Accounting and Auditing Assessment

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2016 - 20192
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Country: Viet Nam × Start date: 2013 × End date: 2019 × Supported Language: en × Topic: Finance and Financial Sector Development ×

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    Vietnam Corporate Accounting Education in Universities
    (World Bank, Washington, DC, 2019-12) Busuioc, Andrei; Borgonovo, Alfred Jean-Marie; Mai, Tran Thi Phuong
    Vietnam’s economic growth, among the most rapid in the region, has been supported by a boom in corporate sector development and direct foreign investment and as a consequence an increasing demand for accounting and auditing professionals. To sustain this growth and ensure strong private sector development in the face of increasing regional and international integration and the demands of a knowledge-based economy, a major priority of the government is to develop the labor force. Country legal accounting framework moves toward international standards and pressures the universities to reform the curricula. Available data on the size of the accounting profession in Association of Southeast Asian Nations (ASEAN) countries clearly shows Vietnam closer to the bottom of the scale. The Government of Vietnam has undertaken significant efforts to improve accounting education and introduce outcome-based education. A review of accounting and auditing faculties and schools of economic universities confirms further dedicated reform work is needed. The main technical competence areas, in particular foreseen in international education standards (IES) initial professional development - technical competence are well covered at bachelor’s degree level, but the required learning outcomes for almost all areas need improvements. Following the analysis of the current situation and from the perspective of the international good practices and applied benchmarks, a structured approach to reforming accounting education in Vietnam is presented in this report. This report aims at providing observations and recommendations on education of corporate accounting at Universities. To meet the public sector’s demand for qualified accountants, a similar assessment of accounting education for public sector will be needed.
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    Vietnam Report on the Observance of Standards and Codes: Accounting and Auditing Module
    (Hong Duc Publishing House, Hanoi, 2016) World Bank
    Vietnam's rapid economic growth since the late 1980s has brought it quickly to middle income–country status, a performance surpassed only by China. This growth has slowed in recent years, however, due to the weaker external environment and a slowdown in reforms. Vietnam has the potential to join the ranks of upper middle income countries in the next twenty years, but this will require tough choices and actions to deepen market institutions, create a level playing field for the private sector and the state-owned enterprises (SOEs), and build a modern financial sector. Vietnam is embarking on a process of implementing a broad range of reforms designed to realize its aspiration of becoming high-income country. As outlined in the recently published World Bank report 'Vietnam 2035', Vietnam compares well with upper-income-countries in Government effectiveness and political stability, but ranks poorly for voice and accountability and regulatory quality (which measures the perceptions of the capacity of the state to formulate and implement policies aimed at private-sector development).