Hanoi, Vietnam, April 28, 2020
—IFC, a member of the World Bank Group and the Vietnam Institute of Directors (VIOD) signed a new cooperation agreement on April 27 following the success of the partnership over the past two years. The continued cooperation will strengthen VIOD’s capacity in delivering professional development programs for boards of directors, helping raise Vietnamese companies’ corporate governance standards on par with its peers’ in the region.
The signing was virtually hosted and witnessed by VIOD directors and members connected from different locations in Vietnam.
“The fruitful collaboration and technical support from IFC and other stakeholders have been very effective to help position VIOD as a leading corporate governance practitioner and promoter in the market
,
” said Ha Thu Thanh, VIOD Board’s Chairperson. “This cooperation agreement is a further step forward in supporting VIOD to strengthen its capacity to respond to the market needs, especially during the most challenging times as the current COVID-19.”
On April 5, 2020, VIOD celebrated its second anniversary, marking its endless efforts to become a professional and pioneering organization in advancing corporate governance standards in Vietnam and supporting the professional development of board directors.
“Past crisis experiences have proven that good corporate governance is a key driver in helping economies and companies recover,” said Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Lao PDR. “In partnership with the Swiss State Secretariat for Economic Affairs (SECO) and the Government of Japan, IFC’s continued support to VIOD will expand the joint efforts to promote good corporate governance practices by local companies toward sustainable development and positive contribution to the Vietnam’s economy.”
With IFC’s support, a webinar on how corporate governance can help companies overcome crisis was also held on the same day for VIOD’s facilitators, directors and goodwill network members. About 50 attendees were presented with Vietnam’s economic and business sector reactions to COVID-19 outbreak and possible upcoming trends by Dr. Le Anh Tuan, Deputy Chief Investment Officer, Head of Research of Dragon Capital.
While the crisis is currently causing negative impacts on the whole economy, it also is an occasion for companies to assess how good corporate governance can help them weather the crisis successfully, drawing on the experiences including Thailand’s financial crisis experience more than two decades ago. At the event, Dr. Bandid Nijathaworn, Chairman of Foundation for Public Policy and Good Governance and Former President & CEO of the Institute of Directors of Thailand discussed measures that can better ensure companies’ resilience and enable a dynamic recovery from the crisis.
“Crisis provides an opportunity to reassess or strengthen what we have to achieve a better future outcome, said Dr. Bandid Nijathaworn. “Companies that can rise to the challenges in this crisis will be those that are financially sound, resilient, and gain the trust of the public.”
With IFC’s support, this webinar is the first among a series to be organized over the next three months to help VIOD member companies stand firm and quickly recover from the COVID-19 crisis.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
.
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About VIOD
The Vietnam Institute of Directors (VIOD) is a professional organization which promotes corporate governance standards and best practices in the Vietnamese corporate sector. VIOD aims to advance board professionalism, promote business ethics and transparency, create a pool of independent directors, build a network to connect corporate leaders and stakeholders, and help companies gain investor confidence. For more information, visit
www.viod.vn
