JICA backs Vietnam’s efforts to apply int’l financial reporting standards
Applying international standards becomes necessary amid the world's financial markets have become increasingly interconnected.

The Japan International Cooperation Agency (JICA) will assist Vietnam’s Ministry of Finance (MOF) in improving capacity for the application of international financial reporting standards (IFRS) with an aim to boost transparency of financial information.
Chief Representative of JICA Vietnam Office Akira Shimizu (left) and Vu Duc Chinh, director of MOF's Accounting and Auditing Policies Department. Photo: JICA Vietnam |
Under the Record of Discussions (R/D) signed on December 22, JICA will support the MOF’s Accounting and Auditing Policies Department (AAPD) in the implementation of a project on IFRS application, which might be conducted from April g 2021 to March 2024.
AAPD Director Vu Duc Chinh said the ministry is aware of benefits brought about by applying IFRS and the feasibility of the application in Vietnam. The JICA’s support is crucial for the ministry in the process.
Chief Representative of JICA Vietnam Office Akira Shimizu said both the MOF and JICA are aware of the requirement of the modernization in the accounting sector. The application of IFRS is believed to boost reliability and transparency of financial statements amid the increasing demand for international capital market among Vietnamese businesses.
The project on IFRS includes three components that cover the building of applicable rules and legal framework to apply IFRS in Vietnam; improving state agencies and businesses’ capacity and understanding of IFRS; and assessing the impact of voluntary applying of IFRS.
Other News
- Hanoi eyes comprehensive development in 2023: Mayor
- EU, Germany fund to enhance public financial management in Vietnam
- Vietnam proposed 30% cut in land lease in 2023
- Vietnam's foreign reserves to return to US$100-billion mark by year-end
- Vietnam’s 2023 GDP growth forecast at 7.2%: Standard Chartered
- Gold of high interest for Vietnamese investors to combat inflation
- Vietnam's finance ministry waives taxes worth over US$2 billion in 2022
- Vietnam's credit growth expands nearly 13% in 2022
- C.bank urges tightened credit management in high-risk fields
- Vietnam banks' ratings on positive trajectory: Fitch
Trending
-
Vietnam prioritizes macroeconomic stability in 2023: PM
-
Demand for housing in Hanoi forecast to rise in 2023
-
Vietnam publishes book on Communist Party chief’s anti-corruption
-
Hanoi ranked 5th among safest cities in Southeast Asia
-
Hanoians show passion for flowers
-
Vietnam’s tourism forecast to strongly rebound in five years
-
Admiring 2,023 feline statuettes made by Hanoi artist
-
Overseas Vietnamese eagerly await Tet and spring
-
Switzerland to support Vietnam’s transition to green economy