AF8 Forum: When Corporate Governance Becomes the “Global Currency”

The event on the afternoon of November 27, 2025, was attended by representatives from the Ho Chi Minh City Stock Exchange (HOSE), the Vietnam Institute of Directors (VIOD), VinaCapital, HDBank, and VCCorp.

VIOD Chairwoman Ha Thu Thanh: Century-Old Lessons from Developed Markets

Opening the press conference, Ms. Ha Thu Thanh, Chairwoman of VIOD, redefined the role of Corporate Governance (CG) in the new era. “We should not view CG merely as legal compliance. Consider it an ‘international currency’. When Vietnamese businesses aim to enter regional markets and attract capital from developed markets, the common currency for transactions is transparency and effective governance,” she emphasized.

To illustrate the importance of independent professional organizations, Ms. Thanh cited historical examples. In developed markets like the UK or Europe, the Institute of Directors (IOD) has a history spanning centuries, paralleling the establishment and development of Securities Commissions. For instance, while VIOD celebrated its 5th anniversary, the UK’s IOD marked its 125th. In the US and Canada, similar organizations have an 80-year legacy.

In ASEAN, neighboring countries like Thailand, Singapore, Malaysia, and Indonesia established their IODs in 1998, following the Asian financial crisis. The crisis revealed that beyond financial fraud, weak governance was a root cause. Thus, IODs emerged as essential intermediaries, assessing governance “health” akin to auditors’ role in financial reporting.

This year’s AF8 introduces strategic innovations. For the first time, MSCI, a global leader in ratings, will participate in the session on “ESG Ratings & Climate-Related Risks.” Additionally, Corporate Governance for Family Businesses will be discussed, reflecting the growing professionalism of successor generations preparing for major IPOs.

VCCorp Deputy CEO Nguyen Dang Ngoc: “Transparency is the Best Shield”

Representing the media partner and owner of CafeF, Mr. Nguyen Dang Ngoc, Deputy CEO of VCCorp, spoke about the role of data and trust. He asserted that a strong capital market is measured not only by liquidity or capitalization but also by TRUST, rooted in real value and truth.

In the digital age, transparency is the best self-protection for businesses. With 19 years of experience in the stock market and a vast financial data repository, Mr. Ngoc pledged that VCCorp and CafeF will go beyond event reporting.

“We will leverage technology to analyze data deeply, tell real governance stories, and remain multi-dimensional and neutral. Our goal is to identify, celebrate, and promote businesses with genuine practices and governance,” he shared. This commitment from a leading media entity aims to bring international governance standards closer to businesses and investors.

VIOD CEO Phan Le Thanh Long: “ACGS 20 – Leading the Pack”

Mr. Phan Le Thanh Long, CEO of VIOD, addressed Vietnam’s governance challenges through the ASEAN Corporate Governance Scorecard (ACGS). Despite improvements, Vietnam ranks 6th among participating countries, lagging behind Thailand and Malaysia.

To close this gap, VIOD will launch the “ACGS20” initiative at AF8. This group of 20 pioneering Vietnamese businesses is committed to regional standards, aiming for “ASEAN Investable Asset” status. The VNCG50 Awards and Board of the Year will continue to spotlight businesses with strong profits and sustainable governance.

HDBank: Aspiring to Become an “ASEAN Asset”

Representing the banking sector, Mr. Tran Hoai Nam, Deputy CEO of HDBank, shared the bank’s governance journey. In 2025, HDBank was among the Top 5 Vietnamese companies awarded for outstanding CG in ASEAN. However, Mr. Nam emphasized that this is just the beginning.

HDBank’s goal is to become an “ASEAN Asset”. In 2024, 250 companies achieved this status, mostly from Thailand, Singapore, and Malaysia, with no Vietnamese representatives. This title recognizes the highest standards in governance, transparency, and efficiency.

Mr. Nam highlighted HDBank’s focus on risk management systems aligned with international standards. “Transparency and robust risk management are key to earning the ‘ASEAN Asset’ title and building trust with global financial institutions,” he said.

HDBank’s partnerships with IFC, ADB, Proparco, and DEG, along with a recent $215 million syndicated loan and a $50 million green bond issuance, demonstrate its commitment. The establishment of an ESG Committee under the Board underscores its long-term sustainability focus.

VinaCapital: “Governance is Real Value, Not Decoration”

Ms. Nguyen Hoai Thu, Deputy CEO of VinaCapital, emphasized the economic benefits of good governance. “Governance is not a decoration; it directly impacts a company’s finances,” she stated.

Well-governed companies enjoy lower capital costs, securing loans at better rates and issuing securities at premiums. Poorly governed companies face discounts due to higher perceived risks.

Ms. Thu stressed VinaCapital’s role in encouraging improvement through dialogue. However, persistent non-compliance leads to divestment. “Capital withdrawal is the harshest lesson,” she noted.

Roundtable Discussion: Tackling Pressing Issues

During the Q&A session, panelists addressed critical market issues.

Protecting Minority Shareholders: Ms. Ha Thu Thanh emphasized the need for business ethics and accountability in cases where boards propose delisting, harming small shareholders. She called for stricter oversight and shareholder activism.

Board Ownership and Motivation: Mr. Phan Le Thanh Long explained that independent directors typically hold minimal shares to ensure objectivity. Their motivation stems from professional reputation and fiduciary duty. For executives, ESOPs align interests.

AF8’s main event on December 5, 2025, in Ho Chi Minh City, will gather over 300 business leaders to discuss “Breakthrough” strategies.