Firms urged to disclose information in English

Friday, Aug 22, 2014 08:00

HA NOI (Biz Hub) — The State Securities Commission and stock exchanges are encouraging listed companies to disclose information in English in order to remove barriers for foreign investors.

According to the commission, some enterprises were still not publishing their information in English, a measure which aims to help attract more foreign investment.

While no agency is yet in charge of forcing companies to comply with the initiative, the commission and the two stock exchanges are leading the push.

In HCM City, the southern stock exchange is helping to translate information published by companies in Vietnamese into English. Points allocated in the Best Annual Report Award are also placing more value on English-language disclosure.

Tran Anh Dao, deputy general director of the exchange, told the Dau tu chung khoan (Securities Investment): "Almost all listed firms on the exchange with foreign senior staff have developed their websites in both Vietnamese and English, including 15 companies joining the ASEAN Stars."

Meanwhile, some of the 15 ASEAN Stars fellows on the Ha Noi Stock Exchange are yet to fully execute the measure, including food processor Dabaco (DBC), Lam Thao Fertilisers and Chemicals (LAS) and Ha Giang Mineral and Mechanics (HGM).

According to the commission, English-language disclosure has brought about many benefits for the businesses and the market as a whole. Dao also noted that the measures taken by her agency could only be successful if listed firms followed suit. — VNS

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