Need to replicate good and transparent corporate governance models

On the afternoon of November 7, the Hanoi Stock Exchange (HNX) held the 2025 Annual Business Conference. This is an important annual event to strengthen the connection between management agencies, businesses and investors in the stock market.

The private economic sector is playing an important role in the stock market.

Speaking at the opening of the conference, Mr. Nguyen Anh Phong - Chairman of HNX said that over the past 10 months of 2025, the world continued to witness many unpredictable fluctuations, seriously affecting the prospects of global economic recovery and growth. However, in that challenging context, Vietnam's economy still maintained a positive growth momentum. Gross domestic product (GDP) in the first 9 months of 2025 is estimated to increase by 7.85% over the same period last year.

This is a very high growth rate, second only to the record increase of 9.44% in the same period in 2022 (the strong recovery period after the pandemic) in the 2011-2025 period.

Along with that, the stock market also recorded signs of vibrant activity, market liquidity improved significantly, attracting new capital flows.

In the stock market, as of October 31, 2025, the VNIndex reached 1,639.65 points, up 29.4%, the HNX-Index closed at 265.85 points, up 16.9% compared to the end of 2024; the stock market capitalization of the three floors HOSE, HNX and UPCoM reached 9,180.83 trillion VND, up 28.0% compared to the end of the previous year, equivalent to 79.8% of estimated GDP in 2024; of which, the market capitalization of the HNX floor reached 447.94 trillion VND (accounting for 4.9% of total market capitalization), up 29.7% compared to the end of 2024, the UPCoM floor reached 1,475.52 trillion VND (accounting for 16.1%), down 3.8%.

In terms of transaction scale, from the beginning of the year until now, the average transaction value of the whole market reached 29,963 billion VND/session, an increase of 42.6% compared to the average of last year.

Mr. Nguyen Anh Phong - Chairman of HNX delivered the opening speech at the conference.

“ The above results are thanks to the drastic policies and directions of the Party and Government and the outstanding efforts of the entire political system and business community. One of the strong and consistent moves is to promote the private economic sector to become an important driving force of the economy in the spirit of Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development, opening up great opportunities for businesses when there are more support policies, creating equal conditions in accessing capital, markets and promoting improvement of corporate governance” - Chairman of HNX said.

Annual Business Conference 2025 organized by Hanoi Stock Exchange (HNX).

A special event of the capital market also mentioned by the HNX Leaders at the conference is the important milestone of Vietnam being upgraded by FTSE Russell from a frontier market to a secondary emerging market. If all goes well, Vietnam will officially be upgraded from September 2026.

This is the result of persistent efforts by the Government and the financial sector. In September 2025, the Government issued the Project to Upgrade the Vietnamese Stock Market, and at the same time implemented many key solutions such as perfecting the legal framework, improving the payment mechanism, enhancing information disclosure and making market operations transparent.

“The upgrade not only affirms the international community's confidence in Vietnam's economic prospects and policy management quality, but is also a strategic step forward contributing to promoting the development of a sustainable and effective capital market, playing an increasingly important role in leading and supporting the real economy,” Mr. Phong emphasized.

Up to now, there are 306 stocks listed on the HNX; 889 stocks registered for trading on the UPCoM with a total listed and registered trading value of VND 695.89 trillion.

According to information from the conference, up to now, HNX has 306 listed stocks; 889 stocks registered for trading on UPCoM with a total listed and registered trading value of 695.89 trillion VND. Of which, the private economic sector has 254 listed stocks (accounting for 83% of the total listed codes) and 564 stocks registered for trading (accounting for 63.4% of the total registered trading codes) with a total listed and registered trading value of 458.81 trillion VND, accounting for 65.93% of the total listed and registered trading value at HNX.

According to the HNX leaders, the private economic sector in the stock market is currently playing a very important role, being a pioneer in innovation in governance, improving transparency and operational efficiency. Many enterprises have become typical models of operational efficiency on the stock exchange.

Compliance with reporting and disclosure obligations continues to improve

According to data from HNX, the level of compliance with reporting and information disclosure obligations of enterprises has improved compared to previous years, however the rate of violations is still relatively high, mainly concentrated in enterprises with difficult financial situations and prolonged losses.

The rate of periodic information disclosure violations tends to decrease and fluctuates between 4.3 and 5% of total periodic information on the listed market and 14% to 15% on UPCoM.

The rate of violations of unusual information disclosure also tends to decrease and accounts for about 1.2% of total unusual information on the listed market and 1.5% on UPCoM.

According to the Report on the assessment of information disclosure quality and transparency of large-scale public companies on UPCoM 2024-2025, the rate of implementation of good practice criteria increased from 32.52% (2023-2024) to 36.94% (2024-2025); at the same time, there was a strong improvement in the General Meeting of Shareholders documents in English compared to the previous year.

Replicating good examples

Speaking at the conference, Mr. Nguyen Hoang Duong - Vice Chairman of the State Securities Commission congratulated the listed and registered enterprises that were honored for their good information disclosure and transparency in the 2024-2025 assessment period today.

Mr. Nguyen Hoang Duong - Vice Chairman of the State Securities Commission spoke at the event.

The Vice President said that the businesses honored today are positive nuclei and need to be replicated so that the Vietnamese stock market can develop more transparently and sustainably in the coming time.

“When a business implements good corporate governance, it is not only a matter of complying with legal regulations, but also a demonstration of effective operations. It is a very important opportunity for the business to develop sustainably, increase production and business efficiency, enhance its image and brand through raising capital at reasonable costs and increase the trust of its shareholders and investors,” Mr. Nguyen Hoang Duong emphasized.

The leader of the State Securities Commission said that in recent times, the Vietnamese stock market has had very positive developments, with many important milestones. Vietnam is one of the markets with the highest growth rate and liquidity in the region.

Along with the continuous improvement and synchronization of the legal framework, the market has made important upgrades in trading infrastructure, typically the new IT system has operated stably, safely and smoothly. Another important milestone is that the Vietnamese stock market has been upgraded to a secondary emerging market by FTSE Russell and will be officially upgraded in September 2026 according to the plan.

The Vice Chairman of the State Securities Commission also affirmed that the management agency will continue to improve the legal framework, including regulations on corporate governance and information disclosure in the market. At the same time, the management agency will effectively implement important projects such as the Project on Upgrading the Stock Market and the Project on Restructuring Investors and Developing the Securities Investment Fund Industry, in order to develop professional securities investors and attract more strongly indirect investment capital into the market. At the same time, it will continue to reform administrative procedures and invest in information technology to create the most favorable conditions to support businesses in accordance with the law.

At the conference, the Vice Chairman of the State Securities Commission also requested that the Stock Exchanges continue to diversify forms of dialogue and meetings with businesses to support and create better conditions for businesses in corporate governance and information disclosure.

On the other hand, on the business side, the Vice Chairman also suggested that businesses need to actively cooperate in updating legal documents and improving compliance, as well as applying good practices on corporate governance and transparent information disclosure. "When businesses comply with good information disclosure and information management, it will not only support capital mobilization and improve production and business efficiency, but also contribute to increasing the confidence of shareholders and investors, promoting the stock market to develop more stably, transparently and sustainably" - Mr. Nguyen Hoang Duong emphasized.

On this occasion, HNX will also honor listed enterprises that perform well in corporate governance and registered enterprises that perform well in information disclosure and transparency.

List of 10 enterprises registered for trading with good information disclosure and transparency for the 2024-2025 assessment period :

1. An Binh Commercial Joint Stock Bank (stock code: ABB)

2. Vietnam Airports Corporation - Joint Stock Company (stock code: ACV)

3. Gia Lai Hydropower Joint Stock Company (stock code: GHC)

4. Garment Corporation 10 - Joint Stock Company (stock code: M10)

5. Tan Cang - Phu Huu Joint Stock Company (stock code: PNP)

6. Petroleum Machinery and Equipment Joint Stock Company (stock code: PVM)

7. Tan Son Nhat Airport Services Joint Stock Company (stock code: SAS)

8. Sanest Khanh Hoa Beverage Joint Stock Company (stock code: SKH)

9. Bien Hoa Construction and Construction Materials Production Joint Stock Company (stock code: VLB)

10. Vietnam Livestock Corporation - Joint Stock Company (stock code: VLC).

List of 10 listed companies with good corporate governance:

1. Bao Viet Securities Corporation (stock code: BVS)

2. MB Securities Corporation (stock code: MBS)

3. Tien Phong Plastic Joint Stock Company (stock code: NTP)

4. Picomat Plastic JSC (stock code: PCH)

5. Southern Gas Trading Joint Stock Company (stock code: PGS)

6. PVI Corporation (stock code: PVI)

7. Vietnam Oil and Gas Technical Services Corporation (stock code: PVS)

8. Sonadezi Long Binh Joint Stock Company (stock code: SZB)

9. VICOSTONE JSC (stock code: VCS)

10. Vietnam National Reinsurance Corporation (stock code: VNR)

DUY GIANG

Source: https://nhandan.vn/can-nhan-rong-cac-dien-hinh-quan-tri-cong-ty-tot-va-minh-bach-post921490.html