Investor relations 'a driver of true corporate value'
Le Nhi Nang, head of the State Securities Commission’s (SSC) Ho Chi Minh City Office, said that investor relations (IR) should be regarded as "extremely important", as they help to improve the transparecy and efficiency of listed companies.
"IR serves as a bridge to communicate business strategies and financial health to investors. It not only helps maintain shareholder relationships but also supports capital-raising efforts of large investment funds," Nang told the recent IR Awards 2025 ceremony.

Le Nhi Nang, head of the State Securities Commission’s (SSC) Ho Chi Minh City Office, speaks at an IR Awards 2025 ceremony. Photo courtesy of SSC.
IR requires transparency, consistent communication, understanding investor expectations, and effective crisis management. Support from company leadership is also a critical factor for successful IR practices.
IR should be even better enforced as Vietnam’s stock market approaches a status upgrade, from "frontier" to "secondary emerging", and deeper international integration.
Vu Ngoc Linh, head of research & market analysis at VinaCapital, cautioned, however, that some companies still treat IR as a formality for compliance rather than a driver of true corporate value.
This mindset hampers the development of effective IR. IR should be a strategic arm, not an administrative function, requiring cross-department collaboration and strong support from leadership to deliver effective information, she added.
80% of market violations stem from information disclosure
Vietnam’s market status is edging closer to being upgraded by FTSE Russell from "frontier" to "secondary emerging".
FTSE Russell is expected to announce its market classification decision after the U.S. market close on October 7. If approved, Vietnam will be added to the FTSE Secondary Emerging Index in March next year.
Among the many solutions implemented for such an upgrade, transparency and fairness in access to information between domestic and foreign investors require greater effort from listed companies.
A 2025 survey by the IR Awards program shows that information disclosure practices of listed companies in Vietnam showed significant improvement.
Out of the 691 listed firms surveyed, 460 or 67% were recognized as meeting the “Information Disclosure Best Practices 2025” standard, the highest level in the 15-year history of the IR Awards (2011-2025).
Compared with 2024, the number of companies meeting the standard rose by 36 (from 424 to 460), lifting the compliance rate from 60% to 67%. This reflects a positive trend and growing awareness among businesses of their role and responsibility in transparent information disclosure.
The 2025 landscape shows improvements not only among large-cap companies but also spreading strongly to mid-cap and small-cap firms.
However, at the IR Awards 2025 ceremony, Nang, head of the SSC Ho Chi Minh City Office, stated that information disclosure accounts for 80% of all securities market breaches.
He stressed that while companies have made significant efforts, more work is needed, especially as Vietnam’s stock market prepares for an upgrade and deeper regional integration, where transparency must be prioritized and strictly upheld.
Defining business secrets when disclosing information
Linh of VinaCapital noted that while 95% of transactions in Vietnam are from retail investors, an official upgrade announcement in October could attract an initial $1 billion inflow from ETFs, followed by $5-6 billion from active funds. Though not huge, this would still be a significant capital injection.
As one of the foreign funds with over 20 years in Vietnam, VinaCapital looks for companies with clear vision, well-defined direction, core values, and proven operational efficiency. Transparency, consistency, and sustainability are crucial factors, along with trends such as AI integration in business operations.
“Companies must not only tell their story, but tell it convincingly. When the whole market is telling one single story, yours must stand out. A strong narrative today is ‘Innovation 2.0’ (following Innovation 1.0 in 1986) with a wave of new policies and institutional reforms. The key question is how businesses will align themselves with these trends?” Linh said.
However, Nang of the SSC highlighted that companies also worry that over-disclosure may expose sensitive business information.
According to the official, regulators have issued numerous detailed circulars and decrees to prevent conflicts of interest and ensure information equality in the market. While key information must be disclosed, companies can determine which details, if disclosed, may harm business operations and adjust accordingly.
He stressed the need for clear regulations defining what constitutes a business secret, methods of safeguarding such information, and corresponding penalties. If confidentiality is necessary, businesses can propose to the SSC for approval; during the confidentiality period, such information would not be disclosed, otherwise it would be deemed a violation.
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