Recognising the urgent need for structural reform and skills enhancement across Vietnam's banking sector, the State Audit Office of Vietnam (SAV), in collaboration with the Association of Chartered Certified Accountants (ACCA), officially launched the Strategic Capacity Building initiative in Hanoi on April 14.

Rather than being a one-off training course, this is a long-term nationwide programme aimed at equipping banking professionals with a broad range of essential competencies aligned with international standards. The initiative focuses on building strategic thinking, risk management, financial governance, and internal audit capacity among banking personnel.

Agribank was the first state-owned commercial bank to actively support and implement the programme by nominating its staff for the inaugural phase of training. With its extensive network and significant role in Vietnam’s banking system, Agribank has set an important precedent in embracing international capacity-building frameworks, paving the way for other financial institutions to follow.

The training focuses on updating the principles and standards of International Financial Reporting Standards while integrating new content in line with worldwide trends such as digital transformation, application of AI in finance, and sustainability.

In addition, the programme is expected to bring practical experience from auditing activities in the banking sector, a specific field with high technical requirements and always needs to move and adapt to social fluctuations.

Speaking at the ceremony, Bui Quoc Dung, deputy auditor general of the SAV, expressed his pleasure at the successful collaboration with the ACCA to launch the training course.

“This is the first course organised by our training institute to offer capacity-building for the entire state banking system. It marks a critical milestone, reaffirming our commitment to improving training quality and enhancing human capital in the finance and auditing sectors,” Dung said.

Representatives from the State Audit Office of Vietnam, ACCA, and Agribank shared their insights at the launch of the training programme. Photo: ACCA Vietnam

As the supreme audit institution, the SAV oversees public financial management and plays a pivotal role in developing and maintaining professional standards within the financial sector. Therefore, the partnership with the ACCA represented a significant step forward in strengthening the capabilities of Vietnam’s banking workforce.

According to Dung, the strategic training initiative is built upon the ACCA’s international framework and tailored to address Vietnam’s practical requirements. It serves not only as a technical upskilling effort but also as the foundation for a robust and forward-looking finance ecosystem.

“The objective of this effort goes beyond professional development. It seeks to cultivate a cohesive environment where auditors, financial officers, accountants, and managers share a unified base of knowledge and standards,” he said.

“We hope that through this capacity-building drive, audited entities – especially commercial banks like Agribank – will enhance their financial management, internal control, and compliance practices. This will help improve operational efficiency, while also encouraging transparency, accountability, and long-term resilience in banking operations.”

Dung also confirmed plans to extend the training to grassroots-level staff, particularly those directly involved in managing public finances and budgets. The curriculum will include updates on the latest financial regulations, as well as real-world case studies drawn from SAV’s audit fieldwork.

To Huy Vu, chairman of the Board of Members at Agribank, described the initiative as a vital component of the bank’s strategy to enhance human resources and align financial governance with international best practices.

“We are especially honoured that Agribank was chosen to pilot this capacity-building effort for auditors. It provides an opportunity to reinforce our internal systems and demonstrates our commitment to reforming financial governance in a serious and proactive manner,” Vu said.

He added that engaging in the ACCA-led training not only sharpens technical capabilities but also helps reshape the professional mindset and operational practices of banking staff.

Photo: ACCA Vietnam

Towards an internationally qualified workforce

Amid global integration, Vietnam’s banking sector is facing growing demands in transitioning to IFRS and adopting AI technologies. These challenges pose significant questions regarding workforce capabilities, requiring financial professionals to possess not only strong technical knowledge but also the ability to apply advanced technologies in practice.

According to Agribank’s representatives, the bank operates a widespread national network with nearly 40,000 employees, 162 tier-1 branches, more than 760 tier-2 branches, and thousands of transaction points, including those in remote and underserved areas.

“The implementation of new standards such as IFRS will undoubtedly be challenging, especially in training and standardising staff competencies, given our large, unevenly skilled workforce dispersed across diverse localities,” Vu said.

He stressed that in the IFRS transition process, auditors play a central role not only in financial oversight but also in helping banks adapt to global requirements.

Understanding the importance of training and workforce standardisation in banking, the ACCA has worked closely with the SAV and Agribank to design a training programme aligned with international standards.

This training programme represents not only a significant step in enhancing technical capabilities in the banking sector, but also an opportunity to foster long-term collaboration, laying the foundation for the sustainable development of Vietnam’s financial industry.