Nam A Bank and EY Vietnam collaborate to elevate IFRS project

October 26, 2023 | 10:25
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Nam A Bank, in partnership with Ernst & Young Vietnam (EY Vietnam), successfully completed the implementation of its International Financial Reporting Standards (IFRS) project on October 19.
Nam A Bank and EY Vietnam collaborate to elevate IFRS project

Previously, in April 2022, Nam A Bank partnered with EY Vietnam to initiate the project to implement IFRS at the bank. After more than 18 months of diligent execution, Nam A Bank and EY Vietnam have organised a ceremony to mark the handover of this project, signifying an important milestone in the bank's pioneering efforts to adopt international financial management standards.

This milestone, coinciding with the bank's 31st anniversary, underscores the institution's commitment to raising its standards in line with international practices. The adoption of IFRS, considered a benchmark for financial governance worldwide, marks Nam A Bank as one of the pioneering Vietnamese entities embracing global financial management norms.

"The pioneering implementation of this project will enhance our bank's capabilities in risk management and financial governance, adhering to international standards," stated a representative from EY Vietnam.

The representative also emphasised the proactive role and expertise of Nam A Bank's personnel in integrating these new standards into their risk management system. With staff well-versed in IFRS, Nam A Bank positions itself at the forefront of meeting these global benchmarks.

International standards like IFRS and Basel III, which Nam A Bank was one of the first in Vietnam to complete, play a crucial role in ensuring banks adhere to the highest principles and standards of governance, operations, and business conduct. This initiative is part of a broader commitment by Nam A Bank to incorporate advanced international standards and ensure operational effectiveness.

Vo Hoang Hai, deputy general director of Nam A Bank elaborated, "Implementing international practices like IFRS not only enhances our risk management and financial governance but also contributes to the transparency and integrity of our financial reporting. Adopting these global standards elevates Nam A Bank's credibility and position both domestically and internationally."

Over its 31-year history, Nam A Bank has consistently led in adopting progressive standards, reinforcing the bank's operational efficiency. Looking ahead, the bank aims to further strengthen its governance capacity, emphasising transparency and risk management with international partners and investors.

This strategy aligns with Nam A Bank’s goals of efficiently utilising capital, managing operations, and driving proactive, transparent, safe, and sustainable business growth.

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By Trung Duong

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