Vietnam Institute of Directors launched to foster corporate governance

NDO – The Vietnam Institute of Directors (VIOD) was launched in Ho Chi Minh City on April 5, becoming the first private and independent organisation in Vietnam aimed at promoting the highest standards and best practices in corporate governance among domestic firms.

VIOD will operate as a social enterprise in a bid to help Vietnam to boost market reform and strengthen the fulfilment of its commitments on effective corporate governance and socially responsible business.

The social enterprise also intends to promote the professionalism of the board of directors, enhance business ethics and transparency, establish a network of independent board members, and build a network to connect corporate leaders with stakeholders.

VIOD is managed by a board of directors including representatives from the private sector and is backed by the State Securities Commission and the Hanoi and Ho Chi Minh City stock exchanges under the Vietnam Corporate Governance Initiative (VCGI).

Chairman of the VIOD Vu Quang Thinh said that VIOD intends to provide the members of the board of directors with the knowledge and suitable tools to operate more effectively, while improving the competitiveness of Vietnamese firms.

He noted that VIOD will also offer connection opportunities and supporting services to the board of directors through sharing best international practices on corporate governance to help them to become the driver of corporate growth.