ACCA Sign MoU with the University of Laos

On the morning of Friday, 04 August 2023, the Association of Chartered Certified Accountants (ACCA) held a Signing Ceremony for the Memorandum of Understanding between this UK based but worldwide organisation and the National University of Laos (NUOL). Signatories to the MoU were Vice Dean of the Faculty of Economics and Business Studies (FEBS), Dr. Thongphet Chanthanivong, and Ratna Neou, Head of ACCA in Cambodia and Laos. Both gave keynote addresses to the assembled audience. The moderator for the occasion was Ms. Vadsana Somphon a Chevening Scholar, graduate in Business Studies from Southampton University in the UK and lecturer at NUOL FEBS. The signing confirmed the cooperation of ACCA with NUOL for the establishment of a curriculum taught in English to students who wish to study for and achieve internationally recognised accountancy qualifications by passing the examinations set by ACCA.

The ceremony was attended by distinguished guests and business leaders with ACCA affiliation from Laos, Cambodia and Malaysia, by NUOL senior staff of the Faculty of Economics and Business Studies and many of its final year students who are soon to be entering employment. Following the signing ceremony, a panel of 5 expats from ACCA and NUOL gathered on stage to discuss ‘Enhancing Your Employability’ and to answer questions from students. The panel included Mr. Lee Sik Weng, Director of Inspire from Malaysia, Mr. Sokheng Sat (CEO and Managing Partner of Digital Financial Consultancy), Ms.Bormey Virac DFC Senior Manager based in Cambodia, Associate Professor Phanphasa Lomchanthala, Director of the Graduate Division and Lecturer in the NUOL Accountancy Department. .

Guests of Honour and speakers from the audience included John Cockcroft, Chairman of the British Business Group in Lao PDR and BBGL Executive Secretary, Sengthavisay Xayphrakassa. With ACCA accounting qualifications internationally recognised, both the BBGL Chairman and Lee Sik Weng emphasised the opportunity for students to gain experience of best world accounting and business practices by taking employment abroad with significant foreign businesses or being indentured to foreign businesses operating in Laos. The representatives of BBGL, ACCA, Inspire and DFC all emphasised to NUOL FEBS students and staff the availability in Laos of experienced business people, both local and foreign, to mentor students in their development both prior to and possibly leading to employment.

The representatives of the various organisations present were all committed to the betterment of accounting and business practices in Laos and offered further contact and interaction with NUOL students and staff to that end.