Currently, it’s not really at the right level compared to companies around the world. Let’s find out this difference in the article below shared by a headhunting company in Hanoi.
Titles are not clearly defined in the legal system
The CFO did not receive due attention
The role of the financial director in Vietnam increasingly enriched to become very important titles in companies. Even modern financial managers tend to expand management beyond the domestic scale with many development planning strategies with foreign partners. However, in Vietnam, it is not guaranteed that this high-level position is of the right caliber. Currently, there are no legal documents regulating titles, authority standards or standards powers of the financial director this in business.
In major countries around the world, you can easily find legal regulations clearly defining CFO titles. Even though they are clearly expressed in documents on business law, company law or commercial documents, etc., there is no clearly defined law in Vietnam.
Duties and powers are unclear
Because there are no specific regulations, awareness What should the financial director do? of Vietnamese financial managers is quite difficult. The work environment lacks transparency and the most suitable tasks are not assigned to develop capabilities. This is the cause of many incidents such as tax evasion, fraud, etc., which are becoming more and more common in the commercial activities of companies.
Therefore, Vietnam’s financial managers seem to face many difficulties when operating in an environment of lack of transparency, ambiguous concepts and when they are not given reasonable tasks to maximize their capabilities. It is also an assumption that easily leads to fraud, tax evasion, transfer pricing… in commercial activities.
Go into business Financial director recruitment in Ho Chi Minh City and many localities have not really received much attention. Training and opening activities financial manager course Improve soft skills and qualifications have not yet been improved.
Currently, the number of large corporations and multinational corporations is increasing with complex financial activities. This requires the development of laws clearly regulating the position of financial director. This is how the financial activities of a company run smoothly and achieve the best results.
Learn more: 5 Steps to Becoming a Good CFO Without Any Adjustment
Differences in perception of the role and missions of the financial director
There are huge differences in the financial management of Vietnamese and foreign companies. First of all, it’s the difference in perception Job description of financial director.
Currently in Vietnam, the work of financial directors is often equated with the functions of accountants. They generally only perform tasks related to payment and collections, tax activities, payroll preparation, budget management, capital investments, etc.
In large foreign companies, the functions of financial directors are clearly planned. Their tasks are divided into 4 main areas:
– Attract investments, find capital investment options for businesses in the most efficient way.
– Ensure sponsorship and seek sources of investment for businesses.
– Carry out profit work, including departmental profit distribution and capital contribution work.
– Coordinate with brand directors and marketing directors to carry out communication work inside and outside the company. Aim to build the reputation and trust of companies with financial, commercial activities and news agencies.
Specifically, CFOs of large companies are often the managers of the entire financial system, developing strategic plans to leverage and use financial resources efficiently. Implement capital management, control risks and forecast future finances.
Financial strategic thinking is still limited
Many staff wish become a financial director There is no clear awareness of tasks and responsibilities, so strategic thinking is quite limited. The current situation of financial managers is often focused on implementing management activities without having the necessary foundation for planning long-term strategies.
Under the impact of the 4.0 revolution, changes and hidden risks are numerous. CFPs need to strengthen their skills in market analysis and strategic planning. This will clearly distinguish the position of financial director from the accounting position, which is assimilated.
Standard financial managers must have the skills to develop long-term strategies for businesses. Have solid knowledge of financial markets, taxation, accounting, etc. understand corporate and national financial issues. Normally in large companies, financial managers often seek help from experts to operate efficiently. deputy financial director.
Currently, Vietnamese companies are increasingly aware of the role of financial managers. This is a significant improvement that demonstrates the true training of generations of CFOs to improve competitiveness and labor productivity on the international stage.
Current situation of financial managers in Vietnam There are currently many limitations compared to market trends. However, thanks to the obvious efforts of companies and CFOs themselves, the future of the CFO sector in Vietnam will definitely see significant improvements.
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