Raising standards across the financial accounting sector

Dang Thi Mai Trang, head of the ICAEW Vietnam

During the Vietnamese financial ­investment promotion forum in the United Kingdom this week, the ICAEW and the State Securities Commission of Vietnam (SSC) will ink a co-­operation agreement. What does the agreement entail?

Since establishing its representative office in Vietnam in 2015, the ICAEW has been co-operating with Vietnamese state agencies including the State Securities Commission (SSC), focusing on many types of activities under different forms. We have shared experience in financial market development, expert support, and human resources development via exchanges, conducting studies, and organising seminars and scientific workshops on issues of mutual concern. These issues include financial reporting, skills on business administration, analysis of investment opportunities, ethics, and professionalism.

We have also organised training courses on expertise and informational updates, as well as improvement of management skills for SSC staff members, public companies, securities companies, and asset management firms. The content of the courses is about finance, accounting, business administration, ethics, and professionalism.

The signing of the agreement aims to lift our relations with the SSC to new heights, with more intensive co-operation activities which are to further develop the domestic capital and financial markets, and Vietnam’s financial and accounting human resources in the time to come.

Improving the capacity of accountants and the professional ethics of financial experts is very important to Vietnam’s capital market and economy. Where does the ICAEW stand on these areas?

The ICAEW’s missions since it was founded in the UK in 1880 are to serve the public interest and to ensure trust in business. Accordingly, the ICAEW has always concentrated activities on improving capacity and expertise through training and updating knowledge for its members and students, as well as financial-accounting experts globally.

Capacity and ethics are two necessary and sufficient conditions for a financial-accounting expert. ICAEW members are expected to demonstrate the highest standards of professional conduct and to take into consideration the public interest. Ethical behaviour plays a vital role in ensuring public trust in financial reporting and business practices and upholding the reputation of the accountancy profession.

In terms of Vietnam, what are the most outstanding results of your ­activities so far?

The ICAEW’s global vision is creating a world of strong economies, together. We offer industry-leading qualifications, and nurture collaborative, informed communities to share insight, expertise, and understanding.

As well as attracting and developing the next generation of accountancy talent, we are defining the role that our industry will play in the economies of tomorrow. In Vietnam, after nearly five years of operation, the ICAEW has been developing co-operation with partners including government offices, local bodies, enterprises, and universities, with some initial results.

For example, we have been co-operating with the Ministry of Finance and the SSC in deploying a project on International Financial Reporting Standards funded by the UK government, with more than 200 staff members and experts being trained.

We have also been partnering with the State Audit of Vietnam (SAV) in translating learning material of ICAEW Chartered Accountant qualification, publishing for using as internal training materials for the SAV.

The ICAEW Certificate in Finance, Accounting and Business has also been chosen most by top-tier Vietnamese universities to integrate into syllabus for high-quality programme. In addition, the ICAEW has also linked enterprises and universities to provide internship and job opportunities for students in Vietnam, Southeast Asia, and in the UK.

What are the ICAEW’s future plans for Vietnam?

The ICAEW will always commit to further improving the sustainable development of the financial-accounting sector in Vietnam.

We will continue materialising our commitments via assistance activities, and active co-operation with government agencies, local professional bodies, the business community, and universities, as well as with financial-accounting experts and young people wishing to engage in the sector.