IFRS to make VN's enterprises more financially transparent
(May 28, 2015)
The implementation of International Financial Reporting Standards (IFRS)
will make Vietnamese enterprises become more financially transparent
and better at financial risk management so as to efficiently manage
their corporate's assets.
The restructuring has so far helped the banking system avoid the risk of
collapse and gradually stabilise with achievements gained in handling
non-performing loans (NPLs). Vietnam News Agency talks with SBV deputy governor Nguyen Thi Hong.
These developments will strengthen the base upon which Viet Nam's
economy can be restructured for sustainable development, said Hong Sun,
Secretary General of Korcham in Viet Nam (the Korea Chamber of Commerce
and Industry), in an interview with the Vietnam News Agency.
Investors and other stakeholders expect that accountancy services,
including auditing or assurance, can be relied on when taking important
decisions, David Stevens, Integrity and Law Manager for the Institute of
Charted Accountants of England and Wales (ICAEW), tells Viet Nam News.
By deciding to devalue dong by 1 per cent on Thursday, the State Bank of
Viet Nam (SBV) has not left any room for foreign exchange adjustment
this year. Economist Dr Nguyen Dinh Anh talked with Viet Nam News Agency about possible issues.
Equitising 262 SOEs in the remaining nine months is a tall order. Dang
Quyet Tien, deputy head of the Enterprise Finance Department under the
Ministry of Finance spoke to Vietnam News Agency about the challenges
Viet Nam should have only five major banks that
provide financial services and support domestic businesses, as well as
effectively compete with foreign banks, which are about to enter the
country. Keith Pogson, managing partner at Asia Pacific Financial
Services for Ernst & Young, spoke with the local media about the
banking situation in Viet Nam and its development in the future.
Viet Nam's recent integration into the ASEAN
economic community will provide opportunities for Vietnamese businesses
in all sectors, including the accounting and auditing profession.Vietnam News speaks to Adam Awty, Chief Operating Officer – Commercial, CPA Australia, about these changes.
The oversupply of agricultural products has forced farmers to sell rice
too cheaply, especially those who wait for many weeks at the border
gates to export their produce to China. Tran Xuan Dinh, the Deputy Director of the Cultivation Department under
the Ministry of Agriculture and Rural Development, spoke to Viet Nam News about these issues.
The fact that some major Vietnamese groups are announcing their plans
to enter the agricultural sector is positive news for the country's
economy. However, the local firms have been facing several
difficulties while investing in agriculture. Dang Kim Son, director of
the Strategic Institute of Agriculture and Rural Development, shared his
views with Vietnamese firms and local media at a recent meeting.
USAID Vietnam Mission Director Joakim Parker tells Viet Nam News that the ongoing public-private collaboration in regulatory reforms has had positive impacts.