There are many specific activities that the ACCA has undertaken in Vietnam in the past. For example, following adoption of International Financial Reporting Standards in Vietnam, we developed Vietnamese-language certifications to help professionals prepare for adoption.

We have also conducted technical workshops with the International Accounting Standards Board and have chaired the Sustainability Reporting Awards under the Vietnam Listed Company Awards for more than a decade.

We see these activities continuing as Vietnam’s needs evolve. Our role is to bring global perspectives and experience to address the specific requirements and challenges facing Vietnam at different stages of development. In particular, we will work with the VIFC.

The ACCA has also been working with the ASEAN Business Advisory Council, particularly under Malaysia’s leadership last year, to develop a sustainability roadmap. We believe this roadmap is relevant to ASEAN as a whole and could also be applied in Vietnam to support the planning and implementation of financial sustainability standards.

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