ICAEW strengthens partnership with local government and universities

Protherough speaking at an event in Hanoi as a member of a government trade delegation led by the Department for International Trade

The Department for International Trade (DIT) brought the UK government’s first trade delegation to Southeast Asia and participated in a roundtable in Hanoi to promote British chartered professional institutes and explore how both countries can work together to help develop local training and vocational education.

The delegation comprised of the six largest chartered institutes in the UK—the Chartered Management Institute, Chartered Institute of Personnel and Development, Chartered Insurance Institute, Institution of Engineering and Technology, Royal Institution of Chartered Surveyors, and ICAEW.

Together with senior executives from other chartered professional bodies, Mark Protherough, executive director, Learning and Professional Development at ICAEW, met with government officials, policy makers, and industry and university executives in Hanoi and Ho Chi Minh City on April 19 and 20. The visit also sought to establish new partnerships based on professional ethos, quality testing procedures, and the development of internationally recognised professions.

Dr Liam Fox, Secretary of State for International Trade and member of the British Parliament, said: “Chartered professional institutes in the UK enjoy a prestigious global reputation and reach to drive international standards of professionalism. They are well-placed to form high-value partnerships with universities, governments, and employers across Southeast Asia. This is critical in capacity building, helping economies grow, driving educational standards and innovation, and supporting common governance standards to promote trade.”

Of the six chartered professional bodies represented in the delegation, ICAEW is the only one with a presence in Vietnam, where it has been operating for nearly four years. At the roundtable, Protherough highlighted the close relationship between ICAEW and various Vietnamese government agencies, including the Ministry of Finance, the State Audit Office of Vietnam, the State Securities Commission, and the Ministry of Education and Training, as well as nine top local universities.

ICAEW, together with the Ministry of Finance and the State Securities Commission, recently launched a programme called ‘Supporting the application of International Financial Reporting Standards (IFRS) in Vietnam.’

The project, funded by the British government, aims to train around 200 finance professionals to the highest internationally-recognised professional finance standards, which are recognised and trusted in the UK and around the world.

“To date, nearly 80 certificates with International Financial Reporting Standards have been awarded by ICAEW to finance and accounting professionals from the Ministry of Finance and its agencies, the State Securities Commission, and two stock exchanges, listed companies, major auditing firms, and university instructors,” Protherough said. “Following the successful pilot phase of the project, ICAEW, the Ministry of Finance, and the British Embassy in Vietnam are looking at the potential of scaling up the operation going forward.”

Another of ICAEW’s meaningful partnerships is the introduction of ICAEW chartered accountant training manuals for six different academic disciplines as a training and reference source at the State Audit Office.

Given the globally proven reputation, quality, and value of ICAEW certificates, the Certificate in Finance, Accounting, and Business has been included in the curriculums of nine top economics, finance, and accounting universities in the country.

British Ambassador to Vietnam Giles Lever said: “Delivering UK professional training programmes to universities in Vietnam marks an important step in allowing Vietnamese students to access world-class, internationally-recognised curriculum content and qualifications. This boost of professional development will enhance their overall employability and open up more global opportunities.”

“ICAEW is committed to nurture and develop capable accounting and finance professionals in Vietnam, who will play a vital role in the development of the accounting and finance profession and drive economic growth. This is evident in the various successful partnerships that ICAEW currently has with the top Vietnamese universities,” Protherough said.