Listed companies need to raise governance standards
On March 10, 2026, the Vietnam Board of Directors Member Institute (VIOD) in coordination with the State Securities Commission (SSC) and the Vietnam Stock Exchange (VNX) organized a Forum with the theme "2026 Annual General Meeting of Shareholders: Compliance or Breakthrough - Efficiency or Sustainability". 2026 is the third year the forum is organized within the framework of strategic cooperation between VIOD and SSC.
Speaking at the forum, Mr. Nguyen Hoang Duong - Vice Chairman of the State Securities Commission - said that 2026 opens with many positive signals as the Vietnamese stock market is moving closer to the goal of upgrading to emerging markets. At the same time, the formation of international financial centers in Ho Chi Minh City and Da Nang is creating more conditions for Vietnam to become a destination for high-quality international investment capital.
Along with that, the Vietnam Corporate Governance Code (VNCG Code) was issued at the beginning of 2026, built on the foundation of the latest governance standards of G20/OECD Principles of Corporate Governance 2023, bringing a guiding framework for the business community in improving governance quality.
According to Mr. Nguyen Hoang Duong, experience from many markets in the region shows that when international capital flows begin to pay attention to an emerging market, investors not only look at financial indicators but also carefully assess how businesses are managed.
The General Meeting of Shareholders is the place that most clearly demonstrates the level of information transparency, the quality of explanation of the board of directors, the culture of dialogue with shareholders as well as the ability to convey the vision and commitment to sustainable development of the enterprise," Mr. Duong emphasized.
Mr. Duong believes that the Vietnamese stock market is entering a new stage of development, a stage of trust, bravery and great opportunities. In that context, each general meeting of shareholders is not only an opportunity to fulfill obligations to shareholders but also an opportunity for businesses to affirm management capacity and long-term development vision.
The gap between minimum compliance and good governance practice
From a professional perspective, Mr. Phan Le Thanh Long - General Director of VIOD - gave analysis of the current governance situation of listed companies in Vietnam through data evaluating more than 500 businesses on the HoSE exchange.
According to Mr. Long, statistics show a multi-colored picture of the readiness of the business community. Although up to 75% of businesses held congresses on time in the first 4 months of the year, the rate of businesses announcing meeting documents fully and on time only reached 67%. Notably, only 43% of businesses provided information about the Board of Directors candidate 10 days before the meeting, and less than 29% of businesses declared to fully comply with VNCG Code 2026.
These figures reflect that the gap between "minimum compliance" and "best practice" is still quite large.
According to Mr. Phan Le Thanh Long, a quality General Meeting of Shareholders according to OECD and VNCG Code 2026 standards needs to change from organizational thinking. The Board of Directors should not only present past data but should focus on forecasting and long-term strategic content. In addition, issues such as geopolitical risk management, material price fluctuations, network security and emergency response scenarios (BCP) need to be seriously included in the agenda.
At the seminar "Listed enterprises and the question of compliance or breakthrough - efficiency or sustainability", representatives of listed enterprises, investment funds and management agencies exchanged many innovative solutions in the practical organization of the general meeting of shareholders.
The contents of interest include the strategic dialogue leading role of the Chairman of the Board of Directors; how to transfer information from reading reports to visual presentations such as data dashboards or strategic videos; designing Q&A to increase substance; as well as applying technology such as e-voting and online participation to expand shareholder participation rights.
According to Deputy General Director of the Vietnam Stock Exchange Nguyen Tien Dung, the exchanges at the event clarified a common message: Compliance is the foundation, breakthrough in governance is the driving force, and the general meeting of shareholders is the place that most clearly demonstrates that commitment.
In the context that the Vietnamese capital market is approaching the goal of upgrading, a congress organized transparently, effectively and towards long-term value not only strengthens the confidence of existing shareholders but also sends a message to potential domestic and foreign investors.
Compliance creates operational efficiency, while breakthroughs in management will create a competitive advantage. When the General Meeting of Shareholders is organized methodically, transparently and substantively, that is the starting point for the sustainable development journey of the enterprise" - Mr. Dung emphasized.
