Vietnamese firms need improvement in corporate governance - VCCI
Monday, April 24,2017AsemconnectVietnam - A lack of effective corporate governance hinders their competitiveness.
Increasingly more domestic companies have been entering the Vietnamese market over the past decade, but they need to improve management capacity in order to raise competitiveness and better respond to business environment changes, the Vietnam Chamber of Commerce and Industry (VCCI) said.
More than 800,000 companies registered in Vietnam in the 2007-2016 period, bringing the total number to over 1 million enterprises. Last year alone, the number of newly registered firms rose beyond 100,000 for the first time, according to the Vietnam Business Annual Report 2016/17 compiled by VCCI and the State Securities Commission and released recently.
“The number of newly established enterprises has increased sharply in the past two years, breaking the upward trend in the 2011-2014 period,” said Pham Thi Thu Hang, VCCI’s general secretary.
But the annual report, focusing on corporate governance, suggested more is needed to be done to improve business performance.
"Many business leaders still considered corporate governance a puzzle," said VCCI Vice President Doan Duy Khuong.
Improper management practices and a lack of effective corporate governance are hindering Vietnamese firms’ competitiveness, making them "slow" to respond to changes in business environment, Khuong added. Improving corporate governance is a must for Vietnamese enterprises to bridge the gap and catch up with other countries in the region.
Officials have recommended several administrative tools for improvement, including following developed countries' model for board of directors, applying international accounting standards and enhancing the role of business associations.
The government should offer solutions on corporate governance to support small and medium-sized enterprises and help them improve competitiveness, VCCI's Hang added.
Source: vov.vn
GC Food (GCF) target VND523 billion revenue in 2023
Mobile World (MWG): Revenue of Mobile World and Dien May Xanh chains down 32% in the first 2 months of 2023
SHS Securities reported a profit of VND197.2 billion in 2022 after the audit
IDI Multinational Development and Investment (IDI): Profit expected down 66.7% to VND186 billion in 2023
International Bank (VIB) spends over VND1,000 billion to pay the remaining dividend in 2022
Business activities of seafood companies in March 2023
Eximbank (EIB) target VND5,000 billion profit, up 34% in 2023
Business activities of banks in March 2023
Saigon Newport announced Tan Cang - Long Binh dry port and Organized the Customer Appreciation Conference in Dong Nai
VIB General Meeting of Shareholders: Approved the plan to pay 35% dividend, profit VND12,200 billion
In 2023, Refrigeration Electrical Engineering (REE) plans to increase profit slightly by 0.3% to VND 2,700 billion
PVOIL (OIL): Outstanding output growth in 2022
Sudico AGM (SJS): Growth target in 2023 from 10-15% of revenue
In 2023, Hoang Huy Investment Services (HHS) expects profit up and dividend of 8%
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...