Local firms awarded for outstanding corporate governance

(VOV) -Twelve Vietnamese businesses will be selected for the Vietnam Outstanding Corporate Governance Awards (VOCA 2014), according to a press conference in Hanoi on May 21.

The Awards, jointly launched by the International Data Group (IDG Vietnam) and the Vietnam Association of Certified Public Accountants (VACPA), aim to honour businesses with excellent cooperate governance models, following international standards.

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The prestigious title will be presented to a dozen local businesses in six different sectors belonging to two categories – listed and non-listed firms with annual revenue exceeding VND500 billion.

The judging panel, which includes leading experts and economists, will shortlist the best candidates over three rounds before making the final decision.

The presentation ceremony is scheduled to take place in Ho Chi Minh City in November 2014.

At the press conference, Vice Chairman of the National Financial Supervisory Commission Dr. Ha Huy Tuan raised his concern over Vietnamese businesses’ poor governance capacity.

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Dr. Ha Huy Tuan

Tuan said only 23% of local enterprises properly understand the concept “corporate governance”. He suggested Vietnamese businesses take into account sustainable development strategy and long-term benefits.

It is essential to improve governance capacity through increasing independent inspection, setting long-term visions, and ensuring transparency in business operations, he added.

Ruby Tran