ICAEW has signed a Memorandum of Understanding (MOU) with the accounting and auditing supervisory department of Vietnam’s Ministry of Finance.
The MOU commits the two organisations to build a long-term partnership to “accelerate” the development of Vietnam’s accounting and auditing professions in “accordance with international standards”.
The signing ceremony was held in Hanoi in the presence of Vietnam’s deputy minister of finance Ta Anh Tuan; the British ambassador to Vietnam Gareth Ward; and the chairman of the British Chamber of Commerce Vietnam, Christopher Jeffery.
The leaders of the Vietnam Association of Accountants and Auditors (VAA) and the Vietnam Association of Certified Public Accountants (VACPA) were also present.
Working together, ICAEW and the Ministry of Finance will consider the possibility of mapping out a training program for the certification of International Financial Reporting Standards (IFRS) in Vietnam.
In addition, the two parties will organise seminars and conferences to exchange knowledge; jointly implement research projects; and share experiences, technical resources and the best practices in accountancy and auditing.
Mark Billington, international managing director at ICAEW, said: “Over the past 140 years, ICAEW’s Chartered Accountants have made use of their knowledge, expertise and integrity to try and help build a world with sustainably-developed economies.
“Developing the economic relationship between Vietnam and the UK is a key part of this. I believe that the MOU signed by both parties will help improve capability and expertise in Vietnam’s accounting and auditing sectors.”