The stock market opens to large capital flows

The upgraded stock market is a great opportunity for Vietnam to attract capital that could reach tens of billions of USD. With this sustainable capital source, investors are willing to pay higher prices for businesses that perform well in terms of transparent and effective governance.

VLCA promotes transparency to build trust

Today (December 3), the 50 best listed companies in information transparency were honored at the 18th Vietnam Listed Company Awards (VLCA) - 2025 held in Ho Chi Minh City. The event was held in conjunction with the 2025 Annual Listed Company Conference.

According to Ms. Tran Anh Dao, Deputy General Director in charge of the Executive Board of Ho Chi Minh City Stock Exchange (HoSE), Chairman of the VLCA 2025 Voting Council, 2025 marks the 25-year development journey of the Vietnamese stock market, and is also a historical milestone marking the market entering a new development stage - an emerging market.

Ms. Dao emphasized that 2025 is a pivotal year when the market is on a breakthrough journey to increase quality to the level of an emerging market. In line with the spirit of Resolution 68-NQ/TW on private economic development, the market is facing a great opportunity to attract international investment capital.

In that context, VLCA 2025 continues to affirm its important role in evaluating and encouraging listed enterprises to move towards effective, transparent and sustainable governance practices. After nearly 6 months of voting, surpassing more than 500 listed enterprises on both exchanges, the Voting Council has selected 50 excellent enterprises in 3 categories of Annual Report, Corporate Governance and Sustainable Development Report to honor.

In particular, in the Annual Report category, 2025 will see a strong change in listed enterprises in improving information disclosure standards and the quality of annual reports. With a more comprehensive set of criteria, a rigorous evaluation process and the participation of a team of experts and Big 4, the Award guides enterprises to shift from "meeting regulations" to "disclosing information to build trust". The focus is on the usefulness of information, the level of connection between strategy - operations - business results and the ability of enterprises to explain to shareholders.

Instead of listing discrete activities, many companies have begun to present their business models along the value chain, in line with international reporting practices and helping investors understand how the company creates value. ESG indicators are also being disclosed more, especially in the industrial, consumer and financial groups.

As Vietnam moves closer to its market upgrade target, the quality of annual reports becomes a key factor for businesses to enhance their reputation, improve governance and access quality capital flows.

Moving from “responsiveness” to “creating sustainable value”

For the Corporate Governance category, 107 companies were selected for the final round, including 35 large-cap companies, 36 mid-cap companies and 36 small-cap companies. This number reflects an increasingly even governance level, especially in the context of the criteria being adjusted to increase the weight for good practices and reduce the weight for purely compliance criteria.

The average score of the whole market in 2025 will reach 53.14%, up from 50.9% in 2024. The gap between the highest and lowest scoring enterprises continues to narrow, reflecting that the quality of governance is no longer too different between business segments.

According to the Voting Council, this year, Vietnamese enterprises have moved from “managing to meet requirements” to “managing to create value and sustainable development”. This is the foundation for the Vietnamese stock market to move closer to emerging standards, increasing its attractiveness to investors and creating solid momentum for the goal of upgrading in the coming period.

For the Sustainability Reporting category, the Sustainability Reporting Awards (SRA) applies a new set of evaluation criteria for the 2025 season. This update aims to enhance the internationalization of the Awards, ensuring their relevance to the current reporting practices and context in Vietnam.

The Judging Council assessed that the number of enterprises preparing separate sustainability reports continued to increase, with a total of 44 reports making it to the final round, of which 38 enterprises prepared their own sustainability reports. This reflects the growing awareness of the need for transparency and is in line with international trends.

Despite the lack of some big names that appeared in previous years, the participation of new businesses such as PVT, HHP, VDS, NLG... has created diversity and shown the trend of expanding the scale of the sustainable development reporting movement.

The Listed Enterprise Award is an extension of the Annual Report Award jointly organized by the Ho Chi Minh City Stock Exchange (HoSE), the Hanoi Stock Exchange (HNX) and the Investment Newspaper (now the Finance - Investment Newspaper), with annual and sole sponsorship from Dragon Capital Fund Management Company; effective technical support from professional partners such as the Association of Chartered Certified Accountants (ACCA), the Vietnam Institute of Directors (VIOD), the International Finance Corporation (IFC) and leading auditing companies such as PwC, Deloitte, KPMG, EY and information support from the State Securities Commission and the two stock exchanges.

The results of the Poll have affirmed the accuracy and objectivity in the evaluation process. 2025 is the 18th year that the Poll has accompanied the Vietnamese stock market and the listed business community.

Source: https://baodautu.vn/thi-truong-chung-khoan-mo-cua-don-dong-von-lon-d448563.html