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Eurocham talks corporate governance   2008-07-10 - VNS

Improvements in corporate governance practices have been identified by leading authorities as a key factor in the continued development of the Vietnamese economy, European Chamber of Commerce in Viet Nam (EuroCham) experts said at a seminar here on July 8.

Mr. Alain Cany

"Sound corporate governance practices play an important role in spurring both domestic and foreign investment, and ensuring Viet Nam’s leading enterprises have access to international best practices in this area," said Tom Chong, co-author of the recently published Viet Nam-EU Business Forum Guide to Corporate Governance for Vietnamese directors and head of Assurance and Advisory Services at Ernst&Young Viet Nam.

"They are vital to the ongoing growth of the private sector," he said.

The VN-EU Business Forum co-chair, Alain Cany, said that as the Vietnamese economy continued to open to the world and as more former state-owned enterprises turned into publicly listed companies, local businesses would be able to define the way they can operate and the values they can champion in the years ahead.

"Transparency and accountability are key to building both investor and lender confidence," Cany said. "Implementing sound corporate governance policies is a crucial step in guaranteeing local enterprises meet the high expectations of their shareholders and international partners."

The seminar featured additional speakers including HSBC Viet Nam President and CEO Tom Tobin, Vietcombank deputy general director Nguyen Van Tuan, Dragon Capital founder Dominic Scriven, and Unilever Viet Nam deputy president Finance Thomas Grunzke.

"One of the key objectives of the business forum is to assist in the transfer of international best practices to assist in the further development of the Vietnamese economy," Cany said.

He added that the seminar, held to complement the launch of the Corporate Governance Handbook, aims to inspire local companies to identify strong corporate governance as one of their key priorities, as well as provide them with information they need to ensure that their own corporate governance guidelines meet the very highest international standards.

The first-ever guide of its kind targeted at Vietnamese directors, the Forum’s Corporate Governance Handbook booklet, will be distributed to more than 1,000 of the nation’s leading companies.

A co-operative partnership between EuroCham and the Vietnamese Chamber of Commerce and Industry (VCCI), the Forum aims to provide an elevated platform for dialogue on issues affecting Viet Nam-EU trade and investment relations and to aid in the transfer of best practices from European enterprises to the Vietnamese private sector.

Corporate governance has been a key focus of the forum since its formation in 2006.

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