Corporate governance – the foundation for sustainable development

In order to strengthen the legal foundation and encourage businesses to apply good governance practices according to international standards, the Ministry of Finance , the State Securities Commission and the Stock Exchanges have continuously improved policies, increased propaganda and guidance. In the 2024-2025 period, many important documents were issued such as Law No. 56/2024/QH15, Decree No. 245/2025/ND-CP and Circular No. 68/2024/TT-BTC, contributing to removing obstacles, improving transparency and protecting the legitimate rights of investors.

On the Hanoi Stock Exchange (HNX), the majority of enterprises have focused on perfecting their governance systems. Currently, more than 90% of enterprises have chosen the model of having a Board of Supervisors, 98% have amended their charters in accordance with the 2020 Enterprise Law, and more than 90% have issued internal regulations on governance. Enterprises have also gradually improved compliance in organizing annual general meetings of shareholders, disclosing information and reporting financial statements on time, although there is still a small percentage of delays that need to be addressed.

Information transparency continues to be a key criterion. According to regulations, public companies must publish audited financial statements within 10 days of signing, but about 4% of listed companies and 14% of registered companies are still slow to publish. The implementation of Circular No. 68/2024/TT-BTC, requiring information disclosure in English, has helped the market approach international standards, but about 6.5% of companies still violate this regulation. From 2026, publishing all information in English will become mandatory, requiring companies to proactively prepare appropriate human resources and data systems.

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

Regarding the governance structure, the Board of Directors plays a central role in strategic planning and executive supervision. Although most enterprises have complied with the regulations on the number of members, there are still some cases that do not meet the requirements. The establishment of specialized committees such as the Audit Committee, the Compensation and Risk Management Committee helps to improve professionalism in governance, but currently only about 10% of enterprises on HNX have established an Audit Committee and less than 6% have other committees.

Internal supervision continues to be strengthened. More than 87% of enterprises have ensured the structure of the Supervisory Board with three to five members, of which 30% have a full-time Head of the Supervisory Board. However, more than 20% of enterprises have not organized enough regular meetings as prescribed, affecting the effectiveness of financial and operational supervision.

In fact, enterprises that implement good corporate governance not only ensure compliance with the law but also improve production and business efficiency, attract investment capital at reasonable costs and strengthen the confidence of shareholders and investors. Good governance is also a factor that helps enterprises improve their competitiveness, resilience and adaptability to market fluctuations.

To continue promoting the quality of corporate governance, there needs to be synchronous coordination between management agencies, enterprises and investors. Management agencies need to continue to improve the legal system, encourage the application of international standards and strengthen effective supervision. On the business side, it is necessary to consider transparency, responsibility and compliance as core values, and at the same time invest in human resources and technology to meet the increasing demands of the capital market.

Strengthening corporate governance is not only a requirement in the integration process, but also a foundation for building a transparent, stable and sustainable Vietnamese stock market, contributing positively to the country's economic development goals by 2030 and vision to 2045.