Deputy Prime Minister Truong Hoa Binh spoke at a forum on corporate culture in HCM City on October 15. (Photo: VNA)




HCM
City (VNA)
– A code of corporate conduct and ethics for Vietnamese
firms was launched during a forum on corporate culture in HCM City on October
15.



The
event was held by the Vietnam Association for Business Culture Development
(VNABC) and the HCM City Association for Women Executives and Entrepreneurs
with Deputy Prime Minister Truong Hoa Binh and local senior officials in
attendance.



The
code of corporate conduct and ethics includes six standards regarding
leadership culture, corporate culture building and enforcement, law compliance,
business ethics, social responsibility and healthy competition.



In
his remarks at the forum, Deputy PM Binh said corporate culture gives a brand a
soul so it must be seen as key for sustainable development for each enterprise,
and in a broader view, the entire economy during global integration.



Binh
lauded the forum, saying it is an important event to promote the government’s
campaign to improve Vietnamese corporate culture.



The
business community in Vietnam has made efforts to develop their cultures to
include law obedience, social responsibility and healthy competition.



But
business ethics have been largely neglected, causing many problems, he stated.
Many enterprises aim to maximize profits regardless of the law, producing and
distributing counterfeits and low-quality goods, as well as violating food
safety standards, he added.



The
Deputy PM urged firms to be consistent in developing their corporate culture
and vowed that the government will work with them by improving regulations, the
business climate and accelerating public administrative reforms.



Chairman
of the HCM City People’s Committee Nguyen Thanh Phong said the city has faced several
challenges in developing corporate culture. He cited the fact that more than 98
percent of the 323,000 businesses operating in the city are of micro-, small-
and medium-size. Their operation is often unsustainable and they lack a
corporate culture.



Many
shipments of foods have been returned by importers due to failure to meet food
safety standards, causing economic losses and harming consumer confidence and
the image of the brand and the city, Phong added.



Through
the forum, he said he would like to learn more about the businesses’
difficulties in building corporate culture, so practical solutions can be
designed to aid them.-VNA