UK brings Vietnam to account

14:00 | 04/11/2011
The United Kingdom has stretched more accounting and educational support to Vietnam via two important memoranda of understanding.

The Institute of Chartered Accountants of England and Wales (ICAEW) and Vietnam Association of Certified Public Accountants (VACPA) today inked a memorandum of understanding (MoU) on accounting cooperation.

Under the MoU, the UK would support Vietnam improve its corporate governance, professional ethics, training and qualification, which “are vital elements for successful businesses, given Vietnam’s economy increasingly integrating into the world’s economy,” said VACPA’s chairman Tran Van Ta.

Ta told VIR that as the Vietnamese economy became more international, companies would look increasingly for employees with internationally recognised accreditation.

“Particularly, the agreement will also mean that the development of international standard accounting practices in Vietnam will be a further encouragement to foreign companies looking to invest in Vietnam. Because if local companies have more transparent, accurate financial reports, they will find it much easier to find foreign partners,” he said.

He said by creating an official cooperation relationship, two institutions would work together to bring mutual benefit to both institutions. Particularly, ICAEW would take advantage of the opportunities to expand its relationship with the state agencies, public accountants and auditors in Vietnam to gradually establish its member foundations in Vietnam.

Meanwhile, VACPA would have opportunities to acquire professional experience, and have access to knowledge, expertise, best international practices on member management, technical research, professional accounting training and audit quality monitoring.

“We hope that the co-operation between ICAEW and VACPA will deliver tangible improvements for accounting in Vietnam,” said United Kingdom's Business and Innovation Secretary Vince Cable who is making a trip to Vietnam to boost the two countries’ economic, trade and investment cooperation.

Also the UK’s government and British University in Vietnam also clinched a MoU on university development cooperation in Vietnam. Under which the UK government would via the British embassy to Vietnam directly manage the operation of the university.

“Education was a key part of the 2010 Strategic Partnership signed between the two nations, so it is welcome to see that this part of the bilateral relationship is flourishing,” said British ambassador to Vietnam Anthony Stokes.

The British Embassy is committed to the development of the British University Vietnam both in its present premises in Hanoi, its planned campus in Hanoi and in future operations planned for Ho Chi Minh City.

The embassy sees a benefit for the British universities involved in the project as well as for the Vietnamese students who will be able to study a UK curriculum in Vietnam. This also supports the two nations’ wider commitment to the education and trade objectives contained in the Action Plan for the Strategic Partnership signed between the British and Vietnamese governments in 2010.

At present, over 7,000 Vietnamese students are studying in the UK. The British University in Vietnam provided a welcome opportunity for students to access the world class education that the British university system offered here in Vietnam, said the university’s dean Graeme Davies.

By Thanh Tung

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