Director of the Ministry of Finance's Department for Accounting and Auditing Dang Thai Hung addresses at the seminar in Ha Noi. — VNS Photo Linh Anh

HA NOI (Biz Hub) — The Vietnamese accounting and auditing sector faces a shortage of trained manpower, particularly in the initial stages of joining the Trans-Pacific Partnership (TPP) and the Asean Economic Community (AEC).

On December 18 in Ha Noi, the Association of Chartered Certified Accountants UK (ACCA) and the Viet Nam Accounting and Auditing Association (VAA) co-organised a seminar on the theme of "Joining TPP and AEC – Opportunities and Challenges for Viet Nam accounting and auditing sector."

According to the Director of the Ministry of Finance's Department for Accounting and Auditing Dang Thai Hung, the accounting and auditing industry in Viet Nam has developed rapidly since its establishment in the 1990s, and Viet Nam has been perfecting its accounting standards and legal policies for auditing, to prepare for the process of deeper international integration.

However, Hung said one of the biggest challenges of accounting and auditing sector was that Viet Nam was facing a severe lack of skilled manpower.

Viet Nam currently has 5,000 qualified auditors, much fewer than those of other countries in the region such as Singapore and Thailand, Hung said, and added that there are now approximately 150 auditing firms operating in the country, including foreign and domestic enterprises, serving about 40,000 customers.

The supply of human resources for this industry remains limited compared to the huge demand of Viet Nam's fast growing economy, Hung said.

He added that Viet Nam needs to urgently implement appropriate strategies to improve human resources for accounting and auditing sector in order to satisfy international auditing and accounting standards.

The country should also improve the management of independent accounting firms and enhance transparency for enterprises and the economy. — VNS