The Institute of Chartered Accountants in England and Wales (ICAEW) has signed an MoU with the Accounting and Auditing Supervisory Department of Vietnam’s Ministry of Finance.

The MoU commits the two organisations to build a long-term partnership to accelerate the development of Vietnam’s accounting and auditing professions in accordance with international standards.

ICAEW and the Ministry of Finance will consider the possibility of planning a training programme for the certification of IFRS in Vietnam. In addition, the two organisations will hold seminars and conferences to exchange knowledge; jointly implement research projects; and share experiences, technical resources and the best practices in accountancy and auditing.

Head of the Ministry of Finance’s Accounting and Auditing Supervisory Department, Vu Duc Chinh, said: “Cooperation between ICAEW and the Department in organising seminars and training, and sharing documents and international experiences over the years has helped us and individuals and organisations in the accounting and auditing fields. The effectiveness of how we work together was why both parties wanted to sign this MOU, to intensify our cooperation.”

ICAEW International managing Director Mark Billington said: “Over the Past 140 years, ICAEW’s Chartered Accountants have made use of their knowledge, expertise and integrity to try and help build a world with sustainably-developed economies.  Developing the economic relationship between Vietnam and the UK is a key part of this. I believe that the MOU signed by both parties will help improve capability and expertise in Vietnam’s accounting and auditing sectors.”

British Ambassador to Vietnam Gareth Ward said: “Recently, Vietnam and the UK signed a bilateral free trade agreement, reflecting a strategic movement in economic partnership and integration. World class and internationally-recognised skills and qualifications play an important role for both sides to succeed in that international integration.

“As a country at the forefront of the financial sector, the UK is committed to working with Vietnam to further develop the financial and professional services sector, especially to foster the roadmap of applying the International Financial Reporting Standard in Vietnam.”