Vietnam Wafer bolsters corporate governance and sets strategic course for growth

Vietnam Wafer JSC, a leading supplier of premium-grade silica sand and silicon wafer, held its second GSM at the Grand Marina Saigon in Ho Chi Minh City.

Attendees included international shareholders from six nations, board members, and key stakeholders, who engaged in in-depth discussions regarding the company’s performance, strategic direction, and corporate governance.

A significant outcome of the meeting was the approval to appoint an independent third-party investor relations firm. This strategic move is designed to enhance transparency, improve investor engagement, and optimise communication strategies. By leveraging external expertise, Vietnam Wafer is aiming to further strengthen its relationships with current and prospective investors, solidifying its market presence.

Shareholders also approved critical amendments to the company’s charter, including an increase in the number of board members from seven to nine, with the addition of two independent directors. This ensures that over 20 per cent of the board is composed of independent members, aligning with governance standards for unlisted companies. These changes are expected to enhance the diversity of perspectives within the leadership team and further fortify the company’s corporate governance framework.

Additionally, the management presented a strategic roadmap for the final quarter of financial year 2024 and financial year 2025. This comprehensive plan focuses on expanding production capacity portfolio, improving product quality, and advancing sustainability initiatives. The discussion also highlighted new investment strategies intended to reinforce Vietnam Wafer’s leadership position in the semiconductor market.

The meeting also saw the election of new and incumbent board members. Notably, Thomas George Forsberg, formerly IBM's global procurement manager with over 35 years of experience in securing critical 200 and 300-mm wafer supplies for semiconductor fabrication, was appointed chairman of the board. His extensive industry knowledge and strategic expertise are expected to significantly bolster the company’s competitive standing.

In a further effort to align with global best practices, the board approved enhancements to its corporate governance and environmental, social, and governance (ESG) practices. These initiatives are intended to promote greater transparency, accountability, and diversity. Notably, Vietnam Wafer now has 36 per cent female representation on its board, consistent with MSCI’s ESG framework requirements.

The meeting concluded with an interactive Q&A session, allowing shareholders to directly engage with the board and management team. This open dialogue underscored Vietnam Wafer's commitment to transparency and proactive communication, reaffirming its dedication to maintaining strong and constructive shareholder relations.

“We are pleased with the progress made and the decisions approved at this AGM, which lay a strong foundation for sustainable growth and operational excellence in the fourth quarter of 2024 and into 2025. Our commitment to quality, sustainability, and maximising shareholder value remains at the heart of our strategy,” said CEO Hoang Long Chau.

Looking ahead, Vietnam Wafer is well-positioned to continue its growth trajectory and drive innovation. The company will focus on strengthening its product portfolio, consolidating its market leadership, and enhancing operational efficiencies. At the same time, it remains dedicated to advancing its sustainability strategies to meet the evolving demands of the semiconductor industry.

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