On July 10th 2026, Accounting Regime & Management Accounting Department presided over and coordinated with other Divisions, Departments/Boards at H.O and EY Vietnam to successfully host the Kick-off Ceremony of the IFRS GAP Analysis Project. This event officially marked the beginning of Indovina Bank Ltd. (IVB)’s journey toward financial statement transformation under International Financial Reporting Standards (IFRS).

Amidst the banking and financial sector's shift toward modern governance standards, implementing IFRS not only satisfies market development requirements but also helps improve corporate governance, enhance transparency and lay a foundation for sustainable growth. For IVB, this is a key project to realize its long-term development strategy, aiming to build a financial management system that closely aligns with international standards.

The event was attended by BOE with representatives from Divisions/ Departments at H.O. This is one of IVB’s key projects in its strategy to enhance financial management capacity, risk management and integration with international practices.

In the initial phase, the project will perform an IFRS GAP Analysis to comprehensively assess the differences between IVB's current status and IFRS requirements across multiple areas, including:

• Accounting policies and recognition standards.
• Data and information quality.
• Information technology systems.
• Business processes and internal controls.
• Governance models, resources and operating mechanisms.

Ms. Tran Nguyen Xuan Thao - Chief Accountant of IVB Head Office shares insights into the project. 

Mr. Dinh Ngoc Quynh Son - Head of Retail Banking Department highly appreciates the project's feasibility.

EY Vietnam representative discusses partnership in project implementation. 

Representatives from IVB Head Office Departments.

The assessment results will serve as an important foundation for building a suitable IFRS implementation roadmap aligned with IVB's development goals, while ensuring feasibility, efficiency and compliance throughout the transformation process.

The implementation of IFRS is expected to deliver significant practical value. It is not only an accounting standard requirement but also an opportunity to elevate corporate governance quality, enhance financial reporting transparency, improve risk management capabilities and better meet the expectations of shareholders, investors and regulatory authorities. This also creates a vital cornerstone for IVB to boost its competitiveness and open up broader collaboration opportunities in the international financial environment.

The success of the project will depend on the close coordination among units across the entire system. With a spirit of companionship, innovation, and a strong commitment from the BOE alongside the staff, IVB is confident that the project will be effectively implemented. This will create a solid foundation for the international standard transformation, contributing to enhanced competitiveness and aiming for sustainable development in the new era.