To Quoc Hung, country manager at ACCA Vietnam

How does ACCA evaluate the readiness of small- and medium-sized enterprises (SMEs) in adopting sustainable accounting standards, and how can they avoid being left behind?

The adoption of sustainable standards by SMEs is still evolving, and meeting international sustainability reporting standards remains a significant challenge for them in Vietnam. We have collaborated with numerous SMEs, not only in Vietnam but globally, and consistently observed that these businesses face difficulties in aligning with international sustainability reporting standards.

Operating in over 180 countries, ACCA works closely with business associations to support SMEs. We have developed specialised tools that range from detailed guidelines based on international standards to data entry tools that facilitate the creation of internationally compliant reports. In Vietnam, we are also working on sector-specific tools that help businesses more easily meet international requirements.

For Vietnamese enterprises, we go further by providing industry-specific and group-focused guidance. Alongside these, we have created tools to simplify data input, enabling SMEs to generate reports that align closely with international standards. I believe these solutions will greatly assist businesses in their initial steps towards meeting these standards.

In the long term, the most important factor remains workforce development. A workforce knowledgeable in green transition is essential not only for SMEs but also for larger corporations. ACCA plans to enhance the capabilities of the workforce in Vietnam related to green transition in the near future, laying a solid foundation for sustainable development.

How does ACCA approach emphasising the importance of sustainability in strategic decision-making, and how do you convince business leaders that it is not just a trend but a practical necessity?

In our interactions with business leaders, we find that they have a profound understanding of their organisations. What they need is an approach that is comprehensive and practical. Therefore, we strive to offer solutions that ensure both comprehensiveness and practical applicability in implementation.

ACCA is set to conduct scientific research on the adoption of sustainable strategies and their impact on long-term business outcomes. We are gathering data spanning around 10 years from various companies to produce these findings. We hope that these insights will help business leaders see the broader picture. Following this, we will provide practical advisory solutions that enable businesses to integrate international standards into their sustainability reporting.

Moreover, we plan to introduce advisory approaches that directly address how businesses can swiftly adopt international standards to produce relevant sustainability reports. This will also enable them to access green finance projects or facilitate trade with countries that require green finance conditions.

I am confident that with these two approaches, business leaders will quickly grasp the key elements of the green transition in the near future.