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On the morning of 16 September in Hanoi, the Vietnam National Chemical Group (Vinachem) met with consultants OHRC Vietnam and SMART LIFE to discuss building a governance system based on OECD principles for the parent company and its member units. The Group regards this as a key task to further improve governance quality, in line with the characteristics of a state-owned enterprise, and to create additional resources for growth in the coming period.

Attending and chairing the meeting was Mr. Nguyễn Hữu Tú – General Director of Vinachem, with representatives from the Members’ Council, Supervisors, and functional departments of the Group.

Translating State-Owned Enterprise Governance Requirements into Practice

Building a governance system based on OECD principles forms part of the drive to modernise and improve the effectiveness of state-owned enterprise governance. According to Resolution No. 79-NQ/TW dated 6 January 2026 of the Politburo, by 2030, all state-owned enterprises must use modern, digital-based management systems; all state economic groups and state corporations must apply OECD governance principles.

For Vinachem, the task is to construct a governance system suitable for both the parent company and its subsidiaries, building on existing achievements, while clearly identifying areas for further improvement.

In his remarks, Mr. Nguyễn Hữu Tú stated that Vinachem has long focused on governance innovation and has gradually adopted OECD principles.

Governance has also been incorporated into management training at various levels, and the Group has sent staff to study leadership and management at the University of Normandy (France).

According to the General Director, OECD-based governance is a continuous process. Therefore, implementation at Vinachem must clarify objectives, tasks, deliverables, and timelines, all suited to the Group’s specific characteristics.

Surveying the Current Situation, Identifying Areas for Improvement

Vinachem is a state-owned enterprise, a core player in the chemical sector, with a network of subsidiaries operating across multiple fields and business models. These factors must be considered when designing the governance system.

Mr. Nguyễn Hữu Tú asked the consultants to survey and assess the current governance situation at Vinachem and its subsidiaries; to benchmark this against OECD principles to identify areas already compliant, those needing supplementation or improvement, and to propose an implementation roadmap.

Application must be substantive, not merely formal. The new governance system should more clearly define the roles, responsibilities, and coordination mechanisms between the parent company, subsidiaries, Members’ Council, and functional departments, thereby enhancing resource utilisation and operational quality.

The process will start with a survey of the current situation to identify what already meets requirements and what needs improvement, followed by the development of criteria, models, and a suitable implementation roadmap.

The Human Resources Department has been assigned as the focal point to coordinate with functional departments and provide information to the consultants. Vinachem will facilitate swift and comprehensive surveys, discussions, interviews, and documentation to shorten implementation time.

Information technology and digital transformation are to be integrated throughout the process, from surveying, collecting, and processing information, to developing proposals, implementation, monitoring, and evaluation.

The target by 2030 is to finalise a governance criteria set based on OECD principles at Vinachem, gradually embedding modern governance requirements into the operations of the Group and its subsidiaries.

Governance Must Create Value for the Group

According to Mr. Nguyễn Hữu Tú, applying OECD governance principles is not just about compliance, but about generating tangible value for the enterprise.
“OECD is a process, and we must continually strive for higher standards,” the General Director stressed, adding that governance resources are an asset whose value must be enhanced.

For Vinachem, the governance system must help the Group manage more effectively, improve decision quality, utilise resources well, and increase competitiveness, thereby supporting double-digit growth targets for the years ahead.

The General Director set a target of raising Vinachem’s export turnover to USD 1 billion, compared to USD 581 million in 2025. Governance requirements must therefore be linked to improved operational efficiency, product competitiveness, and the ability to meet export market demands.

Alongside enterprise governance, ESG, green transition, digital transformation, and social responsibility must also be incorporated into the Group’s governance system.

Vinachem is already focusing on transparency in governance. The parent company and subsidiaries annually disclose information and financial statements; listed companies publicly disclose annual reports and information as required. Some units undergoing restructuring have also strengthened governance.

With these achievements, building a governance system based on OECD principles is expected to help Vinachem further standardise management, enhance transparency, and operational efficiency, and support the Group’s development objectives.

In conclusion, Mr. Nguyễn Hữu Tú requested the consultants to further refine content, methods, and the implementation roadmap based on Vinachem’s characteristics. The Group will closely coordinate to ensure the work is carried out decisively, promptly, and substantively.

The ultimate goal is for OECD governance principles to become a tool to help Vinachem enhance governance quality, competitiveness, and operational efficiency, creating additional resources for growth and integration.