“In a Globalized Economy, Training Solely for the Domestic Job Market Is No Longer Sufficient”

Recently, the Association of Chartered Certified Accountants (ACCA) collaborated with the Directorate of Vocational Education and Continuing Education (Ministry of Education and Training) to organize a mid-term review conference on the implementation of the Memorandum of Understanding in vocational education for the accounting and finance sector.

The conference brought together over 200 delegates from colleges, enterprises, professional associations, and ACCA’s strategic partners in Vietnam. This marks a new milestone in the partnership between the two organizations, expanding ACCA’s successful collaboration with universities to the college level.

Over 20 years in Vietnam, ACCA has partnered with nearly 50 universities, integrating international standard training programs into teaching, supporting lecturers and students, and connecting with businesses. This model has contributed to the development of a workforce of accounting and finance professionals meeting international standards, many of whom now hold leadership positions in businesses and government agencies.

Since 2023, ACCA has expanded its collaboration to colleges through a Memorandum of Understanding with the Directorate of Vocational Education and Continuing Education. After more than two years of implementation, ACCA’s Diploma in Accounting and Business has been integrated into college programs in Vietnam.

This is a breakthrough in vocational education, enabling college students to access international standard knowledge and skills, while facilitating degree recognition and mobility in the global job market.

Additionally, ACCA has launched a series of in-depth lecturer training programs, with an average of 80-100 lecturers per subject participating, to ensure international standard teaching quality. The achievement of Vietnamese college students ranking in the global Top 6 in the June 2024 ACCA exams is a clear testament to the effectiveness and practicality of the integrated training program.

Speaking at the conference, Mr. Pham Vu Quoc Binh, Deputy Director of the Directorate of Vocational Education and Continuing Education, shared that separate resolutions on vocational education have emphasized its role as a key factor in developing a high-skilled and foundational workforce. This is reflected in the newly issued Resolution 71 of the Politburo. Education must be open, modern, integrated, and serve lifelong learning, as ACCA representatives have highlighted.

Particularly in an integrated economy, we cannot train for the needs of only the Vietnamese labor market but must align with international demands. The competition for labor and economic competitiveness heavily depends on the integration of our labor strategy, both domestically and internationally. Thus, compliance with international standards is imperative in our current human resource development efforts.

“Vocational education is undergoing a strong transition. The collaboration between ACCA and the Directorate of Vocational Education & Continuing Education is a prime example of public-private partnership. We hope this model will continue to be evaluated, summarized, and expanded to other public-private collaborations,” Mr. Binh emphasized.

Mr. Pulkit Abrol, ACCA Director for Asia-Pacific, stressed: “At ACCA, inclusivity and community benefit are core values in all our activities. We set no barriers—everyone has the opportunity to access and develop with ACCA’s programs.” This inclusive spirit guides all ACCA activities, particularly in efforts to internationalize vocational education in Vietnam.

At the conference, ACCA officially launched the Vietnamese translation of the Foundations in Accountancy (FIA) program, helping students overcome language barriers and effectively access the international program.

The translation of all seven subjects in the Foundations in Accountancy (FIA) program into Vietnamese is a strategic move to help colleges swiftly and effectively integrate global standards into their curricula. Mr. Pulkit Abrol also praised the Directorate of Vocational Education and Continuing Education’s leadership in encouraging and supporting vocational training institutions to implement foundational accounting programs within the ACCA qualification.

Looking ahead, Mr. Ren Varma, ACCA Director for Mainland Southeast Asia, affirmed: “The partnership between ACCA and the Directorate of Vocational Education and Continuing Education is built on mutual respect, shared goals, and a deep belief in the power of education, particularly vocational education. Let us continue nurturing this relationship, dreaming big, acting boldly, and achieving tangible results.”

The mid-term review conference is expected to open a new phase in the partnership between ACCA and the Ministry of Education and Training, leading to the signing of a comprehensive Memorandum of Understanding in the future. This will contribute to standardizing vocational education in accounting and finance in Vietnam according to international standards.