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FTSE’s upgrade path for Vietnam’s stock market to Emerging status is putting listed companies under a practical test of governance capability. Ha Thu Thanh, chair of the Vietnam Institute of Board Directors (VIOD), said the annual general meeting (AGM) is the most direct arena for funds to evaluate a company’s governance, transparency, and the feasibility of its strategy.
Thanh said companies should shift from thinking in terms of bureaucratic procedures to building a culture of dialogue. In her view, governance excellence is not determined by the size of gifts or the venue of the meeting.
She noted that foreign funds typically assess four core pillars:
Thanh emphasized that boards should not simply recount past figures. Instead, they should present a clear roadmap for responding to new variables, including technological change and climate change.
She also highlighted the importance of leadership accountability. Respecting the voice of all shareholders—regardless of ownership stake—and being able to answer difficult questions directly at the meeting signal a strong understanding of the company’s situation.
Organizations that engage in frank dialogue, rather than avoiding questions through written replies, tend to score higher on transparency.
Nguyen Thanh Trung, CEO of FinSuccess, told Nhịp sống thị trường about the risk of “baited expectations”—ambitious growth plans that lack a concrete roadmap or the resources needed to execute them.
He said professional investors do not rely only on large profit figures presented on paper. They also compare histories of meeting plans over the years to judge management credibility.
Trung added that companies need business plans built on feasible data and measurable metrics. He identified several key items that foreign capital analyzes, including:
To attract foreign capital, firms must also meet technical hurdles such as the free-float ratio and liquidity. Thanh said adoption of IFRS and stronger English-language disclosure are mandatory steps.
When transparency and accountability are treated as priorities, each AGM can become an opportunity to reinforce credibility and attract strategic financial resources.
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