Vietnam Investment Tops the Agenda at Baker Tilly International Summit
2 Apr 2012
Investment in Vietnam topped the agenda at Baker
Tilly International's annual Asia Pacific summit, held last week in
Ho Chi Minh City. Geoff Barnes, CEO & President of Baker Tilly
International, outlined the network's investment plans to build on
its strong growth record in the region and described the outlook
for business in Vietnam.
"As a network, we are continually assessing the
changes that are occurring in the marketplace," said Barnes. "We
recognise the importance of continuing to invest in being in the
right places, so that we have the right capabilities in locations
of strategic importance to the future of our business, and our
clients'. Asia - and Vietnam in particular - is certainly the right
place to be investing in now."
Baker Tilly International saw strong growth in Asia
Pacific last year, with combined revenues of its member firms up
40%. Its member firm in Vietnam, Baker Tilly A&C, saw good
growth in all service lines.
"In Vietnam, our focus in the coming year is to
continue to build market share across the core services of audit,
tax and consultancy services," said Barnes. "Baker Tilly A&C
will work closely with other firms in the Baker Tilly International
network to expand its service offering to clients with cross-border
operations. Talent is also a key focus: we will continue to
recruit, train and develop high quality professionals in Vietnam
and draw on the power of Baker Tilly International's global
training and secondment programmes."
Although Vietnam's economy has performed well in
recent years, resulting in high levels of GDP growth and foreign
direct investment into the country, the government is now looking
to the future.
"The Vietnamese government is taking steps to reform
the economy and has said that its first priority is controlling
inflation and delivering macroeconomic stability," said Barnes.
"Last year it began addressing fiscal issues - tightening monetary
policy and government spending. Its focus now is on restructuring
public investment and state-owned economic entities as well as
reforming the finance sector, with particular emphasis on the
Barnes believes that the government's recently
unveiled three-year bank restructuring plan is a positive
development, which should help stabilise the economy and support
wider economic reforms. "Investors want a stable banking system -
this is vital if Vietnam is to continue to attract the investment
that is needed to drive economic growth," he said. "Improvements in
the quality of financial reporting will also benefit investors as
the Vietnamese accounting and audit profession continues to develop
and strengthen in light of gradual convergence to
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