Regulations on company secretary in Singapore and possibility to apply in Vietnam

Abstract

Vietnam has been a country actively joining in globalization progress by accessing numerous international treaties e.g. with the most significant one i.e. WTO (since 2007), TPP (which was passed by national assembly in 2016) so far. Over time, it has been witnessed that a lot of foreign investors with wide range of nationalities have set up their commercial presence in Vietnam and remarkably contributed to the growth of national GDP. To maintain such investment flow-in, one of the contemporary concerns that Vietnamese Government needs to pay effort is how to ensure that the legal framework provide sufficient stipulations and enforcement so that the overall economy and all the parts therein can adaptand develop healthily and efficiently. In addition to promulgations of more favorable and attractive investment policies, creation of compliant and reliable atmosphere in field of corporate governance shall be one of the most priorities which Vietnam should have due attention to and taking actions on soonest. The thesis firstly provides overview on how corporate governance function in Vietnam is performing in light of current regulations. A number of its downsides shall be described purposely to raise needs in locating methods for remedial measures. The thesis, after that, will glance at how regulations of Singapore – a high-level developed economy –adopts, defines, stipulates and assure the role of company secretary in corporate governance in Singapore. The thesis, finally seeking possibilities on applying such role of company secretary with wishes of improving corporate governance for companies in Vietnam.In addition, during the career as a buinsess consultant and basing on the requests from foreign investors, the writer find a necessity to study on the role of the company secretary and how it works to consider the application in Vietnam. The expectation would be how to help the corporate governance regulations can approach more with international principle so that the foreign investors do not need to spend much time and effort to adapt in Vietnamese legal environment and vice-versa for the domestic investors when investing out. Although it is likely that there is not an ease to adopt similarly the role company secretary as defined by Singapore’s regulations to Vietnam at the time being due to underlying discrepancies in legislation and administrations regime between two nations, the writer do hope that the thesis can serve as very initial ideas and recommendations so that individuals, companies, and competent authorities who have concerns about this matter can have references, discussions, and make more developments to build up and/or apply any aspect herein to run an effective and transparent business and/or contribute to the reforms of corporate governance in Vietnam soon or later.