Enterprises honoured in the sustainable development report category. — VNA/VNS Photo

HÀ NỘI — Fifty listed companies were honoured across three key categories covering annual reports, corporate governance and sustainable development reports at the 18th Annual Listed Enterprises Award (VLCA) ceremony held in HCM City, an event marking rising standards as Việt Nam’s capital market prepares for a new phase of growth.

The ceremony, organised by the Hochiminh Stock Exchange (HoSE), was attended by senior officials including Deputy Minister of Finance Nguyễn Đức Chi and members of the State Securities Commission (SSC).

The awards come at a significant moment, as 2025 marks the 25th anniversary of the Vietnamese stock market and its transition into FTSE Russell's emerging-market status.

As of November 30, the market's total capitalisation reached US$390.25 billion, equivalent to 81.93 per cent of 2024 GDP.

HoSE alone accounted for $310.25 billion, representing 65.14 per cent of GDP and 94.41 per cent of total listed market capitalisation.

The bourse now hosts 50 companies valued at more than $1 billion, including three with capitalisation above $10 billion. Liquidity has remained strong, with average daily trading value in the first 11 months of the year approaching $1 billion.

Nguyễn Thị Việt Hà, acting chairwoman of HoSE, said VLCA has become a prestigious annual benchmark over its 18 years, recognising companies that lead in governance quality, information transparency and sustainable development.

This year's awards saw notably higher participation, with 122 companies submitting annual reports, up 27 per cent from last year, including 42 first-time participants.

These reports are closely watched by investors, especially foreign investors, as they assess transparency and development potential, Hà noted.

She highlighted a particularly encouraging development, with the number of companies disclosing information in English up sharply to 81 per cent in 2025, helping foreign investors access the market more easily.

The corporate governance category was updated to reflect the latest international standards, including the OECD's revised Principles of Corporate Governance released in October 2023.

Meanwhile, the sustainability report category was strengthened with industry-specific criteria for financial and non-financial firms and updated in line with Global Reporting Initiative (GRI) guidance and IFRS S1 and S2.

Hà said that as Việt Nam's capital market enters a new development cycle from 2025 to 2030, companies that consistently maintain high standards through multiple VLCA seasons can be seen as aligning more closely with international best practices, improving their ability to attract foreign capital and ESG-focused investment funds.

Vũ Thị Chân Phương, chairwoman of SSC, speaks at the event. — VNA/VNS Photo

Raising quality

SSC Chairwoman Vũ Thị Chân Phương emphasised that Việt Nam's economy is undergoing strong restructuring toward a fast and sustainable growth model driven by digital transformation and the green transition.

With Việt Nam targeting growth of 10 per cent or more in 2026 and beyond, she said the stock market must continue to affirm its role as a primary medium and long-term capital mobilisation channel.

To meet this requirement, Phương said that the market must enhance operational quality, strengthen governance transparency and reinforce investor confidence, particularly in the context of Việt Nam's ongoing market-upgrade efforts.

She noted improvements in corporate governance thanks to continuous regulatory updates aligned with Organisation for Economic Co-operation and Development (OECD) best practices. Many listed companies, she said, are proactively adopting advanced governance models and disclosing more comprehensive and transparent information.

"Beyond the rising quality of annual reports, the number of companies passing the preliminary round in the Sustainability Report category continues to set new records," Phương said.

"This reflects Việt Nam's steady progress in elevating sustainability-reporting standards through both regulatory initiatives and pioneering corporate leadership."

Globally, more companies now publish standalone sustainability reports and integrate ESG into annual disclosures, recognising the link between sustainability, operational performance and profitability. Vietnamese investors, domestic and international, are likewise showing strong interest in green investment opportunities.

Phương highlighted that strong corporate governance, transparent disclosure and robust sustainability practices directly influence a company's ability to attract capital, expand into new markets and improve competitiveness.

However, she also acknowledged that ESG adoption in Việt Nam remains in an early stage, requiring continued efforts from regulators, exchanges, market institutions and most importantly the companies themselves.

The SSC will prioritise four key areas: enhancing the legal framework to ensure transparency and alignment with international standards; effectively implementing major initiatives such as the Securities Market Development Strategy to 2030 and the Market Upgrade Scheme; accelerating digital transformation, infrastructure upgrades and market supervision; and streamlining administrative procedures to support capital raising, corporate governance and sustainable development through training and recognition of exemplary listed firms. — BIZHUB/VNS