Shaping the AI era in the finance sector

In the rapidly-growing digital economy, leveraging the potential of AI in the finance sector is considered strategically important for all businesses, both globally and in Vietnam.

Acknowledging this, the Association of Chartered Certified Accountants (ACCA), in collaboration with the British Embassy, organized the “Catalysing Innovation with AI” event on September 18 in Hanoi, with the participation of the Lord Mayor of the City of London, Mr. Michael Mainelli, FCCA.

In attendance on the ACCA side were Mr. Ren Varma, Head of Mainland Southeast Asia; Mr. To Quoc Hung, ACCA Vietnam’s Country Manager; and Mr. Pham Quoc Hung, Vice Chair of ACCA Vietnam’s Member Advisory Committee (MAC) and Advisory Partner at Grant Thornton Vietnam.

Representing the British Embassy was Ms. Alex Smith, Consul General in Ho Chi Minh City and Director for Trade.

The event also featured renowned finance and technology experts as speakers, including Mr. Phan Vu Hoang, FCCA and Partner at Deloitte Vietnam; Mr. Ngo Hoang Ha, FCCA and Deputy Managing Director & CFO at Techcom Securities; Ms. Nguyen Thi Phuong, FCCA and Consulting Director at FPT IS; and Ms. Nguyen Ngoc Lan Anh, FCCA and Chief Technology & Operations Officer at Standard Chartered Bank. It also attracted a significant number of ACCA members from the fields of accounting, auditing, finance, and technology in Vietnam.

In his opening remarks, Mr. Varma emphasized the pivotal role of AI in accounting. “At ACCA, AI is embraced as a business tool that allows accountants to save time and cost, delivering sustainable value for businesses,” he told the gathering. “The rapid development of AI is reshaping business operations. Consequently, ACCA has proactively enhanced its training programs, equipping accountants with AI skills and knowledge, grounded in solid ethical foundations. By integrating AI into accounting processes, accountants can break free from repetitive tasks and focus on more strategic and creative responsibilities, thus elevating the value and position of the profession in today’s digital landscape.”

Following Mr. Varma’s speech, Lord Mayor Mainelli commended ACCA for its forward-thinking approach in adopting AI and highlighted AI’s role in finance and accounting. “Vietnam’s growth has outpaced most ASEAN countries over the past decade, with significant contributions from UK-based businesses and organizations, including ACCA, in developing the financial services sector, businesses, and the entire economy,” he said.

Attendees had the opportunity to engage with leading finance and technology experts from Deloitte Vietnam, Techcom Securities, FPT IS, and Standard Chartered Bank. These discussions explored the benefits of AI, practical applications in Vietnam, and models that can leverage AI’s potential to motivate sustainable development.

In his closing remarks, Mr. To Quoc Hung extended heartfelt thanks to all attendees, partners, ACCA members, speakers, and the Lord Mayor for their valuable contributions. “AI presents more opportunities than challenges for Vietnamese businesses,” he affirmed. “It significantly impacts business operations, enabling people to process and analyze vast amounts of data, create reports, and facilitate daily communication. However, the role of accountants in ensuring transparency, accountability, and professional ethics remains irreplaceable when utilizing AI.” He concluded by encouraging everyone to leverage ACCA’s extensive network and research resources on AI to advance their businesses and contribute to a better Vietnam and the world.

After nearly three hours of focused discussions, the event concluded. Attendees gained not only a comprehensive overview of AI and its value in accounting and finance but also the opportunity to connect with industry experts and senior leaders, looking for new partners and projects in the future.