The historic arrangement means the two will work together to promote international accountancy education in Vietnam.
RMIT Vietnam President, Professor Merilyn Liddell said RMIT appreciated the opportunity to collaborate with CPA in developing the accountancy profession in Vietnam.
"It is not uncommon nowadays to see accountants participating in important board meetings or holding senior managerial and governance positions," Professor Liddell said.
"In the expanding world of business, foreign investment and global integration, the accountants' role is also increasing. Accountants are crucial in the decision-making process in any organisation.
"RMIT Vietnam has been offering the Bachelor of Business (Accountancy) since 2008. This program offers a unique combination of internationally oriented curriculum and training specifically applicable to Vietnam."
CPA Australia CEO, Geoff Rankin, said CPA Australia's Memorandum of Understanding with RMIT Vietnam would enrich the high-quality educational opportunities RMIT offered Vietnam's finance and business students.
"Both parties are dedicated to the development of the accountancy profession in Australia and Vietnam," Mr Rankin said.
"High-quality accounting professionals with a thorough understanding of ethics, governance, regulation and strategic management have a key role to play in the current financial climate.
"We share common and strong interests in the advancement of the profession, especially in relation to the maintenance and strengthening of professional standards and educational standards, as well as the internationalisation of the profession."
Mr Rankin said the increasing convergence towards global standards in accounting and auditing meant the opportunity for professional bodies to collaborate and share their expertise had never been greater.
"The Memorandum of Understanding with RMIT identifies areas for joint initiatives including scholarships, information and learning opportunities and seminars and workshops. We look forward to working closely with RMIT and Vietnamese students."