Enhancing the financial capacity of the small and medium enterprise sector

DNHN - The SME community continues to struggle to find qualified financial professionals. The VNSME partnered with the Association of Chartered Certified Accountants (UK) to assist businesses in gaining access to international accounting

The Vietnam Association of Small and Medium Enterprises (VINASME) partnered with the Association of Chartered Certified Accountants (UK) on July 28 to assist businesses in gaining access to international accounting and auditing knowledge. The Association of Certified Public Accountants (ACCA) implemented the ACCA job FastTrack human resource development programme and the training programme "Improving access to capital and international competitiveness through IFRS international financial reporting standards."

Participating in the program, on the side of VINASME, there were Dr. To Hoai Nam - Permanent Vice President of General Secretary of VINASME; Mr. Nguyen Van Tu - Chief of Office of VINASME, Ms. Nguyen Thi Lan Huong - Editor-in-Chief of Business & Integration Magazine, Ms. Nguyen Thi Bich Huong - Head of Information and Communication Department, Mr. Le Anh Van, Director of Center Legal support and human resource development, Mr. Tran Van Hien – Deputy Head of Training Department and Member of VINASME.

On ACCA's side, there was Ms. Helen Brand – ACCA Global Managing Director; Mr. Ren Varma - ACCA Continental Southeast Asia Director; Mr. To Quoc Hung - Vietnam Country Director. In addition to the program, there were also representatives of the British Embassy in Hanoi, Ms. Bui Thuy Anh - Trade Manager for Education, British Ministry of International Trade and representatives of a number of businesses.

Within the framework of the programme, on the morning of the 28th of July, ACCA and VINASME signed an agreement of cooperation.

During the signing ceremony, Dr To Hoai Nam stated, "With the desire to find all measures to support and create all favourable conditions to assist businesses in developing, enhancing their competitiveness, and growing stronger in the context of the economy's ongoing transformation." The Vietnam Association of Small and Medium Enterprises (SMEs) will sign a cooperation agreement with the Association in its capacity as a national representative of Vietnam's small and medium-sized businesses and representatives of several businesses. Chartered Accountant United Kingdom. ACCA has been in operation for over 119 years, has more than 241,000 members and 542,000 students worldwide, and is the largest professional organisation in the world. We are very pleased and look forward to seeing the positive outcomes of the long-term partnership between VINASME and ACCA."

"VINASME continually affirms its innovative efforts in collaboration with reputable and capable organisations such as ACCA, which has international standard training methods, to produce high-quality human resources that meet the community's needs. The cooperation agreement and programme signed today will serve as a foundation for the expansion of cooperation between the two parties, according to Mr Nam.

Mrs Helen Brand expressed her gratitude for being in attendance. Small and medium-sized businesses are the driving force of economic development, which is why I am honoured to assist them with financial matters. The significance of today's agreement lies in the fact that it lays the groundwork for enhancing the capacity and promoting the professionalism of the accounting team for small and medium-sized businesses. This is also a chance to network and share financial knowledge, thereby contributing to the expansion of the accounting profession in Vietnam. This event is a significant step in establishing a cooperative relationship between ACCA and VINASME, thereby creating a driving force for the sustainable development of the Vietnamese economy."

In conjunction with the ceremony, the ACCA FastTrack programme for small and medium-sized businesses was introduced. Quoc Hung stated, "The launch of the ACCA Job FastTrack human resource development programme for small and medium-sized businesses in Vietnam promises to be a breakthrough in the process of enhancing financial capability. – accounting for small and medium-sized businesses in Vietnam. Support the development of this business sector by connecting businesses with talented professionals and the ACCA talent community with thousands of associations, students, and a network of links with more than 50 universities across the nation.

"ACCA recognises that small and medium-sized businesses play an important role in both the global economy and the Vietnamese economy. However, these businesses continue to face significant difficulties in recruiting qualified financial professionals. Mr Hung explained that ACCA developed the human resource development programme ACCA Job FastTrack SME to assist and create opportunities for small and medium-sized businesses in recruiting and developing talent.

Representatives of ACCA and VINASME also witnessed the signing of the Cooperation Agreement on Human Resource Development through the ACCA FastTrack Programme between  Mr. Ren Varma - ACCA Continental Southeast Asia Director and representatives of small and medium-sized businesses. This programme promises to be extremely meaningful and beneficial for businesses.

Mr Varma shared the following regarding this partnership: "The partnership will promote the growth of Vietnam's accounting and finance industry, provide an opportunity for mutual success, and enhance the quality of the financial accounting team for the Vietnamese small and medium business community."

The Training Programme to improve competitiveness and access to international capital through the application of international financial reporting standards (IFRS) took place in the afternoon.

Mr Le Anh Son – Deputy General Director of Auditing Services, Deloitte Vietnam Company, shared with Enterprise & Integration Magazine: "The application of IFRS to the Vietnamese business community will have four benefits. main advantage. The first has to do with economic integration, the second with enhancing the process, the third with attracting investment capital, and the fourth with enhancing competitiveness.

Approximately 160 territories around the world claim that IFRS is applicable, demonstrating its prevalence. The application promotes informational transparency and access to international governance practices. In Vietnam, Decision 345/QD-BTC 2020 of the Ministry of Finance, also establishes and develops a roadmap for the application of IFRS for Vietnamese enterprises, in which the Ministry of Finance has instituted a voluntary application phase. This is expected to occur before 2025. After such voluntary application, the Ministry of Finance will review and reevaluate the results, providing a roadmap for an official application that is more specific. According to a survey conducted by Deloitte Vietnam, awareness of the application of IFRS among the Vietnamese business community has increased over the past three years, but the rate of readiness to apply IFRS remains quite low.

According to Mr Le Anh Son, the application of IFRS poses multiple difficulties for the Vietnamese business community as a whole. The state management agency must have a road map or preferential policy to guide and support businesses and encourage them to apply. Secondly, on the internal side of businesses, they must invest in systems and processes, and they must also have innovative thought processes to approach international practices. Third, for the training centre, the school must continue to cultivate a team with a solid understanding of IFRS, which will be an invaluable resource for businesses in the future.

Bao Trinh