Experts discuss ways to improve corporate governance practices at the launch of the V​ietnam Institute of Directors. (Source: VNA)
 
HCM City (VNA) – The Council of the Vietnam Corporate Governance Initiative (VCGI) launched the Vietnam Institute of Directors (VIOD) in ​Ho Chi Minh City on April 5.

The institute is seen as an important market foundation for Vietnam to push market reform and intensify the implementation of commitments to good corporate governance and responsible business activities.

Established as a social enterprise, VIOD aims to advance board professionalism, promote business ethics and transparency, build a network to connect corporate leaders and stakeholders, and help companies inspire investor confidence.

Vu Quang Thinh, Chairman of VIOD, said the institute’s objective is to equip company directors with the right knowledge and tools to serve more effectively on boards and improve the competitiveness of Vietnamese firms.

The institute’s board of directors comprises a diverse group of business leaders and advocates of good corporate governance, including senior executives from investment funds, international legal and accounting firms, and independence board members in prominent companies.

It is governed by a board of directors comprising of private sector representatives supported by the State Securities Commission (SSC) and the Hanoi and Ho Chi Minh stock exchanges.

VIOD will hold workshops and board events on governance related topics. Its first training event will take place at the end of May.

The VCGI was made public in December 2016 by the Ho Chi Minh Stock Exchange (HOSE), the Hanoi Stock Exchange (HNX) and the International Finance Corporation (IFC), with the support of the SSC and the Swiss State Secretariat for Economic Affairs (SECO).

It helps enhance cooperation of stakeholders in the market to promote the implementation of good corporate governance practices of Vietnamese businesses.

The VCGI Council was established in April 2017 with 18 members who are experts in corporate governance and representatives of management agencies, organisations and businesses from the private economic sector.

Swiss Ambassador to Vietnam Beatrice Maser Mallor, who is also the SECO representative, said Vietnam is one of the priorities in Switzerland’s economic cooperation.

SECO commits to encouraging the application of good corporate governance practices within the Vietnamese business circle, while helping local firms improve competitiveness and develop sustainably, she said.-VNA