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December 20, 2009

PKF Vietnam targets rapid post-crisis revenue growth

By Nicholas Moody

PKF Vietnam is planning for rapid
revenue increases following its promotion to full membership status
as the country’s economy looks for a quick turnaround from the
financial crisis.

PKF International promoted its Vietnamese
member from correspondent to full membership status last month
after a two year process to meet the network’s audit quality
control standards.
The firm has six partners, all trained at BDO Vietnam, and 95 staff
in its Hanoi, Ho Chi Minh City and Da Nang offices. PKF Vietnam’s
most recent fee income was VND14 billion ($751,702).

PKF International liaison partner Pham Tien
Hung said the firm wants to become a top ten firm within the next
three to five years. He currently ranks it as the 15th-largest firm
in the country.

PKF Vietnam has set itself aggressive targets,
aiming for about 35 percent growth per annum over the next three
years with the goal of tripling its current size within five
years.

The Vietnam Association of Certified Public
Accountants estimated in 2008 the total revenue of all accounting
firms in Vietnam was about $100 million. This is split between
about 26 international network or association member firms and the
Big Four.

The public accounting industry in Vietnam is
not large due to the problems with the current legal framework,
according to Hung. However, he expects it to develop quickly in the
near future once the legal framework has been improved and the
country recovers from the financial crisis.

“We think the industry will grow faster in the
future,” said Hung.

The firm provides audit and assurance services
which make up about 80 percent of its revenue, tax services (9
percent) and consulting, such as valuation, bankruptcy and M&A
services, accounts for 11 percent. Hung said this year PKF Vietnam
and PKF Malaysia have established a joint venture in Vietnam to
provide corporate finance services, targeted diversification of
services and promoting growth.

PKF Asia-Pacific regional director Stephen
Darley said the admission complemented the balance of PKF member
firms across the Southeast Asian region.

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