ICAEW and Ministry of Finance accounting department renew cooperation

The signing ceremony was attended by director general of the Department of Accounting and Audit Management and Supervision Dang Quyet Tien; British Ambassador to Vietnam Iain Frew; Azlina Bulmer, director of international at ICAEW; and Elaine Hong, regional director of Southeast Asia at ICAEW, together with senior officials and representatives from the department and ICAEW Vietnam.

The signing ceremony marks the beginning of a new phase of cooperation between the two organisations, with some important areas of collaboration ahead. Photo courtesy of ICAEW

Opening the event, Dang Quyet Tien, 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 agreement.

“The MoU signed today builds on the achievements of our cooperation and 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 Vietnam represents an important step forward in the evolution of our partnership,” he said.

Director general of the Department of Accounting and Audit Management and Supervision Dang Quyet Tien, speaks at the signing ceremony. Photo courtesy of ICAEW

The director general also acknowledged the continued support of the British Embassy in Vietnam in strengthening bilateral cooperation in finance, accounting and auditing.

“We greatly value the contributions of UK businesses, professional bodies and experts, particularly ICAEW, in sharing expertise, resources, professional knowledge and international good practices. These contributions have supported Vietnam in strengthening its institutional framework and enhancing the quality of the accounting and auditing profession,” Tien said.

The implementation of International Financial Reporting Standards (IFRS) has been a key area of cooperation between the two organisations over the past five years.

Tien noted that a circular has recently been issued allowing certain enterprises in Vietnam to adopt IFRS on a voluntary basis.

“In line with the roadmap and commitments of the government and the Ministry of Finance, and with the responsibilities entrusted to the Department of Accounting and Audit Management and Supervision, we will continue to broaden the application of IFRS among Vietnamese businesses in 2027. During 2028-2029, Vietnam’s accounting standards framework will continue to be refined towards closer alignment with IFRS, while better responding to evolving practical needs and international practices,” he 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 Vietnam.

This initiative is particularly significant as Vietnam 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.

Azlina Bulmer, director of international at ICAEW, speaks at the event. Photo courtesy of ICAEW

Speaking at the signing ceremony, Bulmer emphasised that the renewed MoU built on a successful partnership founded on trust, shared objectives and practical collaboration.

“Alongside our professional qualifications and training programmes, ICAEW brings practical experience, international good practices, professional expertise and globally recognised standards. Drawing on our experience of working with regulators and government authorities across many countries, we believe ICAEW will continue to be a trusted partner to Vietnam, supporting the development of a high-quality accounting and auditing profession, the effective implementation of IFRS, and Vietnam’s ambition to build internationally competitive financial markets,” Bulmer said.

Attending the signing ceremony, British Ambassador to Vietnam Iain Frew congratulated both organisations on the progress made through their partnership to date and expressed confidence in the opportunities ahead as they enter the next phase of cooperation.

“I am delighted to witness this next phase of cooperation between the Ministry of Finance and ICAEW. The renewal of the MoU reflects our shared commitment to investing in people, strengthening skills and advancing professional excellence. In particular, the development of IFRS training and certification programmes in Vietnam will help equip finance professionals with high-quality knowledge, internationally recognised credentials and practical expertise needed to in the global economy,” the ambassador said.

Building 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 Vietnam.

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 Vietnam’s financial markets.

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