The Viet Nam Institute of Directors (VIOD), a private sector-led organisation to promote corporate governance standards and effective practices in the country, was launched on April 5 with support from the International Finance Corporation.

Established as a social enterprise, VIOD aims to advance board professionalism, promote business ethics and transparency, build a network to connect corporate leaders and stakeholders, and help companies inspire investor confidence.

“VIOD aims to equip company directors with the right knowledge and tools to serve more effectively on boards and improve the competitiveness of Vietnamese firms,” Vu Quang Thinh, the institute’s chairman, said at the launch.

The institute’s board of directors comprises a diverse group of business leaders and advocates of good corporate governance, including senior executives from investment funds, international legal and accounting firms, and independent board members in prominent companies.

It is governed by a board of directors comprising of private sector representatives supported by the State Securities Commission and the Ha Noi and HCM City stock exchanges.

VIOD will hold workshops and board events on governance related topics. Its first training event will take place at the end of May. — VNS