From 23–25 September 2026, CGS Vietnam and the VNIDA Institute of Corporate Governance Research (VNICG) jointly organized the “Strengthening Corporate Governance Capabilities in line with the OECD Principles” program for Vietnam National Cement Corporation (VICEM).
The program aimed to enhance awareness and practical capabilities in Corporate Governance, while supporting VICEM in progressively reviewing and strengthening its governance system in accordance with OECD principles and international good practices, taking into account the specific characteristics of state-owned enterprises (SOEs).
Participation of VICEM’s leadership and management team
The program brought together a broad group of leaders and managers from VICEM and its member entities, including:
- Members of the Members’ Council, Deputy Secretary of the Party Committee, the Board of Management, and Controllers of VICEM;
- Heads and Deputy Heads of departments and divisions at the Corporation;
- General Directors of VICEM’s member entities.
The participation of multiple levels across the governance and management structure created an opportunity for the topics to be discussed from different perspectives, while helping establish a common understanding of roles, responsibilities, and governance improvement priorities across the VICEM system.
From modern governance trends to the need for stronger governance quality
At the beginning of the program, the experts highlighted major shifts in contemporary Corporate Governance thinking. Good governance today is no longer limited to having sufficient policies, procedures, or governance structures to meet legal requirements. The focus is increasingly shifting from “compliance” to “long-term value creation”, with governance quality reflected in an organization’s ability to provide strategic direction, exercise oversight, manage risks, enhance transparency, and ensure accountability.
Key trends discussed during the program included:
- Clearer delineation of roles among the State owner/shareholder – Members’ Council (MC) / Board of Directors (BOD) – Executive Management;
- Professionalization of the Members’ Council/Board of Directors;
- Integration of risk management into strategy;
- A shift in transparency from “financial reporting” toward providing a “comprehensive picture of the enterprise”;
- Integration of ESG and sustainable development into Corporate Governance;
- Promotion of a level playing field between SOEs and other enterprises.
These topics provided a foundation for participants to view Corporate Governance not only from a compliance perspective, but as a system that enables better decision-making, more effective risk management, and more sustainable long-term value creation.
Connecting Corporate Governance frameworks from the international level to Vietnam
Another important component of the program was helping participants understand how different layers of governance frameworks applied globally and in Vietnam are interconnected.
At the international level, the G20/OECD Principles of Corporate Governance (2023) serve as a foundational standard covering shareholder rights, equitable treatment, stakeholder interests, disclosure, and the responsibilities of the Board.
At the ASEAN level, the ASEAN Corporate Governance Scorecard – ACGS provides a reference and assessment framework for evaluating the quality of corporate governance practices based on OECD principles.
For state-owned enterprises, the OECD Guidelines on Corporate Governance of State-Owned Enterprises (2024) provide a specialized framework focusing on the role of the State as an owner, competitive neutrality, disclosure and transparency, the responsibilities of governing bodies, and sustainability.
In Vietnam, these international frameworks were discussed in connection with the Law on Enterprises, Law on Securities, relevant implementing decrees, the Corporate Governance Manual, and the Vietnam Corporate Governance Code (VNCG Code 2026).
This approach helped participants move beyond viewing each document in isolation and instead understand Corporate Governance as an integrated system comprising international standards, regional practices, national legal requirements, and practical governance tools at the enterprise level.
A closer look at the OECD Guidelines on Corporate Governance of State-Owned Enterprises
Building on this foundation, the program explored the seven principles under the OECD Guidelines on Corporate Governance of State-Owned Enterprises, with particular focus on:
- Equitable treatment of shareholders and other investors;
- Disclosure, transparency, and accountability;
- Composition and responsibilities of the Members’ Council/Board of Directors;
- State-owned enterprises and sustainability.
The principles were discussed in relation to the practical context of Vietnamese enterprises and the specific characteristics of VICEM’s operations. This helped VICEM’s management team understand not only “what the OECD requires,” but more importantly, how those requirements can be translated into practical governance mechanisms.
Practical workshop: From “understanding the principles” to “knowing how to assess”
A key highlight of the program was the Workshop on the preliminary assessment of VICEM’s Corporate Governance practices.
Participants were divided into groups and used OECD principles as a reference framework to discuss VICEM’s current practices, identify areas where gaps remained compared with good practices, and consider issues requiring further review.
Through this exercise, the program helped participants go beyond understanding “what the OECD requires” to learning how OECD principles can be applied to assess actual governance practices and identify priority areas for improvement.
Expert team facilitating the program
The program was led by experienced experts in Corporate Governance, audit, internal control, risk management, and regulatory policy:
- Mr. Hoang Duc Hung – Expert in Corporate Governance, Internal Audit, Internal Control, Risk Management, and Sustainability;
- Ms. Nguyen Thi Thien Kim – Expert in Internal Audit and Internal Control;
- Ms. Le Tuyet Nhung – Expert in Accounting, Audit, and Risk Management from a regulatory perspective;
- Ms. Nguyen Thi Hai Yen – Expert in Corporate Governance, Internal Audit, and Sustainability.
Toward stronger governance quality across the VICEM system
Through the program, VICEM gained a common Corporate Governance reference framework to support the review of current practices, identification of governance gaps, and discussion of priority areas for improvement.
The outcomes of the Corporate Governance capability-building program based on OECD principles and the practical workshop can provide a foundation for VICEM to:
- Conduct a more in-depth review of current governance practices against OECD principles;
- Identify gaps between existing practices, legal requirements, and good governance practices;
- Prioritize improvements in role delineation, oversight, risk management, transparency, and sustainability;
- Strengthen internal capabilities for self-assessment and continuous governance improvement across the system.
The program represents one step in VICEM’s broader direction toward standardizing and strengthening Corporate Governance capabilities across the organization while progressively aligning with international good practices.
CGS Vietnam and VNICG look forward to continuing to accompany VICEM in translating good governance principles into mechanisms, processes, and practices that are appropriate to the Corporation’s actual context, thereby contributing to better decision-making, stronger risk management, and sustainable long-term value creation.
For further reference, please visit: https://vicem.vn/vicem-to-chuc-khoa-dao-tao-chuyen-sau-ve-quan-tri-cong-ty-theo-nguyen-tac-oecd-2154.html
More images from the “Strengthening Corporate Governance Capabilities in line with the OECD Principles” program:
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About CGS Vietnam
CGS Vietnam Consulting Joint Stock Company provides specialized advisory services in Corporate Governance, Sustainability (ESG), Risk Management, and Internal Audit. Backed by a team of experienced professionals with deep expertise in international best practices, CGS Vietnam partners with businesses to strengthen corporate governance, enhance management capabilities, meet investor expectations, and achieve long-term sustainable growth.
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