A panorama of Vietnam public sector accounting standards will be put forward soon

A panorama of Vietnam public sector accounting standards will be put forward soon 29/05/2019 02:50:00 539

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The Ministry of Finance (MOF) and the World Bank (WB) jointly organized the workshop on Preparation and adoption of public sector accounting standards in Vietnam on May 20, 2019 in Hanoi. The workshop was chaired by Vice Minister Do Hoang Anh Tuan and Mr. Fily Sissoko - Manager, Governance Global Practice, East Asia region of the WB.

The Ministry of Finance (MOF) and the World Bank (WB) jointly organized the workshop on Preparation and adoption of public sector accounting standards in Vietnam on May 20, 2019 in Hanoi. The workshop was chaired by Vice Minister Do Hoang Anh Tuan and Mr. Fily Sissoko - Manager, Governance Global Practice, East Asia region of the WB.

The workshop was well attended by international consultants from PwC Malaysia, representatives of other ministries and agencies, departments of the MOF as well as more than 100 participants from international organizations, development partners, auditing companies, universities, accounting associations and public sector entities.

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Vice Minister Do Hoang Anh Tuan gave opening remarks at the workshop

In his opening remarks, Vice Minister Do Hoang Anh Tuan highly appreciated the efforts made by the WB and international consultants from PwC Malaysia to study international best practices and assess the Vietnamese context in order to put forth recommendations for the roadmap and scenarios for issuing the international public sector accounting standards (IPSAS) in Vietnam.

Vice Minister Do Hoang Anh Tuan stated that, on the basis of the Strategy for Accounting and Auditing towards 2020, with a vision towards 2030 approved by the Prime Minister in 2013, the MOF has implemented the subproject on preparation and adoption of Vietnam public sector accounting standards (VPSASs). Mr. Tuan believed that the adoption of VPSASs will create an important legal framework for public sector accounting, and contribute to better management of State assets at both macro and micro levels.

To form the basis for detailed elaboration of the subproject, Mr. Tuan requested participants actively discuss and provide input to different topics, including scope of application, contents, roadmap for and process of issuing VPSAS in Vietnam. In addition, participants deliberated on the basis of classifying groups and types of standards and their relevance to the Vietnamese context. Subsequently, the MOF will collect and analyze comments and finalize the substance to submit to the Minister for his approval in 2019.

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Mr. Fily Sissoko said that the World Bank stand side by side with the MOF on implementing the subproject on preparation and adoption of VPSASs

At the workshop, Mr. Fily Sissoko highly appreciated the excellent collaboration between the MOF and the WB during the preparation of the roadmap report and action plans to enable the issuance of the first ever VPSASs. He stated that, the adoption of the accounting standards in the public sector is conformed to the Strategy for Accounting and Auditing towards 2020, with a vision towards 2030 approved by the Prime Minister in 2013. He also recommended that the Government of Vietnam issue a set of VPSASs, on the basis of IPSAS, possibly with adaptation to local conditions, and in phases.

Going forward, the Standard Setting Body will need to ensure a concrete timebound actions plan to enable the well-sequenced issuance and implementation of VPSASs. “The World Bank stand ready to continue our collaboration on the preparation and adoption of VPSASs. We wish to help increase the Government of Vietnam’s credibility, therefore improve the competitiveness of the economy and further attract private sector investment, both foreign and domestic” – said Mr. Fily Sissoko.

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Participants at the workshop

At the workshop, Mr. Vu Duc Chinh, Director General of the Accounting and Auditing Supervisory Department, the MOF and the international consultant from PwC Malaysia delivered presentations on the difference between IPSAS and the current Vietnamese accounting regime, and the roadmap for issuance and implementation of VPSASs. The presentations gave participants basic information to provide useful input.

The subproject on preparation and adoption of VPSASs is part of the Vietnam Public Financial Management (PFM) Analytical and Advisory Assistance (AAA) Program 2016 - 2020. The AAA Program is co-financed by the Swiss State Secretariat for Economic Affairs (SECO) and the Global Affairs Canada (GAC) and entrusted through the WB with the aim to support Vietnam in its PFM reform at both national and subnational levels. The objectives of the Program are to: (i) support strengthening the capacity of executive bodies to make, implement, and monitor policies to improve budget planning and execution in a transparent, accountable, and sustainable manner; and (ii) provide empirical analysis of the effectiveness and efficiency of major public finance reforms at both the central and local levels of government.

Below are several photos of the workshop:

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Mr Vu Duc Chinh, Director General of the Accounting and Auditing Supervisory Department presented at the workshop

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Representative of PwC Malaysia presented at the workshop

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Representative of the Vietnam Accounting Association commented to the Standard Setting Body on the adoption of VPSASs in phases

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Representative from Thuyloi University provided input to the Standard Setting Body on scope of application

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A representative from the State Treasury agreed with the roadmap for the adoption of VPSASs

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