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2007's Best Annual Business Reports
For the first time, an awards ceremony was held in Vietnam honoring listed companies that compiled their annual business reports in a professional and standard manner. Though only 33 listed companies joined the competition, and the Vietnamese securities market is presently at its all-time low, this event was held to inspire businesses to compile their annual reports in an even more accurate manner in the future.
The selection of the best business annual reports of 2007 was begun in February 2008. The intension is to honor those listed companies that have compiled their reports in a professional manner. The selection was made by the Ho Chi Minh City Securities Exchange (Hose), in cooperation with the Securities Investment newspaper and Dragon Capital, a fund management company.
Joining in the competition were companies from the north, central and southern regions of Vietnam that are involved in banking, oil and gas, power, food processing, construction, information technology, rubber, transportation and wood processing. Among the applicants were companies that held the largest and smallest share values in the securities market.
Hose's deputy general director Le Nhi Nang, who headed-up the Organizing Committee, said when the contest was announced, many listed companies were simply ineligible to consider entering. However, there were some that have drawn-up their annual reports on a professional manner. Most of those that were entered into the competition were done carefully, some being more than 100 pages long, a strong indication that those businesses recognized the importance of their annual report to their investors.
The editor-in-chief of the Securities Investment newspaper, Nguyen Anh Tuan, who was also the head of the Organizing Committee, said that some businesses were ineligible to enter, others entered but didn't win, and then there were the winners. The competition is seen to be a meaningful event, a reason for listed companies to compile their annual reports in a more professional manner, which would increase transparency in Vietnam's securities market.
The managing director of Dragon Capital, Dominic Scriven, a man who has been active for couples of years in the Vietnamese securities market, said that many of the annual reports impressed him in that they did not try to hide certain information as they had in previous years and they were more open in providing true information about their activities.
The awards ceremony was a solemn affair that was held on June 27, 2008 in Ho Chi Minh City. The selection board selected the six best reports and kept the results secret until the awards ceremony. The PetroVietnam Drilling Joint Stock Company (PVD) won a prize for drawing-up the most impressive report. Three third prize awards were given to the PetroVietnam Fertilizer and Chemicals Joint Stock Company, the Vietnam Dairy Products Joint Stock Company, and the Hoa Phat Group. The Corporation for Financing and Promoting Technology (FPT) won second prize. The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) out-shone 32 businesses to win first prize./.
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