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VietNamNews

Transparency in reporting honoured

Update: July, 16/2012 - 10:18

HCM CITY — Fifty companies listed on Viet Nam's two stock exchanges last Saturday received awards for their outstanding annual reports, particularly for their transparency, which was included as one of the key criteria.

About 700 companies participated in the contest organised by HCM City Stock Exchange, Dau Tu Chung Khoan (Securities Investment) newspaper and fund-management company Dragon Capital.

Other criteria include professionalism, creativity and risk-forecasting ability, among others.

Ten companies with the highest marks are Bao Viet Holdings (BVH), Hau Giang Pharmaceuticals (DHG), PV Drilling (PVD), Sai Gon Securities Inc. (SSI), Binh Minh Plastics (BMP), Asia Commercial Bank (ACB), Corporation for Financing and Promoting Technology (FPT), Truong Thanh Furniture (TTF), PetroVietnam Fertiliser and Chemicals Corp (DPM) and Hoa Phat Group (HPG), all listed on the HCM City Stock Exchange.

BVH won a special prize for the excellent design and content of its annual report.

"One of the most important factors for sustainable growth of our stock market is information which is transparent and easy for investors to access," said Phan Thi Tuong Tam, HOSE general director.

"The annual report gives investors an overview of the company's past year's performance and plans for the coming year, as well as commitments from managers on the corporate future," she added.

State Securities Commission Chairman Vu Bang said the awards, now in its fifth year, encouraged listed companies and public ones as well as to make good annual reports and improve their awareness on information disclosure, as regulated by state laws.

"We hope that efforts to stimulate businesses to increase transparency in releasing information, like these awards, together with the improvement of the legal framework, will contribute to a safe, healthy and effective stock market," said Bang.

Speaking about the requirements demanded from professional investors and investment funds on annual reports, Dominic Scriven, general director of Dragon Capital, stressed that businesses should focus more on risk-assessment and solutions to address risks.

"Businesses should pay attention to both financial and non-financial risks," he said, adding that, elsewhere in the world, businesses were focusing on management of environmental and social risks.

"The future of businesses will depend on their responsibility to the environment and society and their commitment to and policies for a sustainable development," said Scriven.

During the awards ceremony, 15 companies including Hoang Anh Gia Lai (HAG) Sacombank (STB) and FPT received diplomas of merit from the SSC for having won the annual report awards for several consecutive years. — VNS

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