VPBank is in the Top 10 Large-Cap Enterprises with the Best Corporate Governance in 2024

Recently, within the framework of the 2024 Listed Enterprise Awards Ceremony - 2024 Listed Enterprise Conference organized by the Ho Chi Minh City Stock Exchange (HSX) in Da Lat, VPBank was officially honored in the Top 10 Best Corporate Governance Enterprises - large-cap group in 2024.

This award has special significance as 2024 is the first year of implementing the Vietnam Stock Market Development Strategy to 2030, with the goal of improving the quality of listed corporate governance to the average level of the Southeast Asian region. This is the 17th time the award has been organized, jointly organized by the Ho Chi Minh City Stock Exchange (HOSE), the Hanoi Stock Exchange (HNX) and Investment Newspaper, with the sole sponsorship from Dragon Capital.

This year, more than 500 listed enterprises with the best corporate governance activities nationwide were selected by the Organizing Committee for the final round, scored based on a set of criteria to assess compliance with current legal regulations on corporate governance and application of best practices in corporate governance.

2024 marks a major change in the assessment of corporate governance awards, by updating the question set according to the latest practices (OECD Principles of Corporate Governance October 2023) and changing the scoring structure, increasing the proportion of practice points to 40% (instead of 30% as in previous years) and reducing the compliance score from 70% to 60%, to encourage businesses to apply more international practices on corporate governance, raising governance standards beyond compliance.

Ms. Luu Thi Thao - Permanent Deputy General Director and Senior Executive Director of VPBank received the award for Top 10 Large-Cap Enterprises with the Best Corporate Governance.

Being recognized at this year's award ceremony affirms VPBank's tireless efforts in improving corporate governance quality according to international standards, transparency and pioneering in sustainable development strategies.

Over the years, in parallel with strictly complying with legal regulations on corporate governance, VPBank has also actively researched and applied the ASEAN Corporate Governance Scorecard and the Corporate Governance Principles according to best practices jointly developed by the State Securities Commission and the International Finance Corporation IFC. The Bank considers this an internal requirement and desire of shareholders and investors, in order to be consistent with the comprehensive development of the bank, enhance transparency in operations, achieve corporate governance standards similar to those of enterprises in the ASEAN bloc and the world , and maintain long-term competitiveness.

VPBank identifies corporate governance as an important foundation in its sustainable development strategy. The bank has continuously modernized its technology system, developed its services and improved the quality of its banking services, while innovating its governance system in line with international practices. These efforts have contributed significantly to the bank’s success, especially in improving the effectiveness of its risk management and internal control systems.

Thanks to its efforts in banking governance and sustainable development, VPBank has been in the Top 20 enterprises with the highest Environmental, Social and Governance (ESG) scores in the Vietnam Sustainable Development Index (VNSI) for the 6th consecutive time, and is also in the Top 5 stocks with the largest market capitalization in 2024.

VPBank's scores for the Environment, Society and Governance components are all higher than the industry average and the VN100 average. In the assessment, HSX stated that VPBank has done well in building an environmental management system, social policies, employee relations, shareholder rights and always ensuring information disclosure and transparency.

At the end of the third quarter, VPBank's consolidated pre-tax profit reached nearly VND13.9 trillion, up more than 67% year-on-year. Outstanding credit including customer loans and corporate bonds of individual banks reached more than VND581 trillion, up more than 10% year-on-year and higher than the industry average (8.5%). The bank's charter capital is currently leading the system with VND79,339 billion.

Also in the third quarter, VPBank and the Japan Bank for International Cooperation (JBIC) signed a credit contract worth up to 150 million USD to finance renewable energy and power transmission projects in Vietnam, contributing to realizing the national goal of reducing net emissions to zero by 2050.

With impressive achievements in corporate governance, VPBank continues to affirm its position and commitment to the mission “For a prosperous Vietnam,” laying a solid foundation for sustainable development associated with environmental and community values.

Source: https://www.vpbank.com.vn/tin-tuc/thong-cao-bao-chi/2024/vpbank-lot-top-10-doanh-nghiep-von-hoa-lon-co-quan-tri-cty-tot-nhat