Transparent corporate governance: The key to attracting capital for the stock market

In 2025, the Forum "Breakthrough Board of Directors: Reaching regional reach, positioning trust and reputation in the capital market" (AF8) was held at a time when the Vietnamese stock market was developing strongly, with the milestone of being recognized as a "Secondary Emerging Market".

The event was co-organized by the Vietnam Institute of Directors, the International Finance Corporation (IFC), the Swiss State Secretariat for Economic Affairs (SECO) and the State Securities Commission (SSC), with the support of the Vietnam Stock Exchange (VNX), Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX).

Ms. Ha Thu Thanh, President of the Vietnam Institute of Directors (VIOD), affirmed that this is an opportunity for Vietnam to attract new, better and more sustainable capital sources, with a scale that can reach tens of billions of USD. The Vietnamese stock market is on the way to complete its operation at the level of an emerging stock market, so the story of attracting new investors and investment funds becomes very important.

Ms. Ha Thu Thanh, Chairwoman of the Vietnam Institute of Directors (VIOD), affirmed that the Vietnamese stock market has the opportunity to attract new capital sources.

On this new path, the role of corporate governance is especially important in mobilizing and attracting long-term capital flows.

According to data from the Vietnam Institute of Directors, the average corporate governance score of Vietnamese enterprises in 2025 is only 35.43%, lower than the regional average. Of which, fair treatment between shareholders is 81% and information disclosure - transparency is 73%, but key criteria such as sustainable development associated with stakeholders is only 30%.

“Upgrading the market not only opens up opportunities to attract large capital flows from global funds, but also requires listed enterprises to proactively standardize governance, strengthen internal control, improve reporting quality and information transparency,” Ms. Ha Thu Thanh - Chairwoman of the Vietnam Institute of Directors emphasized.

According to Ms. Nguyen Hoai Thu - Deputy General Director of VinaCapital, in developed markets, investors are particularly interested in the issue of corporate governance transparency. If comparing two similar businesses, investors may accept paying a higher price (premium) for the shares of the business with more transparent and effective corporate governance. This is similar when a business borrows money from a bank or issues bonds, the bank or investor will also accept a lower interest rate.

Ms. Nguyen Hoai Thu - Deputy General Director of VinaCapital, a company with transparent and effective corporate governance will have an easier time attracting investment capital.

In the period of stock market transformation, the role of corporate governance needs to be focused more and discussed specifically at the Forum "Breakthrough Board of Directors - Reaching regional level, positioning trust and reputation in the capital market" held on December 5.

The forum is expected to gather nearly 400 senior leaders, including Chairmen, Board Members, General Directors and Executive Board Members from more than 250 listed enterprises, public companies and large-scale private enterprises, along with financial institutions, market consultants (Big 4, securities companies), domestic and international investment funds.

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