ACCA and Forvis Mazars Vietnam lead dialogue on green transition in finance

During the signing of the MoU between the Association of Chartered Certified Accountants (ACCA) and Forvis Mazars Vietnam in Hanoi on December 3, a panel discussion on the green transition and its impact on the financial sector was held.

The discussion session features the participation of leading experts and representatives from top businesses in the finance industry. Photo: ACCA Vietnam

The panel featured key speakers including To Quoc Hung, country manager of ACCA Vietnam; Nguyen Hai Minh, Chairman of Forvis Mazars Vietnam and vice chairman of the European Chamber of Commerce in Vietnam (EuroCham); and Nguyen Tung Anh, vice chairman of the Sustainable Finance Committee at Eurocham, with Nguyen Phuong Hang, FCCA, member of the Advisory Committee of ACCA Vietnam, serving as the host.

“There are two main driving forces behind the green transition: business results and mandatory regulations requiring compliance with green standards,” said Hung.

Through ongoing research and dialogue, the ACCA has observed that Vietnam's regulations are increasingly aligned with global trends, particularly those seen in Europe. ACCA Vietnam has been working closely with government bodies, such as the State Audit Office of Vietnam, on topics like environmental auditing.

“We hope that the forthcoming regulations will serve as a catalyst for local businesses alongside international standards. Moreover, businesses that participate in sustainability initiatives are gaining recognition and improving their overall business performance. Research has shown that 78 per cent of studies link sustainability practices with better financial outcomes,” Hung said.

On a global scale, green jobs are increasing by 58 per cent since 2015, yet green-skilled professionals remain scarce, with fewer than 13 per cent of the workforce equipped with these skills. In Vietnam, there is a projected shortage of 500,000 digital transformation workers in 2025. While digital transformation is well-represented in academic programmes, green transformation skills are still lacking.

To address this gap, ACCA has introduced the Professional Diploma in Sustainability, a globally recognised certification set to launch across 180 countries by the end of 2024. Through these efforts, the ACCA aims to contribute to the growth of the accounting, auditing, and finance communities, with 95 per cent of green jobs in these fields directly related to sustainability transformation," Hung said.

Representing the government, Lang Trinh Mai Huong, deputy director general of the Department of International Cooperation at the State Audit Office of Vietnam, reminded businesses looking to expand internationally that integrating ESG (environmental, social, and governance) into their business strategies is essential.

"The key point is that businesses need to clearly recognise the costs and benefits of implementing ESG practices. Failing to demonstrate clear value may result in missed opportunities or difficulties, especially during financial crises. Using ESG measurement tools and reporting not only ensures transparency but also helps businesses craft sustainable strategies, maximise stakeholder benefits, and enhance their position in the global market," Huong said.

The Association of Chartered Certified Accountants (ACCA) unveiled its latest report on November 11 titled "Weathering the storm: Building resilience against climate disruptions", exposing widespread neglect of climate risks as many organisations fail to update business continuity plans or invest in resilience measures.

ACCA and PwC Vietnam signed an MoU on November 22 in Hanoi to collaborate on implementing global standards in Vietnam.

The Association of Chartered Certified Accountants (ACCA) and Forvis Mazars Vietnam signed an MoU in Hanoi on December 3 on fostering a green workforce and advancing sustainable development in Vietnam's accounting, auditing, and finance sectors to support national environmental, social, and governance (ESG) goals.