The ASEAN Business Awards (ABA) is a major event of the ASEAN Business and Investment Summit 2011 (ASEAN BIS 2011) in honour of outstanding and successful ASEAN enterprises that have contributed to ASEAN’s economic growth and prosperity.
2011 is the fourth time the ASEAN Business Advisory Council (ASEAN-BAC) presents this award. This is also an opportunity for enterprises to promote and introduce their images.
ASEAN-BAC decided to launch the ASEAN Business Awards in Singapore in 2007. As many as 70 enterprises were qualified for the final round. Eight companies were winners and eight were runners-up. Three Vietnamese companies were runners in the second ABA 2008 in Thailand when 110 companies competed for in the final round.
The third ABA was held in Vietnam by the Vietnam Chamber of Commerce and Industry (VCCI) - the chair of ASEAN-BAC in the 2009 - 2010 period. Two Vietnamese enterprises won the awards, namely Thu Duc House and SeABank.
In 2011, a total of more than 80 companies registered to compete in four categories. Audit Company Ernst & Young is the Strategic Partner for ABA 2011. The Strategic Partner helps to implement the ABA Framework and has the responsibility to shortlist eligible companies for interviews. Companies shortlisted by the Strategic Partner will then be brought to the attention of an independent judging panel comprising of top business leaders, economists and academics from ASEAN countries. 24 finalists will vie for eight Most Admired ASEAN Enterprise Awards, including both larger company and small and medium enterprises.
In 2011, ASEAN BAC will hold ABA in two types: Larger size companies and small-and-medium size enterprises (SMEs). The awards will be conferred to companies in the four categories: Growth, Employment, Innovation, and Corporate Social Responsibility (CSR). A total of eight winners will be named. A larger size company must meet qualification criteria: Be an ASEAN-incorporated enterprise with at least 40 percent ASEAN-owned equity; have operational presence in two or more ASEAN countries; be in operations for a minimum of five years and must have three years of financial statements; and fulfill one of the following conditions: Annual revenue of a minimum of US$20 million, fixed assets of more than US$10 million, and minimum of 300 employees.
An SME must meet the following qualification criteria: Be an ASEAN-incorporated enterprise with at least 40 percent ASEAN-owned equity; have operational presence in two or more ASEAN countries; be an operations for a minimum of three years and preferably two years of financial statements; and fulfill one of the following conditions: Annual revenue of less than US$20 million, fixed assets equal of less than US$10 million, and less than 300 employees.
Dr Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) and Chairman of the ASEAN Business Advisory Council in Vietnam, said: The past years have witnessed remarkable growth of ASEAN and enterprises in the bloc have powered up the robust growth of ASEAN, making it a powerful economic region in the world. The advent of ABA is a highlight that marks on the success of ASEAN-BIS and ASEAN. Award winners have the opportunity to contact and impress the regional business community.
ABA is an important and prestigious international award abided by international standard rules and framework. Following the success of previous years, ABA 2011 will open up many opportunities for cooperation and branding for companies. ABA 2011 winners will be announced at the closing Gala Dinner of the ASEAN-BIS 2011 on November 17, 2011.
Thu Ha
Vietnamese
