The ACCA and the VACPA signed an initial MoU in 2005, renewable every five years. Since then, they have rolled out coordinated activities with the common goal to contribute to the development of the accounting, auditing, and finance industry in Vietnam, raising public awareness of the value and role of the accounting and auditing profession.

The ACCA and the VACPA also cooperated with educational and training institutions across Vietnam to support research and teaching activities.

Furthermore, in 2018, in order to coordinate and plan to accelerate and meet the needs of applying international standards in Vietnam, the both sides signed and implemented the IFRS (International Financial Reporting Standards) International Certificate to support the Ministry of Finance in implementing the roadmap to apply IFRS and update Vietnamese accounting standards in the coming years.

The signed extension of the MoU aims to continue experience sharing in the domestic and international professional fields, with a focus on cooperation in governance, professional ethics development, professional studies, professional research, updating knowledge, training, and organising certification exams.

Accordingly, both parties will join hands to enhance association structure, operations, and membership activities with new measures to improve the management of professionals in the accounting and auditing industry, as well as membership management for both associations.

Speaking at the signing ceremony on August 24, Ren Varma, the ACCA’s regional director for Southeast Asia said, “Working closely with the VACPA is very important to the ACCA. With the extension of the MoU between tje ACCA and the VACPA, we expect to open a new chapter of closer and more effective cooperation between the two parties in order to improve the competitiveness of the Vietnamese accounting and auditing industry as the economy increasingly integrates with the world.”

The VACPA and the ACCA are professional associations contributing to the development of the accounting and auditing professions in Vietnam by promoting the integration of international standards into local financial practice.

By contributing to improving the quality of human resources in the industry to meet the requirements of the business community, both associations are also actively contributing to developing a stronger accounting and auditing practice in Vietnam.

This is an important milestone and a foundation for the VACPA and the ACCA to further tighten the cooperation relationship, and above all, get closer to the recognition of quality and professional qualifications among Vietnamese and international auditors.

At the same time, both associations also believe that this good relationship will maintain the pioneering position of the VACPA and the ACCA as a positive factor in promoting the development of the accounting and auditing profession in Vietnam, which integrates and develops according to international standards.