VIR’s Annual Report Awards 2010 have honoured listed domestic companies’ efforts towards highly professional financial reports.
Growing numbers of firms are lifting their games
The third Annual Report Awards (ARAs) last week highlighted 30 companies out of more than 500 listed on Vietnam’s two bourses, the Ho Chi Minh Stock Exchange (HoSE) and Hanoi Stock Exchange (HNX), which turned out outstanding work in their 2010 financial reports.
The ARAs 2010, co-organised by the HoSE and VIR’s sister publication Dau tu Chung khoan, with sponsorship from Dragon Capital, granted a special prize to Hau Giang Pharmaceutical’s (DHG) report, eight excellent ones and 21 others to the best reports.
DHG took the top prize for two consecutive years. Meanwhile, Hoang Anh Gia Lai, Hoa Phat, Thu Duc House, ACB bank, Sacombank, Savico and Vinamilk were acknowledged for three consecutive years and new names such as Saigon Securities Inc., Saigon-Hanoi Bank and Cotecons showed good jobs in their reports this year.
The ARAs 2010 also highlighted three reports recognised for outstanding design and the “best information given” voted on by VIR readers at tinnhanhchungkhoan.vn. The details of the winners can be all found at the website.
Le Nhi Nang, HoSE deputy director and chairperson of ARAs 2010 examination board, said: “The prizes were given based on the ways companies publicised their information, not their business performance and for this, DHG has been very highly valued against others when its report gave out a comprehensive and multi-aspect analyses of the gains and losses of the company as well as its strategies and plans for the coming time.”
The newly-listed companies and those being awarded for the first time in 2010 were also highly valued for their great efforts to professionalise their reports for better improving the companies’ images, said Nang.
The ARAs 2010 was different from previous editions as all listed companies’ annual reports from the HoSE and the HNX were candidates for awards. Regarding the examination board, besides HoSE and ANZ Bank experts, the ARAs 2010 also included an HNX representative. The maximum mark for content was 80 and for outstanding form 20.
Nguyen Anh Tuan, VIR’s editor in chief, said: “Following the success of this year’s ARAs, we will be back soon to warm up for the 2011 edition and the number of winners next year will not just stop at 30.”
According to the organisers, the assessment criteria for next year’s ARAs will be based not only on the Ministry of Finance’s newly-issued Circular No 09/2010/TT-BTC, asking listed companies to better publicise their business information as usual, but also on international standards of good governance and the insightful analyses in specific risks of their financial situations of core businesses, business expansion plans and financial investments.
When listed companies could understand their risks clearly, they would better mitigate the risks’ bad impacts on their businesses and even help turn the risks into opportunities, said Tuan.
“Therefore, with progress, awareness and higher competence of companies in doing their reports, I believe that there are companies, which did not gain any prizes this year, will very likely win next year. Investors and the stock market will benefit from the competition.”
The inaugural ARAs was initiated in 2007 and first officially run in 2008 with the first prize granted to Sacombank. Meanwhile, besides DHG’s report as the best overall, last year’s ARAs saw 11 other listed companies being acknowledged for their professionalism and improvements with Thu Duc House awarded for its impressively designed report.
Vietnam’s stock market, kicked-off in July, 2000 with just three listed companies, now has more than 550 stocks on the HoSE and HNX, of which the latter accommodates some 300 members.