KPMG in Vietnam signs MoU with The Association of Chartered Certified Accountants

October 12, 2021 | 18:35
KPMG in Vietnam and the Association of Chartered Certified Accountants (ACCA Vietnam) signed an MoU, sealing their agreement to collaborate in promoting the application of IFRS and the development of the accounting profession in Vietnam.
KPMG in Vietnam signs MoU with The Association of Chartered Certified Accountants
The MoU signing ceremony between KPMG in Vietnam and ACCA Vietnam

In this MoU, KPMG in Vietnam and ACCA Vietnam agree to cooperate in the following areas:

- Research on the application of IFRS in Vietnam and the changes this set of standards brings about, in order to provide state agencies, professional organisations, and the business community with information to assist their conversion from VAS to IFRS;

- IFRS communication targeted at accountants, auditors as well as the business community in Vietnam to help organisations adopt IFRS successfully;

- Development of future generations of accounting professionals, nurturing a workforce with the right and necessary knowledge and skillset to contribute to the prosperity of Vietnam, with a focus on Central Vietnam, starting from the city of Danang.

KPMG in Vietnam signs MoU with The Association of Chartered Certified Accountants

Commencing the event, Warrick Cleine, chairman and CEO of KPMG in Vietnam and Cambodia gave the opening speech: “KPMG and ACCA has had enormous successful partnership for many years. Today’s announcement of partnership between ACCA and KPMG is about the deployment of IFRS in Vietnam. As Vietnam is rapidly becoming one of the world’s great trading nations, it is equally important that its financial reporting standard mirrors international standards to enable Vietnamese companies to continue to access capital and markets that Vietnam should enjoy on the global stage. Adopting IFRS is also a step forward in the ESG agenda, specifically the governance component, as it helps to make financial statements more transparent and accountable. We are really pleased to deepening our relationship with ACCA to further the IFRS discussion."

"Lastly, I would also like to welcome the representatives from Danang – the central region of Vietnam – which is very important to KPMG. We are the first and the only Big 4 firm to establish a permanent presence in this region to offer world-class career opportunities to young students graduating from the University of Danang. We hope this collaboration will further our contribution to the economy of Central Vietnam as well.”

Representing ACCA, Renjith Varma, portfolio head of ACCA Mainland Southeast Asia shared: “There is much to celebrate about the long-standing relationship between ACCA and KPMG. Together, we share an aim to grow Vietnam’s economy, improve the quality of corporate financial reporting and access to financial information. Over 18 years, we have collaborated in various joint activities. So today’s signing of this MoU is a continuation of our relationship."

"The adoption of IFRS will be a critical prerequisite for Vietnam economic development," he continued. "ACCA and KPMG has a central role to play in facilitating this. We must work together to equip Vietnamese professionals with IFRS knowledge and skills to enhance their services, and in turn enhance investors’ confidence in the financial statements of Vietnamese firms."

"Hopefully, together, we will see a big enough first batch of companies adopting IFRS in 2023, and more widespread adoption in 2025 and beyond. The MoU today will help professional accountants to best prepare for IFRS adoption in Vietnam.”

Witnessing this remarkable moment as a guest of honour, Emily Hamblin, Consul General in Ho Chi Minh City, country director in Vietnam and regional deputy director in Southeast Asia – congratulated the two organisations: “Continuously strong economic growth in Vietnam will require world-class accounting, financial and business skills, which is the base ACCA and KPMG support. I am delighted that through this partnership, we are able to support the implementation of IFRS in Vietnam by working closely together to support the business community in Vietnam to adopt internationally-recognised standards.”

Sharing the sentiment, Tran Anh Dao, deputy general director of the Ho Chi Minh City Stock Exchange, said: “The activities proposed in the MoU will help IFRS knowledge to reach businesses with the need for such knowledge in order to move forward in their IFRS implementation agenda. We, at the Ho Chi Minh City Stock Exchange, having the objective of assisting and encouraging firms to improve their professionalism, transparency, and accountability to investors, appreciate today's collaboration between KPMG and ACCA in order to, together with the Ministry of Finance, the Stock Exchange and the State Securities Commission, support companies on the next legs of their IFRS journey.”

Attending the event representing Central Vietnam, Associate Professor Vo Thi Thuy Anh, vice rector of the University of Danang – University of Economics, shared: “I see this agreement offers a chance for us to develop our education programme and help our students in expanding their career paths and future success. On behalf of the Board of Directors, I would like to wish you much success in the future with this collaboration.”

By Mai Dang

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