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IFC helps promote good corporate governance in Vietnam
The International Finance Corporation, a member of the World Bank, launched in Hanoi on Oct. 24 a programme to improve corporate governance practices in Vietnam ’s private sector to help it increase its competitive capacity and grow solidly and sustainably.
IFC will partner with key government agencies, including the State Securities Commission, the State Bank of Vietnam and the Central Institute for Economic Management, to review and improve existing policies, laws and regulations relating to corporate governance, making them more suitable to the current situation.
It will also work with companies to apply good governance standards while assisting banks and investment institutions, including the State Capital Investment Corporation, in evaluating their member affiliates’ corporate governance practices to reduce portfolio risk.
Within the framework of the programme, a nationwide campaign will be launched to educate the general public on the value of good corporate governance and raise their awareness of the rights and responsibilities of shareholders and management.
The campaign will also include training journalists on corporate governance issues and working with educational institutions to develop courses that provide future business leaders with requisite knowledge and skills.
Lars Thunell, IFC Executive Vice President and CEO, said his organisation was pleased to work with Vietnamese government partners to help improve corporate governance practices in Vietnamese companies and contribute to enhancing value and long-term prosperity of companies and the national economy as well.
Underlining that weaknesses in corporate governance are hindering the nation’s growth rate and companies’ competitiveness, representatives of the State Securities Commission and the Central Institute for Economic Management agreed that improving and enhancing corporate governance is urgent and should be given priority for prompt implementation.
The Vietnam Corporate Governance programme has been implemented with funding from MPDF, a private sector development initiative in Cambodia , Laos , and Vietnam , managed by IFC, and donations from Australia , Canada , the EU, Finland , Ireland , Japan , New Zealand , the Netherlands , Norway , Sweden and Switzerland .
At the launch ceremony, representatives from IFC and the State Securities Commission signed a memorandum of understanding on their cooperation in overseeing and revising corporate governance regulations applied on companies listed on bourses and public companies, and in training corporate governance skills for business leaders.
VNA
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