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.
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