Corporate governance reform became a priority for both regulators and companies in Việt Nam recently when firms tried to improve their competitiveness amidst closer economic integration in the region. — VNA/VNS Photo

BANGKOK — Corporate governance reform became a priority for both regulators and companies in Việt Nam recently when firms tried to improve their competitiveness amidst closer economic integration in the region.

These comments were made by Nguyễn Vũ Quang Trung, deputy CEO of the Hà Nội Stock Exchange, at the two-day corporate governance workshop that began on July 26 to update the regional media on effective practices among public companies.

The workshop was hosted by IFC, a member of the World Bank Group in Bangkok.

Two dozen business editors and reporters from Cambodia, China, Indonesia and the Lao People’s Democratic Republic, as well as Mongolia, Myanmar, the Philippines, Thailand and Việt Nam attended the workshop, where the key corporate governance issues discussed included company structure, board leadership, risk management and environmental and social standards.

Chris Razook, IFC Corporate Governance Lead for East Asia and the Pacific, said the media could help champion transparency and accountability in public firms, so having a deeper understanding of what constitutes good and bad corporate governance practices would improve journalists’ ability to spot red flags and uncover stories that are of public importance.

The establishment of the ASEAN Economic Community last year was expected to boost economic integration in the region. In response, companies in the Community needed to improve market transparency and corporate governance practices to raise their performance and competitiveness.

The IFC official added, “Well-run companies are more profitable and sustainable and can attract more foreign investment.”

Also during the conference, IFC met with representatives from the China Securities Regulatory Commission and the stock exchanges in Hà Nội, HCM City, and Shenzhen to discuss the challenges of promoting good corporate governance in their home markets. — VNS