The Rise of Artificial Intelligence in Vietnamese Accounting Practices: A Look at FPT and ACCA’s Perspectives
Vietnamese corporations and companies are embracing Artificial Intelligence (AI) to transform their business operations, with FPT, a prominent technology group in Vietnam, leading the way. By utilizing AI in their accounting department, FPT has significantly reduced their workload, showcasing the power of technology in streamlining processes.
The rise of generative AI, also known as creative AI, has sparked discussions about its impact on professions like accounting and auditing. There is a growing curiosity about whether this type of AI should be viewed as a threat or an opportunity to enhance traditional roles.
At the recent “Asia-Pacific Dialogue” hosted by the Association of Chartered Certified Accountants (ACCA), ACCA Global CEO Helen Brand emphasized the positive outlook on AI. She highlighted the evolving role of accountants in not only ensuring technical excellence but also in driving value for businesses and promoting corporate responsibility.
Pulkit Abrol, Director of ACCA for the Asia-Pacific region, emphasized the vast potential of big data, estimated at around $500 billion. Accountants play a crucial role in managing and analyzing this data, despite the risks that AI may pose.
ACCA’s approach focuses on continuous education in ethics for accountants, ensuring their skills are recognized by regulatory bodies. This approach aims to integrate auditors and accountants into business processes from the outset, reducing the margin of error.
With Vietnam aiming for a Net Zero goal by 2050, there is a growing need for enhanced skills in sustainability reporting and green finance. Federico Fontolan of CRIF Dun & Bradstreet Vietnam highlighted the importance of demonstrating ESG efforts for local companies, especially in international transactions.
The adoption of AI in accounting is part of Vietnam’s broader digital transformation, driven by initiatives like the “National Strategy for Research, Development, and Application of Artificial Intelligence.” This trend is reshaping various sectors, including manufacturing, banking, and healthcare.
As AI technologies continue to revolutionize accounting practices in Vietnam, there are key questions about implementation, potential risks, challenges, advantages, and disadvantages that need to be addressed. The integration of AI in accounting presents both opportunities for efficiency and insights, as well as challenges related to job displacement and ethical considerations. It is essential for professionals in the accounting sector to adapt to this evolving landscape through continuous training and development.