Vietnam-based enterprises turn to digital AGM?

22:18 | 07/03/2018
To match the global trend of digitalisation, Vietnam-based enterprises have been gradually switching to the new annual general meeting (AGM) management method which could save time as well as prove geographically ideal and cost-effective for participants, especially large enterprises.
vietnam based enterprises turn to digital agm
Digitised AGMs will not be as "hot and sweaty" as the commonly-seen shareholder past events

Nguyen Thi Lien Ngoc, manager of investor relations at Mobile World Investment Group (MWG), disclosed that the firm's upcoming AGM on March 16 will be live-streamed between Hanoi and Ho Chi Minh City with professional support from a third party specialised in modern technology.

Ngoc further added that Mobile World first implemented an online AGM in 2017, selecting a reputable technological services provider in order to ensure efficiency and minimise related costs.

The new digitised AGM management method could save time as well as prove geographically ideal and cost-effective for participants, especially large enterprises.

Since 2011, Refrigeration Electrical Engineering Corporation (HSX: REE) has been hosting live-streamed AGMs connecting its two branches in Hanoi and Ho Chi Minh City where shareholders could observe the voting process at the other branch.

As usual, the firm has to spend one to two months to prepare its AGM every March. Specifically, a representative of Thien Nam Trading Import Export JSC (HSX: TNA) pointed out that the firm spent around 45 days to prepare for its AGMs.

He claimed online AGMs were far more effective as it is easier to countermand setbacks, such as physical invitations sent to shareholders going missing or date adjustments not being updated in time, which could occur to any firm's AGM.

To date, one of the leading online solutions providers in catering digital AGMs is FPT Securities, a Vietnam-based financial institution which provides live and electronic voting platforms (semi-digitised AGMs).

In 2018, apart from FPTS, Securities Depository Center also supplies online services such as online meetings and electronic voting (e-voting) for Vietnam-based enterprises.

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By Ngoc Nhi

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