In Vietnam’s journey toward market upgrading and deeper international integration, the standardization of corporate governance has become a fundamental prerequisite. The forthcoming VNCG Code 2026, to be jointly issued by the State Securities Commission of Vietnam (SSC) and the International Finance Corporation (IFC), will mark a new step forward in the quality of corporate governance in Vietnam.
🖋️ As the officially recognized professional association for Independent Directors, licensed by the Ministry of Home Affairs, Vietnam Independent Directors Association (VNIDA) and VNIDA Institute of Corporate Governance Research (VNICG) are proud to have contributed substantive professional input to this important code.
🏛️ Three key areas of professional contribution from VNIDA/VNICG
Our recommendations focused directly on redefining the position, role, and responsibilities of Independent Directors on the Board of Directors, including:
1️⃣ Professionalizing the role of Board Members
Proposing mechanisms to ensure that boards do not merely operate on a term basis, but function with a high level of professionalism. In particular, this includes promoting the formation and formal recognition of the profession of Independent Director in its true sense. This is a key driver in transforming corporate governance principles from written rules into good governance practice within enterprises.
2️⃣ The supervisory role of professional associations
Affirming the mission of officially recognized professional associations in ensuring, maintaining, and overseeing both the quality and quantity of the Independent Director talent pool. The quality of Independent Directors should not be measured solely by academic qualifications, but should be validated by a professional organization with clear ethical and competency standards.
3️⃣ Mechanisms for the effective exercise of authority
Recommending specific provisions in board operations so that Independent Directors are not rendered ineffective. Protective mechanisms are needed to enable Independent Directors to exercise their authority, fulfill their obligations, and properly discharge their fiduciary duties, thereby avoiding situations where they serve only as symbolic figures in major decision-making processes.
📘 The foundation of these recommendations
All recommendations made by VNIDA/VNICG are distilled from the Competency Framework and the Code of Ethics—two foundational documents that are mandatory for all VNIDA members.
These two documents also form the backbone for the programs designed by VNICG, including:
- The Independent Director Training Program (IDTP): providing foundational knowledge
- The VNCID certification pathway: validating professional capabilities in practice
🤝 As Vietnam’s officially recognized professional association in corporate governance, VNIDA remains committed to open collaboration. We welcome linkages, transitions, and mutual recognition arrangements with reputable corporate governance and board-related training programs and professional certifications, both in Vietnam and internationally.
The ultimate goal is to maximize opportunities for business leaders and aspiring board members to pursue the VNIDA’s Chartered Professional Independent Directors (VNCID) certification — the highest professional standard in governance practice in Vietnam.
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VNICG – SHAPING STANDARDS, ELEVATING GOVERNANCE
☎️ Hotline: +84 962 398 625
🌐 Website: vnicg.vn
✉️ Email: admin@vnicg.vn
