In the context of global economic volatility, corporate governance (CG) has emerged as a strategic pillar, enabling enterprises to enhance resilience and attract long-term investment capital.
On the morning of February 3, 2026, the State Securities Commission (SSC), in collaboration with the International Finance Corporation (IFC), officially launched the Vietnam Corporate Governance Code 2026 (VNCG Code). This marks a significant turning point, shifting from a “voluntary reference” mindset toward establishing a highly practical national standard.
Foundation and International Legacy
The VNCG Code 2026 was developed with direct reference to the G20/OECD Principles of Corporate Governance 2023. These principles provide a global framework aimed at supporting market confidence, economic efficiency, and financial stability.
In Vietnam, the VNCG Code 2026 not only adopts international best practices but is also tailored to suit domestic market specificities. The introduction of this Code serves as a tool to support enterprises in practicing governance that goes beyond minimum compliance, aiming toward the best standards in the ASEAN region and globally.
Key Shifts: From “Recommendation” to “Standard”
Compared to the 2019 version, the VNCG Code 2026 introduces fundamental changes in structure and application methods:
- “Comply or Explain” Mechanism: This is the most critical change. Instead of being purely voluntary, enterprises are encouraged to apply the Code and must provide transparent explanations if any principle is not yet implemented, thereby enhancing accountability to investors.
- Lean yet Substantive Structure: The new Code has been streamlined from 10 to 9 general principles. However, the content is expanded with detailed sub-principles, focusing on practical requirements that are verifiable, traceable, and subject to substantive assessment rather than mere “form-over-substance” compliance.
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Source: State Securities Commission of Vietnam (SSC), VIOD