Set up for continued success with CPA Australia in Vietnam

The 11th edition of CPA Australia’s annual Asia-Pacific Small Business Survey released in mid-June 2020 revealed that many of Vietnam’s small businesses have reported both strong growth and strong adoption of digital technology.

Conducted prior to the COVID-19 pandemic with the participation of more than 4,000 small business operators in eleven markets, the survey highlights that these factors make Vietnamese small businesses better placed than many other across the Asia-Pacific region to navigate through the health crisis and attain quicker recovery.

Indeed, Vietnam outperformed the region both in growth reported in the past 12 months (95 per cent of Vietnamese small businesses versus 65.8 per cent of Asia-Pacific counterparts) and expectations for the next 12 months (95.7 vs. 68.2 per cent). Additionally, the country also ranked first in the percentage of businesses that expect the local economy to grow in the coming year, with 95 per cent against a little less than 60 per cent regional average.

Since 2009, the Asia-Pacific Small Business Survey has been tracking key market trends affecting small businesses, offering specific insights for each market it features. The survey has special relevance for the Vietnamese market where about 90 per cent of businesses are small- and medium-sized and for the past 10 years has been a valued contribution of CPA Australia for market monitoring and insights in the training and work of professional accountants and businesses alike.

Founded in 1886, CPA Australia is one of the world’s largest accounting bodies, representing more than 166,000 members working in over 100 countries and regions around the world. More than 25,000 CPA Australia members are currently working in senior leadership positions. Its core services to members include education, training, technical support and advocacy.

In Vietnam, CPA Australia has been operating since 2008 with representative offices in Hanoi and Ho Chi Minh City to closely collaborate with different stakeholders and offer policy consultation, training, and development of finance and accounting talent resources.

Member Event in Ho Chi Minh City – Digital Consumer Finance by Kyle Pham CPA (Aust.)

Growing from less than 100 members at the beginning, the accounting body now has more than 1,000 members and 1,000 foundation candidates pursuing the CPA Australia designation across the country. During the past years CPA Australia signed many Agreements of Cooperation with strategic partners including the Ministry of Finance, the State Audit Office, four local professional bodies, and 46 Recognised Employer Partners (REP) out of the network of more than 450 REP across the globe.

Tax Update workshop co-hosted by CPA Australia Hanoi office and the Vietnam Association of Tax Consultants (VTCA) attracted over 130 participants

A major part of CPA Australia’s operations in Vietnam lies in education and the training of Vietnam’s next generation of industry-ready accountants. So far, the accounting body has built long-term strategic relations with 24 leading universities across the country. As part of its ambition and desire to nurture accounting talents in Vietnam, CPA Australia has also offered professional accounting education, scholarships, and career guidance opportunities to hundreds of young professionals and academics in Vietnam to achieve the Certified Practising Accountant (CPA) status.

The CPA Australia designation is a designation of finance, accounting, and business professionals recognised and respected throughout the world. CPA Australia members are renowned as some of the highest-calibre professionals with a background of most rigorous training and unparalleled expertise.

“When it comes to accounting, business or finance, CPA Australia is one of the most internationally recognised professional qualifications,” says Le Thi Tuyet Nhung CPA (Aust.), Deputy General Director of the Accounting and Auditing Supervisory Department at the Ministry of Finance Vietnam. “This practical programme supports and develops the skills needed by any finance and accounting professional. For any candidate who considers accounting, business, or finance as their career choice, CPA Australia is my first recommendation. CPA Australia is the best investment one can make.”

The CPA Program goes far beyond providing textbook education and even in-depth technical focus by equipping aspiring professionals with the understanding of the dynamic issues facing organisations in the global marketplace.

While providing well-rounded education on the ins and outs of accounting – with compulsory training on ethics and governance, financial reporting, strategic management accounting, as well as global strategy and leadership – the CPA Program also offers ample space for specialisation by the choice of two elective subjects.

In addition, aspiring members are also required to complete a degree or a postgraduate award recognised by CPA Australia, ensuring a guaranteed high-quality education background.

“The programme recognises previous education background knowledge by offering the most suitable learning journey, hence pursuing the CPA Australia designation was a sound investment both in terms of time and money,” shared Pham Ngoc Minh CPA (Aust.), who is currently finance manager at Nike Vietnam. “It also provides a self-study platform over classic classroom study, which allowed me to study with a flexible schedule, maintain work-life balance while still having room to dive deeper into the more interesting topics.”

The rigorous academic background is coupled with intensive practical training as before receiving their certificates, CPA Australia members are required to complete 36 months of relevant experience where they will be trained in four crucial skill areas: professional, personal effectiveness, business and leadership.

As an added flexibility, the practical experience can be completed before, concurrently, or after taking CPA Program subjects.

Even after advancement, in addition to complying with a strict code of conduct set by the organisation, CPA Australia members are required to undertake continuing professional development activities each year to ensure they are fully updated on industry trends and remain in the frontiers of the profession.

“To this day, CPA Australia supports me in progressing my career and in coping with my senior managerial role by having enhanced my critical thinking to better identify, understand, and resolve business issues,” Minh Pham from Nike Vietnam added. “I have also benefited from the wide range of professional events, workshops, and seminars hosted by CPA Australia for my continuous development as a member.”