To ensure sustainable growth, we are committed to operating our businesses with integrity and transparency, and free from all forms of fraud. We are determined to develop products and services to respond to the ever-evolving needs of future generations. We place strong customer and partner relations at the heart of our operations. It is through such bonds that we can continue to strengthen our ecosystem
and solidify VGI’s position at the top of the industry. 


VGI is committed to operating our businesses with integrity and transparency. We strongly believe that good corporate governance will not only enable us to achieve stable and sustainable growth, but also build investor and stakeholder confidence. Thus, we strictly adhere to the corporate governance principles and have established a code of conduct in line with applicable laws and regulations. We have also put in place a system that clearly separates the roles and responsibilities within our management structure as a check and balance mechanism to ensure transparency and accountability in all our business decisions.



Recognizing the importance of risk management as a key mechanism for success and the achievement of our business plans, strategies and visions, VGI has set up a framework and procedures for managing risk and control in line with the guidance of the Committee of Sponsoring Organizations (COSO) to reduce the probability of incident that may have negative impact on the organization. Currently, VGI has a risk management structure as follows:

The Risk Management Committee is responsible for reporting the results of key enterprise risk assessment and management to the Board of Directors on a regular basis, at least once a year. In addition, VGI stipulates that all executives and employees shall bear the responsibility for implementing risk management. This is one of the key principles pursuant to VGI’s risk management policy,
which seeks to embed risk management as a part of our corporate culture.


Source of RisksMacroeconomics and the changing consumer behaviours
DescriptionThe technology advancement has allowed customers new alternative services and solutions through digital platform, which gradually change the consumer behaviours widely and rapidly. Customers start to conduct activities, such as purchasing product and services online instead of physical stores, attending virtual meeting and consuming information, news and medias from smart phones and tablet instead of television, newspaper or advertisement billboards. Therefore, this would affect the methods of advertisement for many company, which would affect the advertisement company as such VGI on the platform we provide to the clients. If VGI or other companies who seek advertisement platform do not adjust to this emerging risk, they are inevitably limiting their audiences and will lose their customers, which ultimately affect their overall revenue.
ImpactAs VGI’s main revenues derive from advertisement services mainly from Advertisement on Transit (BTS Station), Office & Others and Outdoor advertisement. The revenue from these services have decreased gradually from the past 4 years. One of the reason is from the changing behaviours of the consumers, who widely consume media from digital platform rather than the offline platform, leading to VGI’s clients to gradually seek advertisement in online platform instead. At the same time, the concentration of the digital platform also significantly affect the Company’s future business expansion and market share in the advertisement industry as well.
Timeframe of ImpactThe customer behaviour is dynamic. 3-5 Years in a medium to long term manner
Mitigating actionsWith the vision of “Value Growth Innovation”, VGI promotes the innovation cultures and aim to create the digital products and shift the momentum from offline services to integrated Offline-to-Online (O2O) solutions that utilizes VGI’s ecosystem of advertising, Payment and Logistics. VGI provides the online and offline services to connect the loop of customers’ behaviour. Moreover, to answer to the changing purchasing and consumption behaviours, VGI offers the payment services of e-money services under Rabbit Card and Mobile Wallet under Rabbit Line Pay. This also to promote the cashless society and allow customers to access alternative financial services. VGI also establishes information technology and cybersecurity protocol as well as privacy protection to allow secure and seamless services to customers and consumers.

Factor Details
Category Environmental
Source of Risks Natural
Description The climate change is the global risk that concerned all business entities and individuals. According to IPCC Climate Change Report, the climate change causes extreme weather all over the world, which affects business as usual and activities of individuals, including VGI. The extreme weather and other indirect climate related incidents can cause additional costs from damages to VGI property and increase the risk in safety of employees, workers and surrounding communities.
Impact The extreme weather, such as severe flooding or storms might affect the working operations on installation, operation, maintenance and dismantle process of the advertisement billboards. The heavy damage or accidents can affect the safety of the community, people or business nearby as well. Similarly, in the case of extreme heat, it would affect the Vinyl and might damage and shorten its life cycle, which brings about more Vinyl renewal before schedule resulting in inefficient used of resources. Consequently, all of the impacts bring about extra costs for maintenance, occupational health and safety and new products.
Timeframe of Impact 3-5 Years in a medium to long term manner
Mitigating actions VGI responses to the risk through 3 elements, which are waste management, sustainable energy consumption and inspire platform. 1.) VGI’s target for waste management is to reduce the waste disposal from landfilling or incineration to recycling at a rate of 30% of total waste. One of the project that contributes to the waste reduction for VGI is the collaboration for the “Treasure Bag” project with Pomelo, a leading Omnichannel fashion company. VGI can upcycling their retired Vinyl and create parcel bag, which Pomelo can utilize in its operation. 2.) VGI has committed to maintain water and electricity consumption of not exceeding 10% increase over the baseline year of 2019. VGI has changed installation and billboard repairing process on BTS Station and use LED Lights to reduce the electricity consumption and durability. 3.) VGI contributes its air time for climate change and sustainability content through corporate advertising platform with a goal of reaching at least one million audiences each year. These actions VGI believe would contribute to a wider society contribution of reducing impacts of climate change including extreme weather. Furthermore, VGI employees have implemented various protocols in response to natural hazards to reduce impacts on occupational health and safety of employees

Factor Details
Category Economic/ Societal/ Technological
Source of Risks Natural
Description The ongoing COVID -19 pandemic has posed great health and economic Challenges worldwide. Not only it affects the health and safety of global population but it also impacts on customers’ Behaviour, digital infrastructure and people’s lifestyles and organizational performance. As the COVID19 forces customers to stay at home, the advertisement viewing from BTS or outdoors is lower, which might bring about lower return of those type of advertisement. Therefore, the pandemic is causing VGI to inevitably and rapidly shift the services provides and lose the opportunities from traditional advertisement methods.
Impact The COVID 19 has impacted the global economic and society as well as organizational risk management of all organization around the world. The pandemic does shape the new lifestyle of customers to become online oriented. It also creates business stagnation, which affects the business expansion. It also affects VGI board to become more conservative and decides to put some of their investments projects on halt.
Timeframe of Impact Even though, the pandemic might subside, the ramification on economic performance may remain and slow down the business recovery. 3-5 Years in a medium to long term manner
Mitigating actions VGI has constantly revisited and strengthened the enterprise risk management system, which shapes the BCP (Business Continuity Plan) of the business. Moreover, VGI also follows the national guidelines and stringently apply social distancing within the company by implementing Working from Home (WFH) and provide measures for employees to ensure their safety from impacts of pandemic and no disruption to business operations.


Technology disruption has had significant impacts all over the world, and consumer behaviour has altered accordingly. With ever changing consumer demands in the digital era, VGI strives to continuously develop smart and innovative products and services, namely by integrating offline and online media to offer Offline-to-Online (O2O) Solutions, to create new experiences for consumers. Moving forward, we will ceaselessly work to improve our business offerings in order to achieve our vision to become the “Pioneering Solutions for Tomorrow”.



Customer relationship is at the heart of our business and is key to our long-term sustainability. Therefore, VGI has a policy to organize various activities as a means to strengthen customer relationships. This also allows us to understand the diverse needs of our customers and to deliver high quality products and services to meet their needs.



With VGI’s determination to constantly improve customer relations and build customer confidence, we have always taken customer feedback seriously and taken on board all suggestions to improve our products and services. Accordingly, we have received a 91.3 percent customer satisfaction score in the past year. 



To boost customer confidence in our products and services, VGI has developed a quality assurance system by establishing a dedicated team to monitor, inspect and perform quality control on all our products and services and to resolve incident reports. Therefore, our customers can rest assured that their advertising media is of the highest quality and shall deliver the best performance and results.


As part of our determination to achieve sustainable business development and growth, VGI has constantly sought collaborations with new business partners to create new synergies. In this light, we have developed partnerships with businesses that have diverse expertise and significant potential to help strengthen our ecosystem, namely an out-of-home media business, an online and offline payment business and a logistics business, while also prioritizing efficient relationship management with our existing partners. This not only helps ensure effective collaboration, but also enhances our competitiveness in the market. 



The Company provides channels for all stakeholders to contact or lodge their complaints to various channels. In this regard, the complainants can be assured that the Company shall keep his/her information confidential


+66 (0) 2273 8884 ext. 182
+66 (0) 2273 8883

Or by post to the company secretary division at the company’s address internal audit division


+66 (0) 2273 8611-15 ext. 1117-1119
+66 (0) 2273 8616

Or by post to the Internal Audit Division at the Company’s address In addition, the Company has a particular channel to receive reports on any actions with respect to corruption in the organisation. All stakeholders can notify any clues or actions that are suspicious of corruption in connection with VGI Group.


+66 (0) 2273 8884 ext. 556
+66 (0) 2273 8883

Or by post to the Legal and Compliance Division at the Company’s address