Corporate governance and transparency will be key themes for Viet Nam’s listed companies in 2026 as the stock market moves closer to a potential upgrade to emerging-market status and seeks to attract more international capital.

The issue was highlighted at the '2026 Annual General Meeting Season Forum: Compliance or Breakthrough – Efficiency or Sustainability', held in Hanoi on Monday by the Viet Nam Institute of Directors (VIOD) in coordination with the State Securities Commission (SSC) and the Vietnam Exchange (VNX).

Speakers said the 2026 AGM season comes at a critical time for Viet Nam’s stock market as it undergoes a major transition. The global index provider FTSE Russell is scheduled to review the country’s market classification in March 2026, with a potential upgrade decision expected in September.

At the same time, the Viet Nam Corporate Governance Code (VNCG Code) was issued in February, bringing local governance standards closer to OECD principles. Meanwhile, the International Financial Centre in HCMC has begun operations, helping attract high-quality foreign investment.

According to VIOD, as the market moves closer to a possible upgrade and regulatory reforms take shape, annual general meetings are no longer seen as merely a legal formality but increasingly as a reflection of a company’s governance capacity and long-term commitment.

Investors – particularly international funds – often observe AGM proceedings to evaluate transparency, the board’s accountability, corporate dialogue with shareholders and the ability of companies to communicate sustainable development strategies.

Speaking at the forum, SSC Vice Chairman Nguyen Hoang Duong said international investors were paying closer attention to governance practices as capital flows increasingly target emerging markets.

“For many institutional investors, a well-run annual general meeting is the most credible signal a company can send to the market,” Mr Duong said.

He said AGMs would be where corporate governance becomes most visible, from transparency and board explanations to shareholder dialogue and ESG commitments.

Mr Duong added that the forum’s theme reflected a dilemma many firms faced, but the choice would not be between compliance and breakthrough. Compliance would be the foundation, while companies that adopt the Viet Nam Corporate Governance Code and treat AGMs as genuine platforms for shareholder dialogue would be more likely to stand out to international investors.

Discussions at the forum also focused on practical ways to improve AGM organisation, turning the meetings into strategic communication platforms rather than routine reporting events.

Panellists at the discussion. — Photo nhandan.vn

 

Participants suggested that boards should play a stronger role in guiding strategic dialogue with shareholders, while companies could present reports through more visual formats, such as data dashboards or strategic videos, instead of lengthy readings.

Technology was also highlighted as an important tool, with solutions such as electronic voting (e-voting) and online participation helping expand shareholder engagement and improve transparency.

Nguyen Tien Dung, deputy general director of the Viet Nam Exchange, said the discussions highlighted a common message – compliance provides the foundation, while governance innovation creates momentum for development.

“In the context of Viet Nam’s efforts to upgrade its market status, a transparent and well-organised AGM not only strengthens the confidence of existing shareholders but also sends a strong message to potential investors both at home and abroad,” he said.

Nguyen Anh Tuan, chief financial officer of PAN Group, stressed the importance of 'transparency and commitment' in organising AGMs. Companies, he said, should provide clear information and explain their strategies and plans to shareholders, backed by concrete targets and implementation roadmaps, helping investors build long-term confidence in the business.

Le Trung Hai, SSC's deputy head of the Department of Public Companies Regulation, said Viet Nam was tightening corporate governance rules through revisions to the Law on Enterprises 2025 and new decrees guiding enterprise registration and the securities market.

He said the changes would introduce the concept of a 'beneficial owner' to identify individuals who ultimately control companies and improve transparency in ownership. New rules for public firms would also limit the number of boards a director can sit on, strengthen the independence of non-executive members and clarify the reporting duties of independent directors.

Analysts at the forum agreed that stronger governance standards and more transparent AGMs would play an important role in improving market credibility as Viet Nam seeks to attract long-term international investment. — BIZHUB/VNS

Source: VNS

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