ACCA and VACPA deepen partnership to support Vietnam's green finance transition

ACCA and VACPA deepen partnership to support Vietnam's green finance transition

The renewal of the MoU between ACCA Vietnam and the VACPA marks not only a new chapter in their long-standing partnership, but also a shared commitment to build a transparent, sustainable financial ecosystem and address the growing risk of greenwashing.

On July 21, the Association of Chartered Certified Accountants (ACCA) Vietnam and the Vietnam Association of Certified Public Accountants (VACPA) renewed their MoU, launching a new phase of cooperation focused on strengthening professional capabilities in environmental, social and governance (ESG) practices and sustainability assurance services.

The renewed partnership reflects the evolving role of the accounting and auditing profession as businesses and financial institutions face increasing demands to comply with international sustainability reporting standards. Beyond verifying financial statements, accountants and auditors are now expected to enhance the credibility of non-financial disclosures, helping to improve market transparency and investor confidence.

Ren Varma, head of Mainland Southeast Asia at ACCA, said this year marks a significant milestone as ACCA celebrates its 25th anniversary in Vietnam, reflecting a quarter-century of collaboration with the Ministry of Finance, government agencies, employers, universities and professional partners to strengthen the country's accounting and finance profession.

“Among these partnerships, VACPA has always been one of ACCA's closest and most valued strategic partners,” he said. “Today's renewal therefore represents far more than the continuation of an agreement. It reflects our shared commitment to supporting the continued development of Vietnam's accounting, auditing and finance profession, while preparing professionals for the opportunities and challenges ahead,” Varma said. “Vietnam is entering an important stage in its sustainable development journey. The introduction of the Green Taxonomy is a significant milestone that will help guide sustainable investment, improve transparency and accelerate the development of Vietnam's sustainable finance ecosystem.”

Ren Varma, head of Mainland Southeast Asia at ACCA. Photo: ACCA Vietnam

He noted that similar momentum was emerging across Southeast Asia as governments roll out sustainable finance frameworks, investors demand more reliable sustainability information, and businesses face growing expectations to demonstrate resilience and responsible governance.

“Against this backdrop, accountants and auditors are not only responsible for financial reporting. They also play an essential role in strengthening trust in sustainability information, supporting ESG reporting and assurance, helping organisations manage risk, and enabling better decision-making. This is why collaboration between regulators; professional bodies and the business community is more important than ever,” said Varma.

“Looking ahead, ACCA and VACPA will continue to work together to: strengthen professional capabilities in sustainability, ESG reporting and assurance; share international knowledge and global best practices; support policy dialogue and professional development; and contribute to building a transparent, trusted and future-ready profession in Vietnam.”

Vu Thi Mai, chairwoman of the VACPA, said that amid increasing global economic uncertainty, rapid advances in digital technology and AI, as well as growing demands for sustainable development and compliance with international standards, the accounting and auditing profession is facing both unprecedented opportunities and new challenges.

“These developments require professional organisations, including VACPA, to further strengthen international cooperation and enhance knowledge and experience sharing to improve the adaptability and professional capacity of their members and auditors,” said Mai. “The renewal of the MoU between VACPA and ACCA today reaffirms the trust, close partnership, and achievements that both organisations have built over the years, while demonstrating our shared commitment to expanding and deepening cooperation in the future.”

“VACPA hopes that the two organisations will continue to work closely together to implement joint programmes, support the association's professional development and training activities, promote updates on emerging industry trends, and strengthen connections between the VACPA community and international professional bodies, thereby contributing to the further development of Vietnam's independent accounting and auditing profession.”

ACCA, VACPA deepen partnership to support Vietnam's green finance transition. Photo: ACCA Vietnam

As part of the event, ACCA and VACPA also hosted a seminar on the implementation of Decision No.21/2025/QD-TTg on Vietnam's Green Taxonomy, which is expected to provide a critical foundation for the country's sustainable finance market.

“This is also regarded as a significant milestone that will help lay the foundation for mobilising sustainable capital and improving investment quality. It will create more favourable conditions for businesses to access green financing, including green credit from financial institutions, green bond issuance, and other preferential financing mechanisms that support sustainable development objectives,” Mai said.

“At the same time, it further reinforces the vital role of the accounting and auditing profession in enhancing the credibility and reliability of ESG-related information, supporting banks and investors in assessing and verifying green projects, and mitigating the risk of greenwashing in the market.”

Speakers described the Green Taxonomy as a common framework that will help regulators, financial institutions, businesses and investors identify genuinely green economic activities.

By establishing consistent classification criteria, the framework is expected to standardise project assessments, improve the quality of green credit appraisal and facilitate access to both domestic and international sustainable finance.

“As Vietnam continues its remarkable economic transformation, the accountancy profession has never been more important. High-quality financial reporting, robust auditing, sound governance and ethical leadership are essential to attracting investment, enhancing business confidence, and supporting sustainable growth,” said Joshua Ashworth, head of Trade & Investment at the British Embassy in Hanoi.

Ashworth noted that the conference on risk-based auditing for credit institutions is highly relevant. As financial systems become more sophisticated and risks more interconnected, strengthening audit quality and professional judgement is essential to safeguarding financial stability and reinforcing public trust.

“The United Kingdom remains committed to supporting Vietnam through partnerships in finance, professional services, education and sustainable development. We value opportunities to work alongside trusted organisations such as ACCA and VACPA to promote international standards, develop future talent, and contribute to Vietnam's long-term prosperity,” said Ashworth.

One of the central themes of the seminar was how to reduce the risk of greenwashing while strengthening the credibility of sustainability disclosures as Vietnam's green finance market continues to expand.

According to speakers, the absence of consistent standards for ESG data, measurement methodologies and assurance services could undermine investor confidence and reduce the effectiveness of green capital allocation. In this context, independent auditors and sustainability assurance providers are expected to play an increasingly important role in verifying whether projects comply with the Green Taxonomy and internationally recognised standards.

VIR