The association (ACCA) at its Asia-Pacific Dialogue last week signed an MoU on cooperation with businesses and training institutions such as Vietnam International Bank (VIB), Hanoi Vocational College of Technology, and Hanoi College of Commerce and Tourism.

Under the plan, ACCA members and students have the chance to be considered for special admission based on the level of completion of the ACCA certificate.

The signing ceremony acknowledged the cooperation in human resources development between VIB and the ACCA through the ACCA Job Fast Track programme.

Head of Human Resources of VIB Tran Tuan Minh said that the bank understands that human resources are a key factor in sustainable development strategy. “This focus allows us to lead the way in technological innovations, dominate the market in key business segments, and consolidate our position as the leading retail bank in Vietnam,” he said.

According to Helen Brand, chief executive of the ACCA, redefining the role and responsibilities of accountants to address the changes in technology and the challenges of sustainable development are the focal point of the ACCA’s new development strategy.

“Incorporating AI and new technologies in data management requires accountants to enhance their skills and expertise to contribute more effectively in the modern business environment, where data-driven decision-making is crucial,” Brand said. “Accountants not only have to ensure professional quality but also create value for businesses and help them become more responsible in their operations and towards the surrounding community.”

In 2023, the ACCA signed an MoU with the Directorate of Vocational Education and Training (DVET) in Vietnam, encouraging colleges to embed the ACCA diploma in accounting and business RQF Level 4 into their degree programmes. The deal marked a significant milestone for the ACCA, supporting the innovation and advancement of vocational training in accounting and business in Vietnam and reinforcing its commitment to the profession in this country.

Pham Vu Quoc Binh, director-general of the DVET managed by the Ministry of Labour, Invalids, and Social Affairs, stated that developing a skilled workforce has been a special priority for Vietnam in the past few years. With the increasing demand for economic development and integration, the number of foreign-invested enterprises in Vietnam has been rising, leading to a series of human resource recruitment needs.

“Accounting, finance, and management are crucial positions that are mandatory in the operational machinery of businesses,” Binh said. “The annual enrolment scale for accounting and auditing majors in vocational colleges is about 17,600 people, according to the registration certificate for vocational education activities,” Binh stated.

He added, “However, there is still a shortage of accounting and finance professionals with skills and quality that meet the demands of the international labour market. This is also a challenge for the vocational education system to update and innovate training programmes in accounting, finance, and management.”

According to Pham Van Tien, vice chairman of the Vietnam Association for Vocational Education and Training and Social Work, the lack of interaction and synchronisation in training programmes, faculty, equipment, and training methods is a current issue in vocational education institutions. Therefore, integrating international training schemes poses difficulties for these training establishments.

“Quality of graduates is also a major challenge. According to a survey conducted by an international organisation, approximately 60 per cent of graduates do not work in the field they were trained for, including accounting and auditing majors,” Tien noted.

According to data from the Ministry of Finance (MoF), more than 2,200 auditors have been granted certification to practise at over 210 auditing firms as of the end of last year.

Meanwhile, more than 420 accountants have been granted certification to practise accounting services, and 200 accounting service firms have been recognised as meeting the business requirements for providing these services.

The effective activities of accounting and auditing professional associations, both within and outside the country, not only contribute to the consolidation and development of human resources in accounting and auditing but also significantly improve the work of accountants and auditors in Vietnam, the ministry said.

According to the MoF, around 50,000-60,000 graduates from vocational colleges and universities specialising in accounting enter the domestic and international job market every year.

In addition, the number of students awarded a master’s degree in accounting is approximately over 3,000 individuals.