Hanoi, Vietnam, April 5, 2018
—The Vietnam Institute of Directors (VIOD), the first independent, private sector-led organization to promote corporate governance standards and best practices in the country, was launched today with support from IFC — a member of the World Bank Group. This significant market platform will help Vietnam advance the country’s continued market reforms and underscore its commitment to good governance and responsible business.
As a social enterprise, 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 inspire investor confidence. The organization has been established as a result of continued effort of the Vietnam Corporate Governance Initiative — founded by IFC, the Ho Chi Minh Stock Exchange, and the Hanoi Stock Exchange, with strong support from the State Securities Commission of Vietnam and Switzerland’s State Secretariat for Economic Affairs SECO — to enhance corporate governance practices in the business sector through improved competence of board directors.
“This is an important milestone for Vietnam, which will help the country address the urgent needs of the market in the context of regional integration and globalization,” said Tran Van Dzung, Chairman of State Securities Commission of Vietnam. “VIOD will play a critical role in providing training, networking opportunities, and related support services to board directors by sharing international best practices on corporate governance, enabling them to spearhead the growth of their companies.”
The institute’s board of directors encompasses a diverse group of business leaders and advocates of good corporate governance in Vietnam. They include senior dignitaries from investment funds, well-known international legal and accounting firms, and independent board members of prominent companies in the market.
“VIOD aims to equip company directors with the right knowledge and tools to serve more effectively on boards and improve the competitiveness of Vietnamese firms,” said Vu Quang Thinh, VIOD Chairman.
VIOD will deliver workshops and board events on important governance topics to the market mainly through its flagship Governance Excellence Programs. The first training event, the Audit Committee Master Program, will take place from May 30-31, 2018.
Speaking on behalf of SECO, Her Excellency Ms. Beatrice Maser Mallor, Ambassador of Switzerland to Viet Nam, said, “Vietnam is a priority country of Switzerland’s economic development cooperation. We are committed to promoting adoption of good governance practices among the country’s businesses, helping them become more competitive and sustainable, which in turn will drive the nation’s economy,”
“With increasing competition in today’s world, good corporate practices are vital to sutainable business growth,” said Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Lao PDR. “The new institute will help raise governance standards and ensure there are accomplished and able directors sitting on the boards of Vietnamese companies. This will enable Vietnamese companies to better manage risks, improve profitability, and increase access to capital.”
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 in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end 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 an independent organization, which promotes corporate governance standards and best practices in the Vietnamese corporate sector. VIOD is a social enterprise, which 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 inspire investor confidence.
VIOD is governed by a board of directors comprising private sector representatives — in collaboration with and supported by the SSC, HOSE and HNX under the Vietnam Corporate Governance Initiative. Our board members encompass a diverse group of business leaders and advocates of good corporate governance in Vietnam. They include senior dignitaries from investment funds, well-known international legal and accounting firms, and independent board members of prominent companies in the market.
VI0D was formed with technical support from the International Finance Corporation (IFC), a sister organization of the World Bank and a member of the World Bank Group, and Switzerland’s State
Secretariat for Economic Affairs
SECO. For more information, visit
www.viod.vn
