Hanoi, Vietnam, December 8, 2010—
IFC, a member of the World Bank Group, today launched two publications aimed at improving Vietnam’s corporate governance standards and practices. They are expected to raise awareness and standards of international corporate governance and disclosure practices and contribute to sustainable economic growth.
The
Corporate Governance Manual
and the
Corporate Governance Scorecard for Vietnam
were published in cooperation with the Sate Securities Commission of Vietnam and the Global Corporate Governance Forum.
The
Corporate Governance Manual
closely examines all applicable Vietnamese laws and regulations and relevant international standards and practices, and provides recommendations to shareholders, corporations, and the government for implementation and monitoring of good governance standards. It comes at a time when Vietnam’s business community can benefit from detailed guidelines for shareholder rights, shareholder meetings, and shareholder voting, and a more consistent regulatory framework.
“We hope the manual will be a useful tool for public holding companies, especially publicly listed companies, giving them the knowledge to enhance their professionalism and value in the securities market,” said Vu Thi Kim Lien, Vice Chairwoman of the State Securities Commission of Vietnam. “The enhanced capacity to apply corporate-governance principles also helps state regulators enhance the application of international standards and best practices.”
The
Corporate Governance Scorecard for Vietnam
is a review of the corporate-governance practices of the 100 largest companies listed on the Hanoi and Ho Chi Minh City stock exchanges as of January 1, 2009. It aims to develop a benchmark of corporate-governance practices by exploring compliance with laws and regulations, including local governance regulations and globally recognized governance practices.
“Vietnamese companies with good corporate governance are better positioned to attract external financing, increase profitability, and hire and maintain a quality workforce,” said Simon Andrews, IFC Regional Manager for Vietnam, Cambodia, Lao PDR, and Thailand. “We expect that the manual and the scorecard will help both the public and private sectors adopt transparent, timely, and standardized practices that will enable them to integrate into an increasingly selective and competitive global market.”
The two publications were produced as part of the IFC’s Vietnam Corporate Governance program, implemented in October 2008, in partnership with Finland, Ireland, the Netherlands, New Zealand, and Switzerland.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
About State Securities Commission of Vietnam
State Securities Commission of Vietnam is an organization under the Ministry of Finance of Vietnam, whose purpose is to develop capital markets, regulate securities activities, license market participants, and enforce regulations. For more information, visit
www.ssc.org.vn
.
