Business leaders meet to discuss the changing nature of finance

The workshop attracted the participation of experienced international and Vietnamese guests

The event was organised by the Association of Chartered Certified Accountants (ACCA), in collaboration with the National Club of Chief Accountants (VCCA), the Vietnam Club of CFOs, the UK Department of International Trade, and the Vietnam Institute of Directors, supported by the UK-ASEAN Business Council.

More than 300 business leaders, CFOs, and chief accountants attended, including Graham Stuart, British Prime Minister’s Trade Envoy to Vietnam, Cambodia, and Laos.

At the event, ACCA shared the key findings of the global report – Transformation Journeys - Finance and the Agile Organisation – released in November which provides an in-depth analysis of current trends.

Stuart outlined the changes that have been seen in trade in the face of ongoing fluctuations.

“To remain competitive in the modern economy, companies need to embrace the potential of digital transformation. Technology has the power to increase transparency and efficiency, reduce cost, and give valuable access to financial services,” said Stuart.

“Society and businesses both stand to gain from these changes. We are all experiencing the pace of digital innovation. There are many potential synergies for the UK and Vietnamese companies to work together in every aspect of the digital transformation journey.”

According to Julie Hotchkiss, executive director of People and Transformation at ACCA Global, as the pace of change for organisations is continuing to accelerate, finance professionals must play an effective role at the heart of these transformations.

Trinh Duc Vinh emphasised the role of the finance and accounting departments in the transformation journey

Trinh Duc Vinh, chairman of VCCA, commented, “Finance teams’ roles are becoming wider in scope and need to deliver insights based on robust data analytics collected by efficient and effective processes. As such, they need to be at the heart of the transformation as key players in an organisation’s performance and control agendas.”

During the discussion, the speakers highlighted practical solutions to bring efficiency to the transformation of finance and accounting.

Clive Webb, head of Business Management at ACCA Global said, “From the perspective of a finance and accounting specialist, ACCA always accompanies Vietnamese enterprises to offer suitable and flexible solutions at each stage of their transformation journey.”

The ACCA qualification includes a wide range of business and finance subjects, including technology and digitalisation, along with core financial and management accounting subjects that provide the full range of professional skills required to help businesses transition.

In December, ACCA established a commitment with the United Nations on sustainability goals, which ensures every commitment is measured and included in the annual report.

To get the most from the transformation, businesses need to take advantage of IFRS to improve their entire systems and processes.

On March 16, ACCA and KPMG Vietnam teamed up to organise a forum – IFRS and the Future of Accounting in Vietnam – to find suitable and flexible solutions for the business community in the transition to IFRS.