On February 3, 2026, the State Securities Commission (SSC) in coordination with the International Finance Corporation (IFC) organized a ceremony to announce the Vietnam Corporate Governance Code (VN CG Code).
Speaking at the announcement ceremony, Mr. Nguyen Hoang Duong - Vice Chairman of the SSC - emphasized the key role of corporate governance in improving the competitiveness of Vietnamese enterprises in the regional and international capital markets. According to him, effective corporate governance contributes together with the foundational conditions to support the process of implementing requirements when the Vietnamese stock market is considered for upgrading by international organizations, thereby improving the quality and attractiveness of the capital market in the new development phase.
Mr. Nguyen Hoang Duong said that good corporate governance not only helps businesses improve operational efficiency, enhance transparency and accountability, but is also an important factor in strengthening investor confidence, attracting long-term investment capital and promoting sustainable development.
Corporate governance practice still needs improvement
According to the assessment results of the ASEAN Corporate Governance Scorecard (ACGS), the level of corporate governance practice in Vietnam needs to be further improved. The contents that are assessed as having room for improvement focus on the role and responsibility of the Board of Directors, including the diversity and independence of the Board of Directors members.
In addition, the mechanism to protect the legitimate rights and interests of minority shareholders is also considered one of the contents that needs to be given more attention in the process of perfecting corporate governance practices. The operational efficiency of specialized committees under the Board of Directors is another factor emphasized in the evaluation recommendations, in order to ensure transparency and efficiency in corporate governance activities.
Many new points in the Vietnam Corporate Governance Principles
The Vietnam Corporate Governance Guidelines updated this time have some notable new points. First of all, the Guidelines are renamed "Vietnam Corporate Governance Guidelines", replacing the previous name "Vietnam Corporate Governance Guidelines according to best practices", to be consistent with common naming practices in many countries around the world.
Second, the amended content of the Code of Conduct is directly referenced to the G20/OECD Corporate Governance Code issued in 2023, as well as new Corporate Governance Codes issued in advanced ASEAN markets and some developed countries. At the same time, changes in legal regulations related to corporate governance in Vietnam in the past time have also been reviewed, updated and fully integrated.
Third, the updated set of principles has strongly integrated contents on sustainable development, including climate change management, environmental and social issues, reflecting global trends on responsible and sustainable corporate governance.
Fourth, the Code of Conduct is implemented according to the "Comply or Explain" method. Accordingly, listed companies are expected to apply the Code of Conduct immediately after it is promulgated, announced for application and report on corporate governance implementation according to the Code of Conduct periodically every year. This method is widely applied in the world and in ASEAN countries, contributing to improving transparency and creating flexibility suitable to the specific characteristics of each business.
From a market perspective, Mr. Nguyen Khac Hai, Director of Law and Compliance Control Division, SSI Securities, said that the issuance of the Vietnam Corporate Governance Principles in the context that the stock market is gradually being recognized at a higher level shows recognition of corporate governance quality. When the level of recognition is raised, investment capital will increase, but not be distributed evenly but focus on businesses that perform well in corporate governance.
It is estimated that capital flows from passive investment funds will reach about 1.7–1.8 billion USD, capital flows from active investment funds will be about 8 billion USD, and the scale of capital flows towards about 30 billion USD by 2030.
According to SSI representatives, from indices such as VN30, VN50, ACGS20 to the promulgation of the Vietnam Corporate Governance Principles, it shows the unity and commitment from management agencies, intermediary organizations to the business community. The principles will play a guiding role in improving market quality and attracting capital flows. For its part, SSI is committed to implementing and implementing the Principles, and at the same time advising and supporting businesses to improve management practices, meeting the increasing demands of the market and investors.
